US competes with Belt and Road with APAC investment plan

Region:

Americas, Asia-Pacific

The US government is expanding its infrastructure drive in the Asia-Pacific region using new investment programmes amid rising anxiety in Washington about China's overseas development policies, such as its Belt and Road Initiative.

Secretary of State Mike Pompeo's "Indo-Pacific Economic Vision" will increase the financial support that the US government provides to countries in the region through a proposed merged agency, the US International Development Finance Corporation.

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

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