Rome - Italy has officially communicated its withdrawal from the Belt and Road Initiative (BRI) to China, as revealed by two government sources to Reuters on Wednesday, bringing an end to months of uncertainty surrounding Rome's commitment to the ambitious project.

In 2019, Italy became the inaugural and, to date, the sole major Western nation to participate in the initiative, dismissing concerns raised by the United States about potential Chinese control over sensitive technologies and essential infrastructure.

However, when Prime Minister Giorgia Meloni assumed office last year, she expressed her desire to exit the agreement, which mirrors the ancient Silk Road connecting China to the West, citing a lack of substantial benefits for Italy.

The 2019 agreement, set to expire in March 2024, would have automatically renewed unless Rome provided at least three months' advance written notice of withdrawal. A government source disclosed that Beijing recently received a letter informing them of Italy's decision not to renew the pact.

"We fully intend to maintain strong relations with China, even outside the Belt and Road Initiative," remarked a second government source. "While Italy was part of the initiative, other G7 nations had closer ties with China. Italy will assume the G7 presidency in 2024."

Criticism against the BRI has emerged from India and the US, citing concerns about China's 'debt trap' diplomacy. With the BRI, China has emerged as a significant financier of global development projects, comparable to the World Bank. While the initiative has led to the construction of power plants, roads, railways, and ports worldwide, it has also drawn scrutiny for burdening economically vulnerable nations with substantial debts, sometimes resulting in China assuming control of these assets.

China contends that the BRI has initiated over 3,000 projects and mobilized nearly $1 trillion in investment. Critics, including the US and India, argue that China engages in 'debt trap' diplomacy, strategically providing loans that governments are likely to default on, ultimately allowing China to take control of the assets. The 99-year lease of a port by the Sri Lankan government to a Chinese company is often cited as an example, though many economists assert that China did not intentionally create these problematic loans.