Narayan AmmachchiThe United States looks set to invest a huge sum of money in infrastructure projects across Latin America as part of G7’s program designed to counter China’s Belt and Road Initiative (BRI).
A delegation of US officials is currently touring the region and is scheduled to hold talks with government leaders in Colombia, Ecuador, and Panama, according to Reuters.
The G7 countries have planned to invest as much as US$40 trillion by 2035 under their initiative called Build Back Better World (B3W). Analysts say Latin America will be the major beneficiary of this program.
Unlike the BRI, the B3W focuses more on harnessing private foreign direct investment (FDI) to fund major infrastructure projects. And it is also designed to help countries support climate, digital technology, and gender equality.
China has built several highways and railroads in Latin America over the past few years, eroding the US influence significantly across the region. The Asian giant has signed up as many as 19 countries in the region to build infrastructure under its BRI initiative.
The US delegation led by Daleep Singh, deputy national security advisor for President Joe Biden, has already met with Colombian President Iván Duque.
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