Joe Biden’s B3W proposal aims to bring democracies together.
India should come up with its own plans to contribute to the initiative, states Rahul Mishra.
During the G-7 Summit held on June 11-13 at Carbis Bay in Cornwell, the United Kingdom, US President Joe Biden proposed a brand-new infrastructure initiative termed the ‘Build Back Better World’ global infrastructure initiative, or the B3W initiative.
According to a White House press release (extrenal link), ‘As a lead partner in B3W, the United States will seek to mobilize the full potential of our development finance tools, including the Development Finance Corporation, USAID, EXIM, the Millennium Challenge Corporation, and the US Trade and Development Agency, and complementary bodies such as the Transaction Advisory Fund.’
The initiative, which has in-principle support of all the G7 member countries (Britain, Canada, France, Germany, Italy, Japan, and the US) is already lauded as an alternative to China’s Belt and Road Initiative.