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

The US agency set up to counter China’s Belt and Road Initiative is blending national security with development finance to try to secure a critical…

The US agency set up to counter China’s Belt and Road Initiative is blending national security with development finance to try to secure a critical minerals supply chain, according to analysts and officials.

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.

“[The reauthorisation endorsed the DFC’s] development mission while giving the agency greater flexibility to pursue strategic deals tied to foreign policy and national security goals,” she said.

“With the increase in the DFC’s portfolio cap to US$205 billion, there’s room to pursue both.”

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