China, US are not the only nations that support overseas development

Thursday, August 2, 2018

By Kristin Huang

The United States has announced a multibillion plan for infrastructure investment in the Asia-Pacific region in what could be seen as a direct response to China’s ambitious “Belt and Road Initiative”.

While he made no reference to the Beijing-led scheme, US Secretary of State Mike Pompeo said on Monday that the “Indo-Pacific Economic Vision” would increase the financial support the US provided to countries in the region through a proposed merged agency, the US International Development Finance Corporation.

Along with US$113 million in direct government investment, the plan would double the global spending cap for the agency to US$60 billion, which could be used to provide private companies with loans for projects overseas, he said.

Photo courtesy of Chhor Sokunthea.

Source: South China Morning Post (link opens in a new window)

development finance, global development