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US, Canada and EU to offer rival alternative to China's Belt and Road

A US federal agency that links American lenders with developing countries, has joined Canada and the European Union to create a rival to China's Belt and Road Initiative, reports Hong Kong's South China Morning Post

US, Canada and EU to offer rival alternative to China's Belt and Road

A US federal agency that links American lenders with developing countries, has joined Canada and the European Union to create a rival to China's Belt and Road Initiative, reports Hong Kong's South China Morning Post

15 April 2019 - 19:00

A US federal agency that links American lenders with developing countries, has joined Canada and the European Union to create a rival to China's Belt and Road Initiative, reports Hong Kong's South China Morning Post.

The US Overseas Private Investment Corporation (OPIC) and its Canadian and EU counterparts have announced the new alliance. The agreement is part of a US-led bid to offer emerging economies a development alternative to state-led models such as China's Belt and Road Initiative.



The pact was signed by OPIC's acting president and chief executive, David Bohigian, Nanno Kleiterp of the 15-member European Development Finance Institutions and Paul Lamontagne of FinDev Canada.



The agreement will enhance cooperation 'to advance shared development objectives and underscore the participants' commitment to providing a robust alternative to unsustainable state-led models', said a statement from OPIC.


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