Build Back Better World

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Build Back Better World
AbbreviationB3W
Formation2021; 0 years ago (2021)
FounderG7
PurposePromote economic development and inter-regional connectivity
Location
  • Worldwide

Build Back Better World or B3W is an initiative undertaken by G7 countries. Launched in June 2021, the initiative is designed to counter China's strategic influence by providing an alternative to the Belt and Road Initiative for the infrastructure development of the low and middle income countries.[1] Led by the United States, the G7 countries will work to address the $40 trillion worth of infrastructure needed by developing countries by 2035. The initiative aims to catalyze funding for quality infrastructure from the private sector and will encourage private-sector investments that support "climate, health and health security, digital technology, and gender equity and equality".[2][3] The initiative builds on the Blue Dot Network, a collaboration that aims to build a global network through lending-based financing to build roads, bridges, airports, ports, power plants.[4]

Standards and principles[]

A group of leaders around a table
World leaders at the G7 Summit in England.

The B3W efforts are in line with the standards and principles of the Blue Dot Network, relating to the environment and climate, labor and social safeguards, financing, construction, anticorruption, and other areas. On November 4, 2019, U.S. Under Secretary of State Keith Krach formally launched the Blue Dot Network with his Australian and Japanese counterparts with access to $60 billion (United States dollars) of capital from the U.S. International Development Finance Corporation ("DFC") at the Indo-Pacific Business Forum in Bangkok.[5]

Krach’s Announcement of Blue Dot Network with OPIC’s David Bohigian, Japan’s Tadashi Maeda, Australia’s Maude at the Indo-Pacific Business Forum

Krach announced the Blue Dot Network's global trust standards, which are based on "respect for transparency and accountability, sovereignty of property and resources, local labor and human rights, rule of law, the environment, and sound government practices in procurement and financing."[6] Under Secretary Krach committed $2 million (USD) of U.S. State Department seed money for the steering committee and issued an invitation to other G7 members to join. On October 19, 2020, on behalf of the twelve Three Seas nations, President Kersti Kaljulaid endorsed the Blue Dot Network and the Three Seas Summit in Tallinn, Estonia.[7]

Under Secretary of State Krach wearing a Three Seas mask while signing a memorandum regarding cooperation

On June 7, 2021, the OECD committed to support the Blue Dot Network at the meeting of the Executive Consultation Group in Paris, France.[8]

See also[]

References[]

  1. ^ "G7 rivals China with grand infrastructure plan". Reuters. 2021-06-12. Retrieved 14 June 2021.
  2. ^ "FACT SHEET: President Biden and G7 Leaders Launch Build Back Better World (B3W) Partnership". The White House. 12 June 2021. Retrieved 17 July 2021.
  3. ^ "G7 adopts infrastructure plan to rival China's belt and road strategy". South China Morning Post. 2021-06-12. Retrieved 14 June 2021.
  4. ^ https://www.rfa.org/english/news/china/program-06232021151152.html
  5. ^ "Under Secretary Krach Advances Global Economic Security at Indo-Pacific Business Forum". U.S. Mission to ASEAN. 12 November 2019.
  6. ^ "US-Led Initiative Aims to Make Mark on Global Infrastructure Development | Voice of America - English". www.voanews.com. Retrieved 2021-07-05.
  7. ^ "Under Secretary Krach: Clean Vision for Three Seas". U.S. Embassy in Estonia. 2020-10-21. Retrieved 2021-07-05.
  8. ^ "Inaugural Meeting of the Blue Dot Network's Executive Consultation Group, 7 June 2021 - OECD". www.oecd.org. Retrieved 2021-07-05.


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