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U.S. soft power agency CEO: China’s New Silk Road is the WeWork of development finance
Aarthi Swaminathan
Amid reports that China is slowing down its investments in a trillion-dollar project called the Belt and Road Initiative (BRI), one U.S. aid agency says it’s still going full steam ahead.
The BRI, or the New Silk Road, is a colossal undertaking by the Chinese government, announced in 2013, to build networks infrastructure, maritime, digital, and more across the world.
© Provided by Yahoo! Finance
(Source: CSIS, Graphic: David Foster)
The fact that China is scaling back on its investments abroad “doesn’t surprise me,” Adam Boehler, CEO of the U.S. International Development Finance Corporation (DFC), which was created to counter that influence, told Yahoo Finance. “I think of it almost like they’re the WeWork of development finance you cannot extend a trillion dollars of credit with no sustainable deals.” ....

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