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US creates a new foreign development agency to counter China's initiative

667 views · Published 10 October 2018 · 0:59 · Indexed 26 September 2026

Channel: CGTN · 2018 · News & Politics

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As China continues to support infrastructure development through the Belt and Road Initiative, the US Congress has passed a legislation, reforming how the US will lend money for foreign development. The Senate last Wednesday passed the Better Utilization of Investments Leading to Development Act, or BUILD Act, which will create a new organ called US International Development Finance Corp. It's a consolidation of a number of old entities that fund projects in infrastructure in developing countries. The White House says it's an effort to reform the institutions “so that they better incentivize private-sector investment in emerging economies and provide strong alternatives to state-directed initiatives that come with hidden strings attached.” Supporters have argued for the US to keep up with China’s increasing investment across the world. 

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