Representatives of the Overseas Private Investment Corporation (OPIC), a US federal agency that connects private American lenders with governments and developers in developing countries, entered a trilateral agreement with Canada and the European Union this week, said the South China Morning Post.
Representatives of OPIC and its Canadian and EU counterparts announced the new alliance in the form of a memorandum of understanding, signed into effect at a ceremony held at OPIC’s Washington headquarters. The agreement is part of a US-led bid to offer emerging economies a development alternative to state-led models such as China’s Belt and Road Initiative, reported the South China Morning Post.
The pact was signed by OPIC’s acting president and chief executive, David Bohigian, Nanno Kleiterp of the 15-member European Development Finance Institutions and Paul Lamontagne of FinDev Canada.
The agreement will enhance cooperation “to advance shared development objectives and underscore the participants’ commitment to providing a robust alternative to unsustainable state-led models,” said a statement from OPIC.