Five years since its inception, a US development agency competes with China on global projects
Associated Press
WASHINGTON (AP) — 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. The U.S. International Development Finance Agency was founded in response to China’s massive global infrastructure building campaign, which has expanded its reach around the world. Beijing’s total investments amount to hundreds of billions of dollars, but Washington says it offers a better option. President-elect Donald Trump is yet to name his pick to lead the agency, which celebrated its five-year milestone on Monday.
