In geographic terms, the initiative will range from Latin America and the Caribbean, to Africa and the Indo-Pacific, the statement said. The B3W initiative is committed to four areas of focus, "climate, health and health security, digital technology, and gender equity and equality," according to a White House statement in June, envisioning to mobilize private sector capital and catalyze investments from development finance institutions from the G7 and like-minded partners. The deal that touts itself as a better alternative to the BRI means almost a destined path to bankruptcy for the B3W membership, Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing, told the Global Times on Tuesday.
The plan goes well beyond the funding capacities of the initiators that have been grappling with their internal infrastructure spending bills, notably the US, as their economies, underpinned by sizable quantitative easing programs, begin tapering pandemic-era stimulus, experts said, revealing the sly intentions unexpressed behind the B3W initiative. US infrastructure Illustration: Xia Qing/GT Launched in June as a broader G7 program, the B3W initiative aims to narrow the $40-plus trillion worth of infrastructure needed in the developing world by 2035. It remains unknown what amount will be needed for the initial projects under the B3W initiative. The infrastructure projects suggested by the US delegation actually have almost nothing to do with real "infrastructure," a Senegal government source told the Global Times via email on Tuesday. The US eyes investments in five to 10 large infrastructure projects worldwide in January, Reuters reported on Monday, citing an anonymous senior US official.Īt least 10 promising projects in Senegal and Ghana were identified during a tour last week by a US delegation led by Daleep Singh, Biden's deputy national security adviser, according to the report.ĭuring a similar tour in early October, a US delegation visited Ecuador, Panama and Colombia, the official said, disclosing that another Asia tour is slated before the end of the year.
They cast doubts over the viability of the colossal spending required to materialize the ulterior motives-powered B3W initiative, particularly when compared with the open and inclusive BRI. The US-led G7 initiative known as the Build Back Better World (B3W), essentially a political stunt to challenge the eight-year-old BRI framework and a sly trick played by the Biden administration to build momentum for the passage of the US domestic infrastructure spending package, is financially not feasible, experts said. The US has plans for its first infrastructure projects in January as part of a Group of Seven (G7) initiative touted to counter the China-proposed Belt and Road Initiative (BRI), media reported Monday, in a feeble attempt to seek validation for Washington's existence post-COVID-19.
US President Joe Biden reacts during a meeting on "the Build Back Better World (B3W)", as part of the World Leaders' Summit of the COP26 UN Climate Change Conference in Glasgow, Scotland, on November 2, 2021.
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