What is Build Back Better World or B3W?

Build Back Better World or B3W is an initiative undertaken by G7 countries. Launched in 2021, the initiative is designed to counter China's strategic influence by providing an alternative to the Belt and Road Initiative for the infrastructural development of the low and middle income countries. Led by the United States, the G7 countries will provide around $40 trillion to the developing countries by 2035 under the plan. The funds will be generated from the private sector and will be invested to improve conditions in "climate, health and health security, digital technology, and gender equity and equality".