What is G7 group?

G7, Group of Seven. The member states include seven developed countries including the United States, the United Kingdom, France, Germany, Japan, Italy and Canada.

What is B3W?

  • B3W, Build Back Better World, is a plan proposed by Biden at the G7 summit (G7, the United States, the United Kingdom, France, Germany, Japan, Italy, and Canada) to provide infrastructure construction assistance to developing countries. Reuters reported that this plan will contend with China’s “One Belt One Road” initiative.

Key areas of cooperation

  • Through the B3W “Return to a Better World Initiative”, G7 and other partners will coordinate the mobilization of private capital in four key areas (climate, health, digital technology, and equality), as well as the catalytic investment of their respective development financial institutions.

Scope and investment funds

  • The scope of B3W will be global, from Latin America and the Caribbean to Africa to the Indo-Pacific region. Different G7 partners will have different geographic positioning, but the total of the initiative will cover low- and middle-income countries around the world to help reduce the over US$40 trillion in infrastructure needs in developing countries that have been exacerbated by the new crown pandemic difference.
  • In addition to the billions of dollars that the United States has raised in overseas infrastructure financing through existing bilateral and multilateral tools, it will also work with Congress to expand the development financing toolkit, hoping to collaborate with the private sector, other U.S. stakeholders, and G7 partners B3W Together they will catalyze hundreds of billions of dollars in infrastructure investment for low- and middle-income countries in the next few years.

B3W guidelines

  • Values-Driven. 价值驱动。
  • Good Governance and Strong Standards. 良好的治理和严格的标准。
  • Climate-Friendly. 气候友好。
  • Strong Strategic Partnerships. 强大的战略伙伴关系。
  • Mobilize Private Capital Through Development Finance. 通过发展融资调动私人资本。
  • Enhancing the Impact of Multilateral Public Finance. 加强多边公共财政的影响。

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What is China’s One Belt One Road (OBOR)?