{"id":10754,"date":"2021-07-02T00:26:00","date_gmt":"2021-07-01T18:56:00","guid":{"rendered":"http:\/\/medialit.in\/thevoices\/?p=10754"},"modified":"2021-07-02T00:26:55","modified_gmt":"2021-07-01T18:56:55","slug":"explained-build-back-better-world-b3w-g7-infrastructure-initiative-counter-strategy-or-continuum","status":"publish","type":"post","link":"https:\/\/medialit.in\/thevoices\/explained-build-back-better-world-b3w-g7-infrastructure-initiative-counter-strategy-or-continuum\/","title":{"rendered":"Explained: Build Back Better World (B3W): G7 Infrastructure Initiative; Counter strategy or continuum?"},"content":{"rendered":"\t\t
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In the 47th\u00a0G7 summit in Cornwall (U.K), US president Joe Biden put forward a global infrastructure initiative,\u00a0Build Back Better World (B3W), a\u00a0plan similar on the lines of the Chinese infra development plan –\u00a0Belt and Road Initiative (BRI),\u00a0but also as a counter to the same.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

The G7 consists of Canada, France, Germany, Italy, Japan, UK, and USA.\u00a0India, Australia, South Korea, and South Africa were invited as guest countries for the summit this year.\u00a0The Voices explains the BRI vs B3W buzz kicked off by the\u00a0communique\u00a0signed by above mentioned countries.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

The Belt and Road Initiative\u00a0of\u00a0China<\/b>\u00a0<\/b>\u00a0<\/span><\/p>

Also touted by experts as Modern-day Marshall plan,\u00a0BRI, a Chinese foreign policy adventure, was first proposed by Chinese President Xi Jinping in 2013. An initiative which initially aimed at building of a trade, investment, and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes, now, includes extending of financial and humanitarian aid projects too. The promotion of the massive diplomatic outreach, which as per official numbers, already has more than 126 countries and 26 International organizations on board, has also been incorporated into Chinese constitution by The Communist Party of China (CPC).\u00a0<\/span><\/p>

\"\"
BRI Plans
(Pic credit: CLBrief)<\/figcaption><\/figure>

\u00a0<\/span><\/p>

Evolution of B3W<\/b><\/span>\u00a0<\/b><\/p>

As an idea, B3W\u00a0isn\u2019t\u00a0new. In 2018, Ex US President Donand Trump too proposed an alternative infrastructure development\u00a0programme\u00a0–\u00a0Better\u00a0Utilisation\u00a0of Investment to Development (BUILD).<\/strong> BUILD, apart from being poised to sponsor projects in LIC\u2019s and MIC\u2019S, also had a dedicated US$60 billion\u00a0component\u00a0for alleviation of extreme poverty.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

For this US announced the transformation of US Overseas Private Investment Corporation into new International Development Finance corporation (USIDFC) empowered with\u00a0comprehensive\u00a0financing capabilities.\u00a0\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

In 2019, at Indo pacific Business forum in Bangkok, Thailand, US partnered with Japan and Australia to launch a multi stakeholder initiative called Blue Dot Network (BDN)<\/strong> to bring in countries on board to promote, and confirm to high quality economic and environmental standards for global infrastructure development. This led to\u00a0refinement\u00a0of the vision for USIDFC in terms of what sort of projects to finance.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

To an extent, B3W is a manifestation of vision rooted in BDN.\u00a0<\/span>\u00a0<\/span><\/p>

B3W: A bet on the low and middle-income countries (LIC\u2019s, MIC\u2019s)<\/b><\/span>\u00a0<\/span><\/b>\u00a0<\/span><\/p>

LIC\u2019s,\u00a0MIC\u2019s\u00a0are finding it difficult to finance their infrastructure projects due to the current pandemic. Moreover, COVID-19 pandemic has already exposed the\u00a0faultlines\u00a0in Chinese financing model as more than 20% of BRI projects have been put on hold.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

On the other side, B3W has pledged to finance a US$ 40 Trillion gap for infrastructure development across developing world through \u201csustainable and value driven infrastructure investment\u201d.\u00a0More so the Chinese investment through\u00a0BRI\u00a0in the LIC\u2019s and\u00a0MIC\u2019s\u00a0has created a Chinese hegemony. To counter the dominance of China and to offer an alternative to BRI, experts suggest, B3W is launched.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

