NEW YORK: A recent report released by Asia Society Policy Institute (ASPI) has said that Belt and Road Initiative (BRI) will help Asian countries with infrastructure investment and improve economic growth and social well-being.
The report, “Navigating the Belt and Road Initiative,” highlights the benefits of the BRI to countries involved and provides detailed policy recommendations.
The report cited the finding of the Asian Development Bank that the country is outlaying only half of what is needed to uphold its present development and to deal with pressing problems such as climate change.
The BRI raised the hopes that China would begin to fill that gap as it encompasses an estimated 1 trillion dollars in a patchwork of projects across more than 125 countries, the report said.
The report further stated that in developing countries, officials pointed out that BRI projects are planned, funded, and built far more quickly, and with fewer demands placed on host governments than projects financed by international development banks or donor countries.
According to the report, the BRI can meet the huge demand for infrastructure growth in Asia, which can increase multilateral development, international donors, and national governments can provide, and the initiative is a long-term commitment.
Furthermore, Chinese enterprises regularly develop into more wisely organized programs over time through a prolonged trial-and-error method, which could permit for the acceptance of better measures and values.
The report added that employing a fund would yield projects that align with the countries development goals, which are fiscally sound and sustainable.
Source: Xinhua News Agency