Colombia seeks to join China-based development bank as Latin America drifts away from Washington [View all]

[David__77]

MIAMI (AP) — Colombia’s government has applied to join a China-based development bank, another sign of Latin America’s drift away from the U.S. as the Trump administration’s foreign aid cuts, trade barriers and crackdown on immigration spurs many leaders in the region to seek closer ties with Washington’s geopolitical rival.

Colombian President Gustavo Petro wrapped up a visit to China this week with a stop in Shanghai, where he met with former Brazilian President Dilma Rousseff, the head of the New Development Bank.

The multilateral lender was set up a decade ago as a project of Brazil, Russia, India, China and South Africa — the so-called BRICS nations of major developing markets — as a counter to U.S.-dominated institutions like the World Bank and Inter-American Development Bank.

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But Colombia’s traditional role as a staunch U.S. ally and caretaker in the war on drugs is likely to raise eyebrows in Washington. The U.S. State Department this week said that it would “vigorously oppose” financing of projects linked to China’s Belt and Road Initiative in Latin America. Petro signed up to the initiative during a summit with fellow leftist leaders from Brazil and China.

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https://apnews.com/article/china-colombia-new-development-bank-trump-us-ae2f3b0da5c330c0cf051351857d1771