US agency goes back to the future to take on China’s Belt and Road Initiative

US agency goes back to the future to take on China’s Belt and Road Initiative The US International Development Finance Corp mixes national security and foreign investment in its supply chain quest Created in 2019 during President Donald Trump’s first administration, the US International Development Finance Corporation (DFC) puts its money into private-led projects rather than those led by the state, as is often the case with China. The agency operates in more than 100 countries, mostly in Central and South America, Africa, Eastern Europe and the Asia-Pacific region. Erin Collinson, a senior fellow at the Washington-based Centre for Global Development, said the agency was reauthorised by the US Congress in December with a dual mandate and more scope for financing. “With the increase in the DFC’s portfolio cap to US$205 billion, there’s room to pursue both.”