Jim Yong Kim, President of the World Bank Group, is inspired by Belt and Road Initiative, which willimprove trade, infrastructure, investment, and people-to-people connectivity – not just across borders, but on a trans-continental scale. It has the potential to lower trade costs, increasecompetitiveness, improve infrastructure, and provide greaterconnectivity for Asia and its neighboring regions. To ensure the Belt and RoadInitiative’s success, we need to remember these things:First,because of the Initiative’s sheer size, the estimatedinvestment needs will be large. Second, individual countriesare at different stages of development, with varyingcapabilities, constraints, and risk profiles. They will needsupport mechanisms to define and meet consistent,satisfactory standards. Third, the benefits of the Belt andRoad Initiative are broader than one project or one country.Projects will require innovative financing mechanisms – amix of public and concessional finance and commercialcapital. Finally, our decades of experience with largeinfrastructure projects suggest that project preparation andappropriate risk allocation will be critical for success.
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