President Joe Biden pledged billions in support to help build up infrastructure throughout the Western Hemisphere as he hosted leaders from the region, part of an administration push to offer an alternative to China’s efforts to expand its economic influence.
Biden said the US International Development Finance Corporation and the Inter-American Development Bank, or IDB, would establish a “new investment platform to channel billions of dollars toward building sustainable infrastructure in the hemisphere,” as he met Friday with leaders at the inaugural Americas Partnership for Economic Prosperity Leaders’ Summit at the White House.
Biden, in a jab at China, cast the US approach as a healthier alternative for countries seeking global investment.
“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 to development,” Biden said.
The president has often criticized Chinese President Xi Jinping’s signature Belt and Road Initiative as saddling developing economies eager to build up infrastructure with high levels of debt.
Biden said the US approach would strengthen “critical supply chain monitoring” toward clean energy grids and digital infrastructure, calling those “the building blocks” for a competitive and resilient economy. And the US would also work to establish a fund to see more investment in nature-based climate solutions, he said.
Among Partnership commitments, the US and the IDB’s private sector arm have begun talks on $3 billion worth of projects that may be eligible for financing under the new platform that Biden mentioned.
Friday’s gathering brought together Canadian Prime Minister Justin Trudeau, President Luis Abinader of the Dominican Republic, and Chilean President Gabriel Boric — among others — marking Biden’s most extensive engagement with leaders from the hemisphere since the June 2022 Summit of the Americas.
The group didn’t include more protectionist Brazil and Argentina, South America’s two largest economies. But Biden said that the countries that did participate plan to have their leaders meet again in Costa Rica in 2025, and between now and then come up with a process to invite additional nations in the hemisphere to join.
All 12 countries in the partnership were represented by their heads of government, except for Mexico, whose President Andres Manuel Lopez Obrador refrains from attending most international forums, and Panama, whose President Laurentino Cortizo is facing protests over a contract with a Canadian-owned copper mine. The two nations were represented by their foreign ministers and ambassadors.
The event was one of the largest-ever gatherings of leaders from the Americas at the White House. The Biden administration sees the forum as a platform for regular meetings among regional leaders, with the session Friday aimed at strengthening trade and financial relationships. The leaders met earlier in the morning with US Treasury Secretary Janet Yellen.
Earlier: Biden Gathering Leaders From Across Americas to Deepen Ties
Leaders are also grappling with addressing migration and its root causes, including poverty and violence — a priority for Biden before the 2024 presidential election. Migrant encounters on the US southern border climbed to a record 2.5 million in the fiscal year that ended in Sept. 30.
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.
The US, Canada, South Korea and Spain are working with the region’s development bank to make $89 million available for countries in the region affected most by migration to expand infrastructure and social services.
Biden urged Congress to “act quickly” on his request for additional funds to boost efforts at the border.
