By Trevor Hunnicutt
WASHINGTON (Reuters) – U.S. officials are set to tour Latin America this week to scout infrastructure projects as they prepare a counter to Chinese President Xi Jinping’s multi-trillion-dollar Belt and Road Initiative.
According to U.S. officials, a group of diplomats and development officers led by the Deputy National Security Advisor to President Joe Biden, Daleep Singh, is currently in Colombia. The delegation will be meeting President Ivan Duque.
They will work to make Build Back Better World (B3W), an international initiative for infrastructure investment, a reality. The first of many planned “listening trips.”
Officials stated that Duque will be meeting President Guillermo Lasso of Ecuador and Panamanian officials. The trip will also allow the U.S. to meet with representatives from civil society, the private sector, and those who are “traditionally excluded” during the visit.
According to officials, the program will be focused on issues such as climate change, gender equality, and health.
According to senior Biden administration officials, a formal U.S. B3W Launch Event is scheduled for the beginning of next year. It will feature details about some initial projects that are intended to reduce the global deficit of $40 trillion by 2035. The final capital allocation for the program is still unknown.
The U.S. will also be meeting with its allies at the Group of 20 wealthy countries and COP26 Climate Change Conferences in Europe within a little over a month. China is expected to also attend. Biden will host the Summit for Democracy, December. Conversations are expected to continue.
China’s Belt and Road Initiative, which Xi initiated in 2013, includes investment and development initiatives that span the globe. China has signed cooperation agreements with more than 100 other countries to participate in BRI projects such as railways, ports, and highways.
The official from the Biden administration stated that “very few of these projects make economic sense” and have poor labor and environmental standards.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.