US Saves Ecuador From China's Debt Trap
US Saves Ecuador From China’s Debt Trap WASHINGTON—The United States struck a deal with Ecuador to refinance its China debt, as part of an effort to counter Beijing’s growing influence in Latin America. The U.S. International Development Finance Corporation (DFC) signed a framework agreement with the government of Ecuador on Jan. 14 to refinance its preexisting debt to China and support the country’s development projects in the future. DFC is a federal government agency formed in December 2019 to advance U.S. foreign policy interests and finance infrastructure projects in developing c...