G-7- US initiative"Build Back Better World": What you need to know
1. The G -7 countries have decided to start high-quality transparent and economy promoting activities along with helping in infrastructure projects in poor countries.
2. This is being considered as an answer to China's 'Belt and Road Project'.
3. The White House said that the project came to the fore after the US president Joe Biden and other group leaders discussed addressing strategic competition with China and helping to meet the tremendous infrastructure needs in low and middle-income countries.
4. China was widely criticized for troubling smaller countries with an unbearable loan as part of China's project "Belt and Road" that has lent money to projects spread across Asia, Africa, Latin America, and even Europe. The president of China launched the Belt and Road in 2013 to expand China's economic and political influence and it helped in distributing its goods globally along with several infrastructure plans.
5. China has denied any ulterior motives for the massive investment project, but critics argue that China uses the financial gains from the plan to increase its dominance in what they call debt-trap diplomacy.
6. Developing countries need more than $40 trillion in infrastructure. In the coming years, B3W will lead to encouraging billions of dollars of infrastructure investment for low and middle-income countries collectively.