, G-7 Countries Agree To Infrastructure Project Rivaling China’s ‘Belt And Road’, The Nzuchi News Forbes

G-7 Countries Agree To Infrastructure Project Rivaling China’s ‘Belt And Road’

Topline

Leaders of the Group of Seven countries will undertake a U.S.-led infrastructure project for developing nations to rival China’s Belt and Road Initiative, that country’s multi-trillion series of projects around the world to foster trade and favor, the White House announced Saturday.

Key Facts

The Build Back Better World (B3W) plan agreed to by leaders of the United Kingdom, Canada, Japan, Italy, Germany and France will “catalyze hundreds of billions of dollars of infrastructure investment for low- and -middle-income countries in the coming years,” the Biden administration said in a news release Saturday.

The B3W plan, which does not have a dollar figure attached to it yet, will focus on climate change, gender equality, health and technology and will be financed by institutions including the U.S. Development Finance Corporation, USAID and the Export-Import Bank.

The administration called it a “values-driven” project that is more transparent and treats developing countries as “true partners,” in a push to define Chinese projects as influence-building.

Crucial Quote

“This is not just about confronting or taking on China,” said an unnamed Biden administration official, according to Reuters. “But until now we haven’t offered a positive alternative that reflects our values, our standards and our way of doing business.”

Key Background

China’s Belt and Road Initiative, announced in 2013 by new president Xi Jinping as a Silk Road for the 21st Century, is a series of infrastructure projects across 139 countries and includes “roads, power plants, ports, railways, 5G networks, and fiber-optic cables around the world,” according to the Council on Foreign Relations

Tangent

The project also fits into the Biden administration’s goals for creating U.S. jobs: “complement domestic infrastructure investments in the American Jobs Plan and create new opportunities to demonstrate U.S. competitiveness abroad and create jobs at home.”

Further Reading

G-7 to counter China’s clout with big infrastructure project – senior U.S. official (Reuters)

, G-7 Countries Agree To Infrastructure Project Rivaling China’s ‘Belt And Road’, The Nzuchi News Forbes

Biden Pushes G-7 to Criticize China Over Forced-Labor Allegations (Wall Street Journal)

FACT SHEET: President Biden and G-7 Leaders Launch Build Back Better World (B3W) Partnership (The White House)

The #CFR on China’s Massive Belt and Road Initiative (Council On Foreign Relations)

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