Byline: Ahsan Nisar
It was six years ago that China launched the Belt and Road Initiative (BRI), the largest, most ambitious, pan-Eurasian infrastructure project of the 21st century. Since then, Beijing has been blamed for everything from plunging poor nations into a "debt trap" to evil designs of world domination. Now finally comes what might be described as the institutional American response to Belt and Road: the Blue Dot Network. Blue Dot is described, officially, as promoting global, multi-stakeholder sustainable infrastructure development in the Indo-Pacific region and around the world. It is a joint project of the US Overseas Private Investment Corporation, in partnership with Australia's Department of Foreign Affairs and Trade and the Japan Bank for International Cooperation.
What is OPIC?
The Overseas Private Investment Corporation (OPIC) is a self-sustaining US Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances US foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.
All OPIC projects must adhere to best international practices and canot cause job loss in the United States.
The Department of Foreign Affairs and Trade (DFAT) is a department of the Government of Australia charged with providing the government with foreign, trade, and development policy advice. It manages an A$4 billion aid program as well as the new Australian Infrastructure Financing Facility for the Pacific (AIFFP), which provides lending and grants. DFAT works to make Australia stronger, safer, and more prosperous by promoting its interests internationally and contributing to regional and global stability and economic growth.
Purpose of JBIC
The Japan Bank for International Cooperation (JBIC) is...