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US, Canada and EU to offer ‘robust alternative’ to state-led development finance, as belt and road increases reach

2019-04-12 11:23:50       source:South China Morning Post

April 12, 2019

A development financing arm of the United States government entered into a trilateral agreement with Canada and the European Union on Thursday, 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”.

Representatives of the Overseas Private Investment Corporation (OPIC), a US federal agency that connects private American lenders with governments and developers in developing countries, and its Canadian and EU counterparts announced the new alliance in the form of a memorandum of understanding, signed into effect at a ceremony at OPIC’s Washington headquarters.

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

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