The leaders of the G7 at their summit in Cornwall, England, June 12, 2021
President Joe Biden proposes a linking of global infrastructure projects in North America, Europe, and Japan at the G7 Summit.
The US delegation promoted the initiative, “Build Back Better for the World” (B3W), at the meeting in Cornwall, England on Saturday.
The “values-driven, high-standard, and transparent infrastructure partnership” covers the environment, anti-corruption efforts, the free flow of information, and financial terms for developing countries to avoid excessive debt.
It cites the international imperative to “help narrow the $40+ trillion infrastructure need in the developing world, which has been exacerbated by the COVID-19 pandemic”. However, it foregrounds this with the specific invocation of “strategic competition with China” and its Belt and Road Initiative.
Brian Deese, director of the National Economic Council, circulated the message on Twitter:
The Build Back Better for the World (BW3) initiative will leverage our full development finance toolkit to mobilize private capital toward projects that promote climate, health, digital tech, & gender equity.
This effort will go a long way for our global economy.
— Brian Deese (@BrianDeeseNEC) June 12, 2021
The statement said the US “will seek to mobilize the full potential of our development finance tools” in an inter-agency effort.
It refers to the Biden Administration’s principle that international progress begins with effective domestic policies, citing the infrastructure program of the American Jobs Plan. Republicans in Congress are holding up the passage of the $1 trillion plan, although a bipartisan group of senators is working on a revised proposal.
The White House summary said more details will be provided in the G7 communiqué at the end of the summit today.