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Business News/ News / World/  'Debt-trap diplomacy': Joe Biden offer alternative to Chinese development loans during Americas Summit
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'Debt-trap diplomacy': Joe Biden offer alternative to Chinese development loans during Americas Summit

Earlier, Biden had blasted Chinese President Xi Jinping’s signature Belt and Road Initiative and referred to it as saddling developing economies eager to build up infrastructure with high levels of debt.

US President Joe Biden, and Luis Lacalle Pou, Uruguay's president, left, arrive for a family photograph with leaders from Americas Partnership for Economic Prosperity (APEP) countries at the White House in Washington, DC, US, on Friday, Nov. 3, 2023. Photographer: Shawn Thew/EPA/Bloomberg (Bloomberg)Premium
US President Joe Biden, and Luis Lacalle Pou, Uruguay's president, left, arrive for a family photograph with leaders from Americas Partnership for Economic Prosperity (APEP) countries at the White House in Washington, DC, US, on Friday, Nov. 3, 2023. Photographer: Shawn Thew/EPA/Bloomberg (Bloomberg)

United States President Joe Biden took a jab at China on 3 November, during the inaugural Americas Partnership for Economic Prosperity Leaders’ Summit at the White House, saying the US approach is a more viable alternative for countries seeking global investment, reported Bloomberg.

He even referred to China’s efforts to expand its economic influence in the Americas as 'debt-trap diplomacy'.

As part of an administration push to offer an alternative to China’s efforts, Biden pledged billions in support to help build up infrastructure throughout the Western Hemisphere, while hosting leaders from the region.

He said the US International Development Finance Corporation and the Inter-American Development Bank will launch a 'new investment platform to channel billions of dollars toward building sustainable infrastructure in the hemisphere'.

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Taking a swipe at China, the US President said, as quoted by Bloomberg, "I want to make sure that our closest neighbors know they have a real choice between debt-trap diplomacy and high-quality transparent approaches to infrastructure and development."

Earlier, Biden had blasted Chinese President Xi Jinping’s signature Belt and Road Initiative and referred to it as saddling developing economies eager to build up infrastructure with high levels of debt.

Apart from this, Biden assured the US approach would strengthen ‘critical supply chain monitoring’ toward clean energy grids and digital infrastructure, adding the US would work to establish a fund to see more investment in nature-based climate solutions.

He also announced the launch of the Americas Partnership accelerator, a program targeting entrepreneurs.

Canadian Prime Minister Justin Trudeau, President Luis Abinader of the Dominican Republic, and Chilean President Gabriel Boric, among others, attended Biden’s most extensive engagement with leaders since the June 2022 Summit of the Americas.

Among other things, Biden said the US and its partners in the region are 'working together to stabilize migrant populations, including making sure communities that are welcoming migrants and refugees' can afford to welcome care for them.

With agency inputs.

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Published: 03 Nov 2023, 10:12 PM IST
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