But once the initiative takes off the\u00a0real challenge\u00a0with the LIC\u2019s and\u00a0MIC\u2019s\u00a0would be to choose between the available option as the competing parties will offer lucrative deals and by\u00a0previous\u00a0experiences of the cold war era, with some exclusivity clause too.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

The plan of action<\/b><\/span>\u00a0<\/span><\/b>\u00a0<\/span><\/p>

B3W\u00a0will be an\u00a0infrastructure financing initiative\u00a0led by the G7 and alliance of other\u00a0like minded\u00a0democracies representative of a soft power driven by common values, good\u00a0governance\u00a0and ideal standards.\u00a0Infrastructure financing means it will offer soft, and faster loans or investment\u00a0assistance\u00a0to the beneficiary country for vital green infrastructure projects in harmony with Sustainable development goals to be achieved by 2030.\u00a0The focus areas will be climate, health, digital technology & gender equality, and equity.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

G7 communique confirmed about B3W aspirations for enhancement in \u201cmultilateral financing\u201d through development banks and other financial institutions adhering to the highest standards for project planning, implementation, social and environmental safeguards, and analytical capability\u201d\u00a0\u00a0\u00a0 <\/span>\u00a0<\/span><\/p>

Need for the initiative<\/b><\/span>\u00a0<\/span><\/b>\u00a0<\/span><\/p>

Biden says “The point is that what’s happening is that China has this BRI, and we think there is a much more equitable way to provide for the\u00a0need\u00a0of countries around the world.”\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

BRI offers some added advantage too for China which includes: <\/span>\u00a0<\/span><\/p>

  • Promotion of Chinese-led financial institutions.\u00a0<\/span>\u00a0<\/span><\/li>
  • An assured route through the middle east and Africa for its energy security.\u00a0<\/span>\u00a0<\/span><\/li>
  • Easy access to European Markets\u00a0<\/span>\u00a0<\/span><\/li>
  • Establishment of Chinese maritime dominance in the South China Sea and the Indian Ocean\u00a0<\/span>\u00a0<\/span><\/li><\/ul>

    The G7 initiative will help the member countries to\u00a0contain\u00a0and compete with BRI\u2019s default strategic investment.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

    B3W vs BRI<\/b><\/span>\u00a0<\/span><\/b>\u00a0<\/span><\/p>

    \"\"
    Pic credit: GIS<\/figcaption><\/figure>

    B3W is yet to deliver exhaustive details. BRI has already delivered on logistical and humanitarian fronts. But, time and again, west and experts have called out China over allegations of non-transparency, corrupt contracts, human rights, and environmental degradation.\u00a0 <\/span>\u00a0<\/span><\/p>

    The overboard financing temptations extended by China make LIC\u2019s and MIC\u2019s vulnerable to dept trap. For instance, Sri Lanka\u2019s failure to repay the loans taken for modernization of Hambantota Port ultimately led to takeover of majority of it\u2019s shares by a Chinese owned Company in 2017. And Hydropower plant constructed in Sumatra, was criticized as unsustainable intrusion in rainforests. Hence B3W is proposed as the antidote of such practices.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

    The BRI edge explained<\/b><\/span>\u00a0<\/span><\/b>\u00a0<\/span><\/p>

    BRI might still be a more enticing affair for countries. Here are a few reasons accounting to this\u00a0<\/span>\u00a0<\/span><\/p>

    • China has been more flexible and less intrusive in local aspirations.<\/strong> The idealism of B3W driven by western commandments is too much for developing world to deal with.\u00a0\u00a0<\/span>\u00a0<\/span><\/li>
    • As per Investment criteria of B3W no funding will be given to coal fired power stations.<\/strong> The cost incurred in explorations of green alternatives is too much for the developing world. Hence, they would party with someone who\u00a0remains\u00a0flexible with green\u00a0stipulations.\u00a0\u00a0<\/span>\u00a0<\/span><\/li>
    • Flexibility in financing arrangement and paperwork<\/strong> is another plus for China. The B3W is expected to be more exhaustive and bureaucratic in this aspect. For instance, the Caribbean govts. have found it difficult to complete paper work since years to access USDFI funding in Islands. <\/span>\u00a0<\/span><\/li>
    • Voices within the G7 grouping itself are skeptical about explicitly confronting China. UK PM Borish Jhonson says that the grouping\u2019s priorities show \u201cwho we are, not who we are against.\u201d\u00a0<\/span>\u00a0<\/span><\/li><\/ul>

