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Build Back Better World (B3W) is an initiative undertaken by the G7. Launched on June 12, 2021, it would provide an alternative to
The B3W efforts are in line with the standards and principles of the Blue Dot Network (BDN), relating to the environment and climate, labor and social safeguards, financing, construction, anticorruption, and other areas. On November 4, 2019, U.S. Under Secretary of State 
Krach announced the BDN's global trust standards, which are based on "respect for transparency and accountability, sovereignty of property and resources, local labor and human rights, rule of law, the environment, and sound government practices in procurement and financing." Under Secretary Krach committed $2 million (USD) of U.S. State Department seed money for the steering committee and issued an invitation to other G7 members to join. On October 19, 2020, on behalf of the twelve Three Seas nations, President 
On June 7, 2021, the
China's
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
Belt and Road Initiative
The Belt and Road Initiative (BRI, or B&R), formerly known as One Belt One Road ( zh, link=no, 一带一路) or OBOR for short, is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 150 ...
(BRI) for infrastructure development of low- and middle-income countries.
The initiative seeks to address the $40 trillion worth of infrastructure needed by developing countries by 2035. The initiative 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". The initiative builds on the Blue Dot Network, a co-opted collaboration that aims to build a global network through lending-based financing to build roads, bridges, airports, ports, power plants.
Standards and principles
The B3W efforts are in line with the standards and principles of the Blue Dot Network (BDN), relating to the environment and climate, labor and social safeguards, financing, construction, anticorruption, and other areas. On November 4, 2019, U.S. Under Secretary of State Keith Krach
Keith J. Krach (born April 1, 1957) is an American businessman, and former diplomat. He is the former chairman and CEO of DocuSign.U.S. International Development Finance Corporation
The United States International Development Finance Corporation (DFC) is a development finance institution and agency of the United States federal government. DFC invests in development projects primarily in lower and middle-income countries. Fi ...
(DFC) at the Indo-Pacific Business Forum in Bangkok.
Krach announced the BDN's global trust standards, which are based on "respect for transparency and accountability, sovereignty of property and resources, local labor and human rights, rule of law, the environment, and sound government practices in procurement and financing." Under Secretary Krach committed $2 million (USD) of U.S. State Department seed money for the steering committee and issued an invitation to other G7 members to join. On October 19, 2020, on behalf of the twelve Three Seas nations, President Kersti Kaljulaid
Kersti Kaljulaid (; born 30 December 1969) is an Estonian politician who served as the fifth president of Estonia between 2016 and 2021. She was also the first and only female head of state of Estonia since the country declared independence in ...
endorsed the BDN and the Three Seas Summit in Tallinn, Estonia
Tallinn () is the most populous and capital city of Estonia. Situated on a bay in north Estonia, on the shore of the Gulf of Finland of the Baltic Sea, Tallinn has a population of 437,811 (as of 2022) and administratively lies in the Harju ' ...
.
On June 7, 2021, the Organisation for Economic Co-operation and Development
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organization, intergovernmental organisation with 38 member countries ...
(OECD) committed to support the BDN at the meeting of the latter's executive consultation group in Paris, France. On June 16, Krach was awarded the Westernization Award by StrategEast for his work as under secretary of state in the country of Georgia
Georgia most commonly refers to:
* Georgia (country), a country in the Caucasus region of Eurasia
* Georgia (U.S. state), a state in the Southeast United States
Georgia may also refer to:
Places
Historical states and entities
* Related to the ...
for leading the Clean Network and Clean Infrastructure initiatives, which provide an alternative to the "One Belt One Road" for the countries of Eurasia and is supported by all G7 countries as the "Build Back a Better World".
See also
*New Silk Road Initiative
The New Silk Road Initiative was a United States initiative in the 2010s that aimed to integrate Afghanistan with Central Asia, boosting trade and economic development. Originally developed by the staff of General David Petraeus at the United Sta ...
* The Clean Network The Clean Network was a U.S. government-led, bi-partisan effort announced by then U.S. Secretary of State Mike Pompeo in August 2020 to address what it describes as "the long-term threat to data privacy, security, human rights and principled collabo ...
*Equator Principles
The Equator Principles is a risk management framework adopted by financial institutions, for determining, assessing and managing environmental and social risk in project finance. It is primarily intended to provide a minimum standard for due dili ...
* Partnership for Global Infrastructure and Investment
References
G7 summits Presidency of Joe Biden {{Poli-stub