A senior US official said on Monday that the US expects to invest in five to ten significant infrastructure projects around the world in January as part of a broader Group of Seven effort to counter China’s Belt and Road Initiative.
During a series of “listening tours” in Senegal and Ghana this week, a US delegation led by President Joe Biden’s deputy national security adviser, Daleep Singh, found at least 10 viable projects, according to the official.
Officials are meeting with government and private-sector officials in search of initiatives to sponsor under the G7 rich democracies’ Build Back Better World (B3W) initiative, which was announced in June. According to the insider, plans could be finalized during a G7 summit in December.
A comparable group from the United States visited Ecuador, Panama, and Colombia in early October, and another is scheduled to visit Asia before the end of the year, according to the official, who did not name any specific Asian countries.
The G7 B3W project aims to meet a portion of the $40 trillion in infrastructure investment that developing countries will require by 2035 while also providing an alternative to China’s problematic lending practices.
According to the source, the US will provide developing countries “the whole range” of financial tools from the US, including equity holdings, loan guarantees, political insurance, grants, and technical knowledge to focus on climate, health, digital technology, and gender equality.
The goal is to “identify marquee projects that may launch by the beginning of next year,” according to the source.
According to Emily Horne, a spokesperson for the White House National Security Council, Singh was joined in Africa by Alexia Latortue, deputy chief executive officer of the Millennium Challenge Corporation, and Travis Adkins, deputy assistant administrator for Africa at the United States International Development Finance Corporation.
Biden pushed forward the plan during a meeting with European Commission President Ursula von der Leyen, British Prime Minister Boris Johnson, and other G7 partners on the sidelines of the COP26 UN climate summit, she noted.
Senior officials in Senegal and Ghana, according to the administration official, welcomed assurances from the US that, unlike China, the world’s largest creditor, the US would not impose non-disclosure agreements or collateral arrangements that may lead to the seizure of ports or airports later.
Setting up a possible vaccine production hub for West Africa in Senegal, reinforcing renewable energy supplies, increasing lending to women-owned enterprises, and closing the digital divide were among the projects mentioned.
During a regular news briefing on Tuesday, Chinese foreign ministry spokesperson Wang Wenbin was asked about the project and said there was an “enormous opportunity” for infrastructure cooperation.
“Different initiatives do not cancel one other out,” Wang told reporters.
“The globe needs bridge-building efforts…rather than decoupling, we need to foster connectedness.”
