The U.S. is finalizing plans to double funding for big infrastructure projects around the world, seeking to counter China’s growing influence.
Congress is working to resolve the last barriers to passing a bill that would boost the U.S.’s role in international development. It would combine several little-known government agencies into a new body, with authority to do $60 billion in development financing—more than double the cap of the current agency that performs that function. The measure, supported by the Trump administration, easily passed the House this summer; it faces its biggest test in the Senate.
The new agency would have broad authority to go toe-to-toe with China in offering countries financing options for major infrastructure and development projects.