The US is aiming to capitalise on growing unease in Asia about the risks and costs of China’s Belt and Road Initiative by unveiling a certification scheme that will set international standards for big infrastructure projects.
The American-led Blue Dot Network will, its organisers said on Monday, vet and certify projects to promote “market-driven, transparent, and financially sustainable” infrastructure development in Asia and around the world.
The Blue Dot Network — named after the astronomer Carl Sagan’s observation that Earth looked like a “pale blue dot” when viewed from space — will initially be led by the Overseas Private Investment Corporation, in co-operation with the Japan Bank for International Cooperation and Australia’s Department of Foreign Affairs and Trade.