Build Back Better World(B3W) Initiative:
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Build Back Better World(B3W) is an initiative launched by the G7 countries.
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Purpose: It is a new infrastructure financing mechanism that will provide a transparent infrastructure partnership to help narrow the $40 trillion needed by low and middle-income countries by 2035.
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Led by: The initiative will be led by the United States.
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Coverage: The initiative will be global in coverage. It will cover Latin American countries to the Caribbean, Africa, and Indo-Pacific.
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Significance: The initiative is designed to rival China’s Belt and Road Initiative(BRI).