According to Fox News, at the G7 summit on Saturday, President Joe Biden and other G7 leaders unveiled a global infrastructure proposal that is expected to cost tens of trillions of dollars.
The global infrastructure proposal is being called the Build Back Better World Partnership, abbreviated B3W. This, of course, is in line with the Build Back Better slogan that Biden has made part of his presidency.
What is it?
According to the White House, B3W “will collectively catalyze hundreds of billions of dollars of infrastructure investment for low- and middle-income countries in the coming years.” The initiative, according to the White House, “will be global in scope.”
Just like the infrastructure proposal that Biden revealed here in America, the plan is not really about traditional infrastructure. The four areas of focus, instead, will be gender equity and equality, health and health security, technology, and the climate.
The initiative, according to Breitbart, is meant to provide a contrast to China’s Belt and Road Initiative.
In a phone call with reporters on Saturday, a White House official said, “We’ve seen the Chinese government demonstrate a lack of transparency, poor environmental and labor standards, and a course of approach that’s left many countries worse off.”
The official said that B3W, in contrast, “is about providing an affirmative, positive, alternative vision for the world than that is presented by China and, in some similar ways but also in some different ways, Russia.”
The required funding for the B3W initiative is expected to be around $40 trillion, which would be needed by 2035. The funding is expected to come from G7 nations as well private investments.
Former President Donald Trump made it a point during his presidency to make sure that other countries are not taking advantage of America. Biden appears to be going in a different direction during this G7 summit.
On Saturday, Biden met with French President Emmanuel Macron. Coming out of that meeting Biden said that he and Macron were “on the same page.”
“Things are going I think well, we are going–as we say in the states we are on the same page,” Biden said.
Macron agreed, saying, “What we need is cooperation it’s great to have the US President as part of the club and willing to participate.”