- The initiative aims to help finance projects in developing countries.
- Many see the initiative as a counter to China’s Belt and Road Initiative.
Daleep Singh, the deputy national security adviser for international economics, recently toured West Africa, visiting Ghana and Senegal. The National Security Council spokesperson Emily Horne noted that this was the first B3W listening session in Africa. According to her, it demonstrates President Biden’s commitment to strengthening ties in the region and to narrowing the global gaps in physical, digital, and human infrastructure that the COVID-19 pandemic has widened. ‘For example, in climate, we had quite a few discussions about how we could help finance renewable energy projects in solar and hydro and wind,’ she added. ‘Also projects that could help reduce the rate of deforestation, which creates a carbon sink and helps these countries meet their emission reduction targets.’
Many people believe that the initiative was proposed to counter China’s multitrillion-dollar Belt and Road initiative, which has financed infrastructure projects in Asia, Africa and Latin America and has made inroads even in Europe. The B3W initiative and the programme details are set to be formally launched early next year.