06/12/2021 | Press release | Distributed by Public on 06/12/2021 05:34
The United States is rallying the world's democracies to deliver for our people, meet the world's biggest challenges, and demonstrate our shared values
Today President Biden met with G7 leaders to discuss strategic competition with China and commit to concrete actions to help meet the tremendous infrastructure need in low- and middle-income countries.
Build Back Better World: An Affirmative Initiative for Meeting the Tremendous Infrastructure Needs of Low- and Middle-Income Countries. President Biden and G7 partners agreed to launch the bold new global infrastructure initiative Build Back Better World (B3W), a values-driven, high-standard, and transparent infrastructure partnership led by major democracies to help narrow the $40+ trillion infrastructure need in the developing world, which has been exacerbated by the COVID-19 pandemic.
Through B3W, the G7 and other like-minded partners with 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. Different G7 partners will have different geographic orientations, but the sum of the initiative will cover low- and middle-income countries across the world.
In announcing this partnership, the United States and its G7 partners are expressing a unified vision for global infrastructure development. As a lead partner in B3W, the United States will seek to mobilize the full potential of our development finance tools, including the Development Finance Corporation, USAID, EXIM, the Millennium Challenge Corporation, and the U.S. Trade and Development Agency, and complementary bodies such as the Transaction Advisory Fund. In doing so, the Biden Administration aims to complement domestic infrastructure investments in the American Jobs Plan and create new opportunities to demonstrate U.S. competitiveness abroad and create jobs at home.
In addition to the billions of dollars which the United States mobilizes in overseas infrastructure financing through existing bilateral and multilateral tools, we will work with Congress to augment our development finance toolkit with the hope that, together with the private sector, other U.S. stakeholders, and G7 partners, B3W will collectively catalyze hundreds of billions of dollars of infrastructure investment for low- and middle-income countries in the coming years.
Together with leaders of the G7, the Biden Administration fully endorses the guiding principles of B3W:
More detail will be included in the G7 Leaders' Communique.