TAIPEI - 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.
It is an opportunity for both Washington and Taipei to counter China's global infrastructure spree amid concerns about Beijing's commitment to international projects and worsening finances among developing countries. In May, World Bank President David Malpass urged Group of 20 countries to ensure greater transparency on government debt contracts, saying it is the only way to"balance the interests of the people with the interests of those signing the debt and investment contracts."
Sixteen other countries have reached similar agreements with Washington, according to Mr Su, under which companies from those countries work with the US International Development Finance Corporation to fund infrastructure projects. Japan, South Korea and Australia announced a partnership with the US in 2018.
"After he takes office, Biden should maintain the basic framework" of the plan, Mr Su said."It's unlikely that there will be an about-face."
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