Five years since its inception, a US development agency competes with China on global projects
Since its inception in 2019, a U.S. development agency has created a portfolio of more than $50 billion worth of projects in 114 countries, including a trans-Africa railway corridor, a power plant in Sierra Leone, and solar panel manufacturing in India
WASHINGTON (AP) — When President Joe Biden visited Angola last week, one of the highlights was his pledge of hundreds of millions of dollars for an ambitious trans-Africa rail project that would bring copper and cobalt from central Africa to the Atlantic port of Lobito.
The project is possible because of the commitment of a $553 million direct loan from the U.S. International Development Finance Corporation, created in 2019 during the first Trump administration to counter China's expansion of its global reach through infrastructure projects, such as the mega-port in Chancay, Peru, inaugurated just last month.
On Monday, the U.S. agency celebrated its five-year milestone by vowing to advance U.S. foreign policy and strategic interests through projects around the world such as the one in Angola. It also seeks re-authorization from Congress and a greater ability to invest in more countries when there's a strategic need to compete with China.
“We need to be good partners while offering an alternative based on our values," said Scott Nathan, the chief executive officer of the development agency, who was in Angola last week with the president. “Quite simply, we need to continue to show up.”
