LONDON – Seeking to counter China’s influence at a gathering of the leaders of the world’s top economies, US President Joe Biden yesterday launched an infrastructure initiative for developing countries.
The Build Back Better World (B3W) Partnership, introduced at the G7 summit in Cornwall, England, is meant to be a counterweight to China’s Belt and Road Initiative, Anadolu Agency reported.
B3W will be funded by G7 nations, and alongside improving infrastructure, will also push progress in health, technology, climate, and gender equality.
A White House statement said the B3W initiative will provide a “transparent infrastructure partnership to help narrow the US$40 trillion (RM164.34 trillion) needed by developing nations by 2035”.
Biden met with G7 leaders for one-on-one talks yesterday and will travel to London today to meet Queen Elizabeth II before heading to Brussels for a North Atlantic Treaty Organisation (Nato) summit.
Meanwhile, British Prime Minister Boris Johnson greeted more world leaders who arrived at the summit for talks: South African President Cyril Ramaphosa, South Korean President Moon Jae-in, and Australia’s Scott Morrison. Indian Prime Minister Narendra Modi was set to take part via video conference. – Bernama, June 13, 2021
