Aim: To address the infrastructure investment deficit in developing and lower income countries which is being increasingly captured by China through 2,600 BRI projects
This infrastructure plan is being led by the United States.
B3W initiative will provide a transparent infrastructure partnership to help narrow about $40 trillion needed by developing nations by 2035.
It calls for spending hundreds of billions of dollars in collaboration with the private sector while adhering to climate standards and labour practices.
What is China’s BRI?
It was launched in 2013.
It is a multi-billion-dollar initiative that aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
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.
What is Group of Seven?
It is an intergovernmental organisation that was formed in 1975.
The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
G7 countries: UK, Canada, France, Germany, Italy, Japan and the US.
All the G7 countries and India are a part of G20.
The G7 does not have a formal constitution or a fixed headquarters.
The decisions taken by leaders during annual summits are non-binding.
