Washington investing huge sum of money in infrastructure projects across Latin America

The United States is now attempting to counter China’s Belt and Road Initiative in Latin America through the investment of a huge sum of money in infrastructure projects across Latin America.

This is being executed as part of G7’s programme designed to counter China’s Belt and Road Initiative in the region. A delegation of American officials is currently touring the region and is scheduled to hold talks with government leaders in Colombia, Ecuador, and Panama, according to Reuters.

Nearshore Americas reports that the G7 countries have planned to invest as much as US$40 trillion by 2035 under their initiative called Build Back Better World. Analysts say Latin America will be the major beneficiary of this programme.

Build Back Better World programme harnesses FDI to fund infrastructure projects

Unlike China’s Belt and Road Initiative in Latin America, the Build Back Better World programme focuses more on harnessing private foreign direct investment (FDI) to fund major infrastructure projects. The Build Back Better World programme is also designed to help countries support climate, digital technology and gender equality.

China has built several highways and railroads in Latin America and the Caribbean over the past few years, thus 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 Belt and Road Initiative 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.