Belt and Road Initiative: The Case of Turkey and Kazakhstan
The Belt and Road Initiative (BRI) has significantly impacted countries like Turkey and Kazakhstan. Recently, Turkey benefitted from a $150 million loan from AIIB to facilitate the development of a crucial highway, showcasing its role in enhancing regional infrastructure, reports 24brussels. Kazakhstan, which was the initial country where Xi Jinping unveiled the BRI in 2013, secured a $47 million loan for a major wind farm project in 2019.
According to Yu Hong, a senior research fellow at the East Asian Institute, while China cannot leverage the Asian Infrastructure Investment Bank (AIIB) completely for its BRI ambitions, it still uses the institution as a strategic tool to promote its agenda. In an insightful commentary published in a 2024 book focused on the BRI, Hong emphasizes, “China utilizes the bank to further its overall influence, indicating that the AIIB serves as a significant vehicle for the BRI’s expansion.”
This view underscores the AIIB’s role in projecting Chinese power across Asia and beyond. Hong asserts that it would be reasonable to interpret the AIIB as a mechanism for China to enhance its global influence.
A senior British business representative, familiar with AIIB’s operations, has highlighted that infrastructure financing often funnels through London. He noted that this relationship would enable the AIIB to attract a greater volume of international deals.
Concerns from the White House suggest that the U.K. may need to be cautious about its affiliations, especially regarding potential Chinese Communist Party (CCP) influence. According to Matthews, a senior China research fellow at Chatham House, as China’s global presence grows, the U.K. must prioritize its long-term national interests, even if such decisions lead to tensions with the United States.
Being a member of the AIIB grants Britain a modicum of influence over the bank’s trajectory. Matthews argues for the necessity of a well-informed understanding of the CCP’s strategies and how they exercise influence, advocating for a proactive stance when necessary.
Matthews elaborates on the broader implications for the U.K., stating that the main issue lies not in the immediate political ramifications on Labour’s approach to China but rather in the enduring challenge of securing its economic and geopolitical standing as China’s influence continues to rise globally.
The stakes involved in navigating the evolving relationship between Western powers and China, particularly through institutions like the AIIB, highlight the intricate balance nations must maintain as they assess their foreign policies in this shifting landscape.
