G7 leaders turn attention to China with announcement of global version of Biden’s ‘build back better’ plan
- Build Back Better World (B3W) requires ‘hundreds of billions of dollars of infrastructure investment for low- and middle-income countries’
- Plan involves ‘market-driven private sector, paired with high standards and transparency in public funding’
The G7 agreed to a global infrastructure plan called “Build Back Better World (B3W), a values-driven, high-standard, and transparent infrastructure partnership led by major democracies”, according to a US government statement.
“B3W will collectively catalyze hundreds of billions of dollars of infrastructure investment for low- and middle-income countries in the coming years,” it said, adding that the plan would “mobilize private capital through development finance”.
A B3W fact sheet distributed by the White House prefaced details of the plan by noting that Saturday’s discussion focused on “strategic competition with China” and a commitment “to concrete actions to help meet the tremendous infrastructure need in low- and middle-income countries”.
The “building back” theme figured heavily into the G7 agenda on Saturday, with sessions that included “Building Back Resilient - Foreign Policy” and “Building Back Stronger - Health”.
