The G7 (seven richest economies in the world) arrived at a consensus and offered developing nations an infrastructure plan which can rival China’s multi-million-dollar Belt and Road Initiative or BRI.
Daily Current Affairs Quiz 2021
The infrastructure plan is being led by United States president Joe Biden.
The Build Back Better World (B3W) initiative, will provide a transparent infrastructure partnership to help narrow the $40 trillion, the leaders at the G7 summit hoped.
China’s Belt and Road Initiative (BRI) scheme, which president Xi Jinping launched in 2013, involves development and investment initiatives that would stretch from Asia to Europe and beyond.
More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure.
