Rome: In a long-anticipated move, Italy has formally withdrawn from China's extensive Belt and Road infrastructure initiative, marking the end of a commitment made over four years ago. Italy became the only G7 nation to sign up for the initiative.

The decision to withdraw was reportedly communicated to Beijing three days ago, as reported by Italian newspaper Corriere della Sera. However, neither side has issued an official statement on the matter.

An Italian government source confirmed the withdrawal to AFP, providing limited details but emphasizing that the move was executed to "keep channels of political dialogue open." Prime Minister Giorgia Meloni, who came to power last year, had criticized the decision to join the initiative in 2019, referring to it as a "serious mistake."

Critics have characterized the trillion-dollar investment scheme as a predatory "Trojan horse," designed to acquire political influence. Italian Foreign Minister Antonio Tajani stated in September that the membership "has not produced the results we were hoping for."

The deal was set to automatically renew in March 2024 unless Italy opted out by the end of this year. Despite concerns about potential retaliation against Italian companies, Rome decided to withdraw from the Belt and Road initiative.

Prime Minister Meloni assured at the G20 summit in Delhi in September that leaving the project "would not compromise relations with China."