FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak speaks at a meeting of finance ministers from across the G7 nations ahead of the G7 leaders' summit, at Lancaster House in London, Britain June 4, 2021 Photograph:( AFP )
The G7 plan is offering a "values-driven, high-standard and transparent" partnership
G7 leaders launched a plan to build infrastructure in poorer nations. In what can be a counter to China's Belt and Road Initiative, the G7 plan is offering a "values-driven, high-standard and transparent" partnership.
The adoption of the US-inspired "Build Back Better World" (B3W) project came after President Joe Biden and leaders met to address "strategic competition with China and commit to concrete actions to help meet the tremendous infrastructure need in low- and middle-income countries", the White House said.
The plan is known as the Build Back Better World (B3W) initiative. It will provide a transparent infrastructure partnership. The White House said that this plan will help narrow the USD 40 trillion needed by developing nations by 2035.
"This is not just about confronting or taking on China," a senior official in Biden's administration said. "But until now we haven't offered a positive alternative that reflects our values, our standards and our way of doing business."
The official was quoted by Reuters.
The G7 and its allies will use the initiative to mobilise private sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality, the White House said.
It was not immediately clear how the plan would exactly work or how much capital it would ultimately allocate.
China’s Belt and Road Initiative (BRI) is a multi-trillion-dollar infrastructure scheme that Xi launched in 2013, involving development and investment initiatives that would stretch from Asia to Europe and beyond.
More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure.
(With inputs from agencies)