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US, Taiwan to push an alternative to China's Belt and Road Initiative

Taiwan and the US are moving ahead with a plan to finance infrastructure and energy projects in Asia and Latin America

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China's Belt and Road initiative | Xi Jinping | Taiwan

Bloomberg 

Photo: Bloomberg
The plan, initiated with the signing of an agreement between the US and Taiwan in September, aims to raise funds through bonds aimed at Taiwanese banks, insurers and other private capital | Photo: Bloomberg

An informal US-led alliance to provide an alternative to China’s Belt and Road Initiative will provide greater transparency to countries seeking funding to develop their infrastructure, Taiwan’s finance minister said.

and the US are moving ahead with a plan to finance infrastructure and energy projects in Asia and Latin America, using capital raised from the private sector to ensure greater transparency, Minister Su Jain-rong said in an interview Wednesday in Taipei. He said he hopes to see the first projects start within the next year or two.

The plan, initiated with the signing of an agreement between the US and in September, aims to raise funds through bonds aimed at Taiwanese banks, insurers and other private capital. It is an opportunity for both Washington and Taipei to counter China’s global infrastructure spree amid concerns about Beijing’s commitment to projects and worsening finances among developing countries.

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First Published: Sat, November 28 2020. 01:52 IST
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