The G7 Summit is the world’s diplomatic hype. While the Biden-Putin talk is yet another anticipated meeting of the summit. A global initiative in the area of infrastructure, to meet the colossal infrastructure needs of low and intermediate-income countries, was established by the Group of Seven (G7) partners: the US, France, the UK, Canada, Italy, Japan, and Germany. The Build Back Better World (B3W) project aims to be a partnership between the most developed economies and the G7 countries to contribute to reducing the infrastructure necessary in the developing world to the estimates of 40 trillion dollars. The project, however, appears to compete with China’s Belt and Road Initiative (BRI). During the summit, the B3W initiative appears to be an alternative, multi-lateral funding program for Brest International in the midst of strong criticism against the People’s Republic. The developing world is nevertheless the least concerned about the optimistic model that the Asian giant challenges.
Although the B3W claims to be a very cohesive initiative, the BRI has been expanded beyond understanding, even when some of the world’s most lucrative economies join forces to compete against the region’s largely uneven potential. Let us now be fair and dispute that neither the G7 nor China intends to benefit the region. But China is in the front line. President Xi Jinping revealed the BRI back in 2013. The project aims to consolidate development and the economic development of the development and equipment of developing countries along the historic route of the Silk Road in a transcontinental program for longer-term policy and investment.
