The $60-billion overseas investment agency could counterbalance surging Chinese investment and loans across Asia, though China will likely continue to dominate large infrastructure finance.
The experts said, however, that the U.S. should take further steps if it wants to offer development finance alternatives to Asian countries like Cambodia, which have become increasingly dependent on massive Chinese investment and loans that dominate local economies.
Conor Savoy, director of policy and advocacy at the Washington-based Global Innovation Fund, said the new agency was a U.S. effort “to more directly compete with China in these developing countries” and to offer alternative ways of financing as the U.S. believes “there are problems that go along with Chinese investment.”
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