• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Manifest Learning Academy
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Foreign Affairs

Build Back Better World (B3W) initiative of G7

July 19, 2021
in Foreign Affairs
Reading Time: 3 mins read
0
Build Back Better World (B3W) initiative of G7
311
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook
image_pdfMake PDF

In news 

Recently, G7 countries launched the B3W initiative in the 47th summit of G7 to counter the Belt and Road initiative of China.

About Build Back Better World (B3W) initiative

  • It was launched by a group of seven countries(G7) in June 2021.
  • Aim:  To address the infrastructure investment deficit in developing and lower income countries, the space which has been increasingly captured by China through its BRI projects. 
  • The initiative also aims to catalyze funding for quality infrastructure from the private sector and will encourage private-sector investments that support climate, health and health security, digital technology, and gender equity and equality.
  • Led by the United States, the G7 countries will work to address the $40 trillion worth of infrastructure needed by developing countries by 2035.
  • The B3W efforts are in line with the standards and principles of the Blue Dot Network, relating to the environment and climate, labor and social safeguards, financing, construction, anti corruption, and other areas.
  • Through B3W, the G7 and other like-minded partners will coordinate in mobilizing private-sector capital in four areas of focus—climate, health and health security, digital technology, and gender equity and equality with catalytic investments from our respective development finance institutions.
  • B3W will be global in scope, from Latin America and the Caribbean to Africa to the Indo-Pacific.

The guiding principles of B3W are:

  • Values-Driven.
  • Good Governance and Strong Standards.
  • Climate-Friendly. 
  • Strong Strategic Partnerships.
  • Mobilize Private Capital Through Development Finance.
  • Enhancing the Impact of Multilateral Public Finance.

About Belt and Road Initiative (BRI)  (one Belt One Road)

  • BRI is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 70 countries and international organizations.
  • It 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.
  • The BRI projects broadly aim to facilitate cross-border transportation of goods, access to energy, creating demand for existing excess capacity in Chinese industries.
  • Since the inception of the BRI in 2013, outward investment by Beijing has been aggressive as China’s FDI outflow to inflow ratio increased to 1 from around 0.34 during 2001-10. 
  • The project has a target completion date of 2049.

G7 countries

  • It is an inter-governmental political forum. 
  • Members of the G7 are – the United States, Canada, Britain, Germany, Italy, France and Japan. 
  • Its members are the world’s advanced economies and wealthiest liberal democracies.
  • The group is officially organized around shared values of pluralism and representative government.
  • It Originated from an ad hoc gathering of finance ministers in 1973.
  • The G7 is not based on a treaty and has no permanent secretariat or office; its presidency rotates annually among the member states, with the presiding nation setting the group’s priorities, and hosting and organizing its summit.

Blue Dot Network

  • Led by the US’s International Development Finance Corporation (DFC), the Blue Dot network was jointly launched by the US, Japan (Japanese Bank for International Cooperation) and Australia (Department of Foreign Affairs and Trade) in November 2019 on the sidelines of the 35th ASEAN Summit in Thailand
  • It is meant to be a multi-stakeholder initiative that aims to bring governments, the private sector and civil society together to promote “high quality, trusted standards for global infrastructure development”.
  • On 25 February 2020, the Blue Dot Network is incorporated in the India-U.S. Comprehensive Global Strategic Partnership Joint Statement.
image_pdfMake PDF
Source: Indian Express
Tags: News PaperPrelims

Related Posts

United Nations Permanent Forum on Indigenous Issues(UNFII)

United Nations Permanent Forum on Indigenous Issues(UNFII)

May 1, 2023
EU’s Digital Services Act

EU’s Digital Services Act

April 27, 2023
European Union approves carbon market scheme

European Union approves carbon market scheme

April 27, 2023
The Markets in Crypto Assets (MiCA)

The Markets in Crypto Assets (MiCA)

April 26, 2023
4th India-CARICOM ministerial meeting

4th India-CARICOM ministerial meeting

April 24, 2023
UN Women

UN Women

April 20, 2023
Global Buddhist Summit

Global Buddhist Summit

April 19, 2023
Germany shuts down its last three nuclear reactors

Germany shuts down its last three nuclear reactors

April 17, 2023
25th anniversary of the Good Friday Agreement

25th anniversary of the Good Friday Agreement

April 12, 2023
The language friendship bridge

The language friendship bridge

April 11, 2023
Please login to join discussion

Our Offline Classroom Student

CONGRATULATIONS TO 2021 TOPPERS !!!

Rank 171 Kumar Shivashish
Rank 250 Sahithya
Rank 263 Sumit Kumar Thakur
Rank 311 Deepak Ramachandra Shet
Rank 455 Ravinandan B M

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    

Browse by Category

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tags

AIR All India Radio BBC Business Line Business Standard dow Down to Earth DownToEarth DTE Economic Times ET FAO Financial Express GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express Indiatoday India today Kurukshetra Livelihoods portal LiveMint Mains News Newspaper News Paper PIB Prelims PRS India RSTV Science Reporter Survey The Hindu The India Express The Indian Express The Print the wire Times of India TOI TOPPERS Yojana
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tag

AIR All India Radio BBC Business Line Business Standard dow Down to Earth DownToEarth DTE Economic Times ET FAO Financial Express GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express Indiatoday India today Kurukshetra Livelihoods portal LiveMint Mains News Newspaper News Paper PIB Prelims PRS India RSTV Science Reporter Survey The Hindu The India Express The Indian Express The Print the wire Times of India TOI TOPPERS Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In