The United States and Taiwan are preparing an alternative to the Chinese infrastructure project “One Belt, One Road”.

The United States and Taiwan are preparing an infrastructure project in Asia and Latin America, which will be an alternative to the “Belt and Road” network project developed by China, the agency said. Bloomberg, Quoted by Mediafox.

Taiwan’s Finance Minister Su Jain-Rong said that recently Washington’s Integrated Initiative will provide greater transparency for states seeking infrastructure funding. The United States and Taiwan want to finance transport and energy infrastructure projects in Asia and Latin America with private sector capital. Su Jain-Rong said the first projects will be launched in 2021 or 2022.

Launched in September after signing an agreement between the United States and Taiwan, the project proposes to raise funds through bonds sold by Taiwanese banks, insurance companies and retail groups. “This project highlights the contribution of the private sector and the financial markets, so it will be very transparent,” says Su Jain-Rong.

The US-Taiwan project would be an opportunity to thwart China’s efforts to fund international infrastructure projects. The Chinese “Belt and Road” project is funded by Beijing and includes Chinese state-owned companies.