Build Back Better World: Difference between revisions
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'''Build Back Better World''' ('''B3W''') is an intended economic initiative by the USA and pre announced in the context of the [[G7|Group of Seven]] (G7) in June 2021. This US initiative is designed to provide an alternative to [[China]]'s [[Belt and Road Initiative]] (BRI) for the infrastructure development of low- and middle-income countries.<ref>{{cite news |title=G7 rivals China with grand infrastructure plan |url=https://www.reuters.com/world/g7-counter-chinas-belt-road-with-infrastructure-project-senior-us-official-2021-06-12/ |access-date=14 June 2021 |work=Reuters |date=2021-06-12}}</ref> President Biden is still to launch the Initiative officially in the course of 2022. |
'''Build Back Better World''' ('''B3W''') is an intended economic initiative by the USA and pre announced in the context of the [[G7|Group of Seven]] (G7) in June 2021. This US initiative is designed to provide an alternative to [[China]]'s [[Belt and Road Initiative]] (BRI) for the infrastructure development of low- and middle-income countries.<ref>{{cite news |title=G7 rivals China with grand infrastructure plan |url=https://www.reuters.com/world/g7-counter-chinas-belt-road-with-infrastructure-project-senior-us-official-2021-06-12/ |access-date=14 June 2021 |work=Reuters |date=2021-06-12}}</ref> President Biden is still to launch the Initiative officially in the course of 2022. |
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Led by the United States, the |
Led by the United States, the initiative seeks 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".<ref>{{cite web |title=FACT SHEET: President Biden and G7 Leaders Launch Build Back Better World (B3W) Partnership |url=https://www.whitehouse.gov/briefing-room/statements-releases/2021/06/12/fact-sheet-president-biden-and-g7-leaders-launch-build-back-better-world-b3w-partnership/ |website=The White House |access-date=17 July 2021 |date=12 June 2021}}</ref><ref>{{cite news |title=G7 adopts infrastructure plan to rival China's belt and road strategy |url=https://www.scmp.com/news/world/europe/article/3137097/g7-leaders-adopt-build-back-better-world-plan-rival-chinas-belt |access-date=14 June 2021 |work=South China Morning Post |date=2021-06-12 |language=en}}</ref> The initiative builds on the [[Blue Dot Network]], a co-opted collaboration that aims to build a global network through lending-based financing to build roads, bridges, airports, ports, power plants.<ref>{{Cite web|url=https://www.rfa.org/english/news/china/program-06232021151152.html|title=Asian Countries Welcome G7's Answer to China's One Belt, One Road Program}}</ref> |
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==Standards and principles== |
==Standards and principles== |
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Revision as of 09:57, 18 June 2022
| Abbreviation | B3W |
|---|---|
| Formation | 2021 |
| Founder | G7 |
| Purpose | Promote economic development and inter-regional connectivity |
| Location |
|
Build Back Better World (B3W) is an intended economic initiative by the USA and pre announced in the context of the Group of Seven (G7) in June 2021. This US initiative is designed to provide an alternative to China's Belt and Road Initiative (BRI) for the infrastructure development of low- and middle-income countries.[1] President Biden is still to launch the Initiative officially in the course of 2022.
Led by the United States, the initiative seeks 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 co-opted collaboration that aims to build a global network through lending-based financing to build roads, bridges, airports, ports, power plants.[4]
Standards and principles
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The B3W efforts are in line with the standards and principles of the Blue Dot Network (BDN), 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 BDN with his Australian and Japanese counterparts with access to US$60 billion of capital from the U.S. International Development Finance Corporation (DFC) at the Indo-Pacific Business Forum in Bangkok.[5]
Krach announced the BDN'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 BDN and the Three Seas Summit in Tallinn, Estonia.[7]
On June 7, 2021, the Organisation for Economic Co-operation and Development (OECD) committed to support the BDN at the meeting of the latter's executive consultation group in Paris, France.[8] On June 16, Krach was awarded the Westernization Award by StrategEast for his work as under secretary of state in the country of Georgia for leading the Clean Network and Clean Infrastructure initiatives, which provide an alternative to the "One Belt One Road" for the countries of Eurasia and is supported by all G7 countries as the "Build Back a Better World".[9]
See also
References
- ^ "G7 rivals China with grand infrastructure plan". Reuters. 2021-06-12. Retrieved 14 June 2021.
- ^ "FACT SHEET: President Biden and G7 Leaders Launch Build Back Better World (B3W) Partnership". The White House. 12 June 2021. Retrieved 17 July 2021.
- ^ "G7 adopts infrastructure plan to rival China's belt and road strategy". South China Morning Post. 2021-06-12. Retrieved 14 June 2021.
- ^ "Asian Countries Welcome G7's Answer to China's One Belt, One Road Program".
- ^ "Under Secretary Krach Advances Global Economic Security at Indo-Pacific Business Forum". U.S. Mission to ASEAN. 12 November 2019.
- ^ "US-Led Initiative Aims to Make Mark on Global Infrastructure Development | Voice of America - English". www.voanews.com. Retrieved 2021-07-05.
- ^ "Under Secretary Krach: Clean Vision for Three Seas". U.S. Embassy in Estonia. 2020-10-21. Retrieved 2021-07-05.
- ^ "Inaugural Meeting of the Blue Dot Network's Executive Consultation Group, 7 June 2021 - OECD". www.oecd.org. Retrieved 2021-07-05.
- ^ "Keith Krach awarded a Lifestyle Westernization Award for the Clean Network Initiative". Strategeast. 2021-06-16. Retrieved 2021-09-20.
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