The US hopes to win back ground lost to China in Latin America with an ambitious new initiative to fund infrastructure.
Foreign investment in Latin America was long dominated by the US and Europe, but for the past 15 years Chinese policy banks have funnelled more than $137bn of investment to governments and state corporations in the region, according to a database compiled by the Inter-American Dialogue in Washington.
At the same time, China has become the biggest trading partner for Brazil, Chile and Peru and is close to achieving that status in Argentina. During the pandemic, a wave of Chinese donations of medical equipment and supplies, followed by early vaccine sales, led to talk of Beijing’s “mask diplomacy”.
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