LONDON, June 13 (Bernama): Seeking to counter China’s influence at a gathering of the leaders of the world’s top economies, US President Joe Biden on Saturday 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 needed by developing nations by 2035.”
Biden met with G7 leaders for one-on-one talks Saturday, and will travel to London on Sunday to meet the queen before heading to Brussels for a 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