World Bank plans a $77M financial aid to Pacific island nations, backed by US and Australia, to counter China's influence after Western banks exit for unprofitability.
The World Bank, backed by the US and Australia, plans to provide a $77 million financial lifeline for Pacific island nations to prevent China from filling the strategic region's gap left by Western banks exiting due to unprofitability. The proposal offers emergency access to major currencies for trade and remittances and studies ways to make the Pacific Islands more attractive to global banks.
July 14, 2024
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