      Strategic Financing (BRI vs B3W)<\/b><\/span>\u00a0<\/span><\/b>\u00a0<\/span><\/p>

      BRI has been creatively financed by China for strategic gains.<\/strong>\u00a0The Chinese state has injected massive capitals in its public financial institutions so that they could offer cheap loans to Chinese companies working on the BRI and to Chinese State-Owned Enterprises so that they could place competitive bids against foreign and local companies on the projects.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

      Proponents of B3W will have a tough time in replicating such practices.\u00a0Yes, the dominance of US on international financial and commercial institutions would help in penetration of the initiative but strategic\u00a0financing is also about risk appetite which independent companies in west\u00a0won\u2019t\u00a0risk themselves to. USDFC has already gone on record to say that they might not be able to finance such projects which might not be rewarding for American Tax payer in long run.\u00a0<\/strong><\/span>\u00a0<\/strong><\/p>

      Hence China might continue to offer cheap bids and a bigger appetite for high-risk megaprojects. China\u2019s risk appetite for megaprojects<\/strong> is not merely driven by financial gains, rather strategic ones. For example, In Indonesia, China got involved in an almost non-profitable Jakarta-Bandung high-speed rail project\u00a0<\/span>\u00a0<\/span><\/p>

      China\u2019s Position on B3W<\/b><\/span>\u00a0<\/span><\/b>\u00a0<\/span><\/p>

      As per Global Times, a mouthpiece of CPC, B3W is just propaganda and empty promises as they did after 2008 recession. They counter B3W on lack of details\u00a0regarding\u00a0the funds and timeline of the initiative.\u00a0<\/span>\u00a0<\/span><\/p>

      India will study B3W: MEA, GOI<\/b><\/span>\u00a0<\/span><\/b>\u00a0<\/span><\/p>

      MEA has consistently\u00a0protested against\u00a0one of BRI’s element China Pakistan Economic Corridor (CPEC), saying,\u00a0it’s\u00a0proposed in “territory of India which has been illegally occupied by Pakistan”.\u00a0<\/span>\u00a0<\/span><\/p>

      Undeniably, B3W,\u00a0emerges\u00a0as an exciting\u00a0option\u00a0for India to\u00a0contain\u00a0Chinese strategic outreach. But as of now, senior official of MEA, P Harish said, “On the specific question of joining B3W, I can confirm that relevant agencies of GOI would study them and would engage with them probably at the later stage.”\u00a0<\/span>\u00a0<\/span><\/p>

      Meanwhile, many countries in Indian Subcontinent and South East Asia have welcomed the B3W plan as another alternative to\u00a0realize\u00a0the infrastructure\u00a0needs.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

      Story edited by NK Jha<\/span><\/b>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

      In the 47th G7 summit in Cornwall (U.K), US president Joe Biden put forward a global infrastructure initiative, Build Back Better World (B3W), a plan similar on the lines of the Chinese infra development plan – Belt and Road Initiative (BRI), but also as a counter to the same.    The G7 consists of Canada, France, Germany, Italy, Japan, UK, and<\/p>\n","protected":false},"author":177,"featured_media":10889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73],"tags":[623,621,622,624,619,625,627,626,497,529,628,561],"ppma_author":[443],"class_list":{"0":"post-10754","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world","8":"tag-b3w","9":"tag-beltandroad","10":"tag-bri","11":"tag-buildbackbetter","12":"tag-china","13":"tag-chinausrelations","14":"tag-g7","15":"tag-g7cornwall","16":"tag-ignousojnms-2","17":"tag-ignouthevoices","18":"tag-infrastructure","19":"tag-thevoicesignou"},"aioseo_notices":[],"yoast_head":"\nExplained: Build Back Better World (B3W): G7 Infrastructure Initiative; 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