Belt and Road initiative is a global infrastructure development policy, adopted on 2013 by China.
It traces erstwhile silk road economic belt. It consists of both land route and maritime route.
146 countries has signed this initiative till march 2022. Target year for completion is 2049.
Financing of BRI:
Belt and road initiative is financed majorly by AIIB(Asian Infrastructure Investment Bank) and silk road fund. India is one of the members of AIIB.
ADVANTAGES OF BRI:
- Improves global GDP and economic development.
- Improves economy of developing nations.
- Improves inter regional connectivity.
- Decreases poverty in the poor regions.
DISADVANTAGES OF BRI:
- Threat of Neo-colonism .
- Human Rights Violations.
- Debt trap diplomacy.
- Ecological issues.