Western countries have been suspicious of China’s outburst of development finance in Africa, even urging African nations to reject Chinese funding. With massive infrastructure investment gaps to fill, Africa has had no choice but to seek a liberal development sponsor for its programs. Furthermore, most African governments often avoid the World Bank and IMF, which have strict compliance requirements for their lending facilities.
The Belt and Road Initiative (BRI) has put China on a collision course with other world superpowers in the international arena. Can Western nations, however, band together to compete with the BRI?
President Biden earlier told reporters that he and U.K. ‘s Boris Johnson discussed an alternate infrastructure development that may compete with China’s BRI during one phone conversation. He proposed that they launch a similar operation, drawing on democratic governments to assist communities all around the planet that are in desperate need of support.
President Biden has also been cited as saying that he will stop China from overtaking the United States as the world’s most powerful country. He underlined that the U.S. was not seeking a clash. Instead, He urged China to follow global trade standards, equal opportunity, and protection of human rights.
Over 100 nations have signed on to BRI development projects here so far. According to current reports, over 2600 projects totaling $3.7 trillion might be tied to the BRI as of mid-last year. It is crucial to note, nevertheless, that some BRI nations have addressed criticism of the schemes, which are perceived to be wasteful and unnecessary.