Travel Highlights

[Water Consumption] Potential investors in an old shipyard in Elefsina, Greece, are hoping for U.S. financial assistance. MYRTO PAPADOPOULOS FOR THE WALL STREET JOURNAL China Buys Friends With Ports and Roads. Now the U.S. Is Trying to Compete. Rare bipartisan program dedicates $60 billion for overseas infrastructure projects including cellular networks, vaccine production and maybe even a crumbling Greek shipyard Potential investors in an old shipyard in Elefsina, Greece, are hoping for U.S. financial assistance. MYRTO PAPADOPOULOS FOR THE WALL STREET JOURNAL ELEFSINA, Greece—An aging shipyard here has a new suitor sizing it up for investment: the U.S. government. To counter China’s rising global economic influence, Washington has taken a new direction with foreign assistance. Rather than just lend money or promote trade, as in recent decades, the U.S. is now investing dollars overseas to advance American national-security interests. It wants ports, cellular networks and other strategic assets to stay in friendly hands. At the forefront of this effort is an agency Congress overhauled in 2019, the International Development Finance Corp., or DFC. “It’s a very significant investment tool that we have to compete” against China, said Rep. Michael McCaul, the top Republican on the House Foreign Affairs Committee. The Trump administration was quick to use the DFC, discussing purchasing the shipyard with Greek officials and offering loans to get Ethiopia to shun 5G cellular equipment from China’s Huawei Technologies Co.

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