US claims better development finance terms than China

The head of the US government’s development finance arm says his country offers better terms in the Asia-Pacific than China. The Overseas Private Investment Corporation’s (OPIC) chief executive Ray Washburne says its US$4 billion (FJ$9 billion) fund in the region is to help economic development, stability and prosperity. In Papua New Guinea it provided more than US$10 million (FJ$21 billion) to help telecommunications company Digicel expand services into remote parts of the country.

Mr Washburne said the US assistance does not force countries to use an imported labour force.

He said it ensures environmental standards are met and that loan repayments are within a country’s capacity.

Mr Washburne said strategic assets should not be put at risk and cites Sri Lanka handing over a strategic port Hambantota to China last year on a 99-year lease.