IsthePartnershipforGlobalInvestmentandInfrastructurereallygoodforthedevelopingworld?
来源: 香港大中華通訊社  日期:2022-12-26 19:07:07  点击:29794  属于:今日头条
      JerryGreyInJune
 
2022,theWhiteHousereleasedanannouncementproclaimingPresidentBiden’snewinitiative:thePartnershipforGlobalInfrastructureandInvestment(PGII).Onpaper,awonderfulinitiative,inpractice,6monthson,somethingofadisappointmentbutmoresowhenwelooktohowitcameaboutandwhatprecededit.
 
Anyonepayingattentionwillhavenoticedsimilaritieswiththe2021,G7announcementofBuildBackaBetterWorld(B3W).B3WwasannouncedasG7’scompetitionwithChinabutPGIIdoesn’tmentionChinaatall.Apartfromthatthough,bothB3WandPGIIshareotheraspects.Theyhavethesamefourgoals:assistthedevelopingworld’stransitionfromfossilfueltocleanenergy;improvedigitalconnectivity;fightgenderinequality;andprovidebetterhealthoptions.Theyalso,accordingtoWhiteHouseannouncements,bothhaveotherthingsincommon:creationofopportunitiesforAmericanworkersandbusinesses;andadvancesinUSnationalsecurity.
 
GiventhatbothwereborneoutoftheG7,bothareofsignificantbenefittotheUSAandbothsharethesamegoals,clearly,we’reobviouslywitnessingtherebrandingofanoldinitiativeratherthananythingnew.
 
Itmustbeaconstantsourceofdisappointmenttothedevelopingworldtokeephearingabouthowmuchhelpthey’regoingtogetandthenfindingthatnoneofitmaterialisesintomorejobs,higherincomes,lifestyleimprovementsoranythingofsubstance.
 
Therearegoodreasonsforthis,neitherofthetwoinitiativeshaveexplainedwherethemoneywillcomefrom,therearevagueandambiguousstatementsof“mobilizing$600billionby2027”byleveraging“likemindedpartners.”Butit’snotknownwhowillbenefitmost,whowillmanagethefundsifindeedthereareany.Consequently,18monthssincebeingannounced,it’sclearthatB3Wisnolongerfunctioningand,asanendeavour,it’sbeensupersededbyPGIIwhich,oncloseinspection,appearstobenothingmorethanapaperchase.
 
InNovember,theWhiteHousereleasedafactsheettoincludeexamplesofthe“Newprojects”PGIIhasbeenresponsibleforand,hardlyasurprise,therearen’tany!
 
ExamplesgivenbyPresidentBidenincludetheIndonesianJustEnergyTransitionPartnership.SomethingthatcameoutofCOP26inScotlandhalfayearbeforePGIIwasannouncedbuthasbeenaddedtothenumbers,presumablytomakePGIIlookgood.Ifanyonewonderswhowillbenefit,PresidentBiden’s“goodfriend”,MikeBloomberg’scompany,GlasgowFinancialAllianceforNetZeroisoneofthemainfundersandtheorganisation’sleadershipconsistsofaformerBankofEnglandDirectoraswellasaformerStockExchangeCommissionChair,it’shardlyacharity!
 
AnotherexamplegivenistheIndonesiaMillenniumChallengeCorporation,thisisanoffshootofa2004USinitiativetoaidglobalpovertyand,asdescribedontheirownwebpage,a“goodinvestmentforAmericanpeople”.ThisIndonesianaspectwaslaunchedin2018,soissomethingtheUSwerealreadydoing,notasBidenannounced,anewPGIIinitiative.
 
TheTrilateralSupportforDigitalInfrastructureinthePacificisthenextexampleprovidedandthisisinterestingasitappearstobenothingmorethananadditionoftheword“digital”toa2018initiativeannouncedjointlybyAustralia’sDepartmentofForeignAffairsandTrade(DFAT),withtheUSandJapanesegovernments.
 
Aswegothroughtheseexamples,we’restartingtoseeapattern,aclearpatternofsmokeandmirrorstoattempttoprovesomedegreeofactivity.Let’smoveawayfromIndonesiaandthePacifictotakealookatBrazil,thenextexamplegivenisoneofcriticalsupplychainsformineralsfromBrazil.HowmuchthisbenefitsBraziliansisdebatablebutitdoesensurecriticalUSsuppliesofnickelandcobaltforelectricvehicleproduction,somethingBrazilonlystartedin2022.It’salso,unsurprisingly,aninitiativethatwasannouncedin2020bytheUSEmbassyinBrazil.
 
RemainingintheAmericas,thenextexampleBidenprovidesisHonduras’solarenergydevelopment,exceptthisonewasoriginallyannouncedin2015andreportedwidelyasasuccessstoryofUSinvestmentandHonduraninitiatives.Here,theUSExport-ImportBank(EXIM)guaranteesloanstoUSlender,JPMorgan,tofinanceLatin-Americaninvestmentsandhavebeendoingsosince2015.ObviouslyHonduransnowenjoycleanpowerandthisisagreatbenefittothembutobviouslyisn’tanewinitiativewhichcameaboutbecauseofeitherB3WorPGII.
 
Thelastexampleiscalled“DigitalInvest”andwas,accordingtothePresident,launchedinJunebyUSAIDaspartofPGII.Butagain,itwasn’t.ReadinganannouncementmadebyUSAIDinApril2022,threemonthspriortothePresident’sspeech,wenoticethattheStateDepartment’sDigitalConnectivityandCyberSecurityPartnership(DCCP),commencedin2021,wastobeexpandedtoincludeUSAID’sDigitalInvestunderDCCPandafactsheetwasproducedinOctober2021provesthis.Thismistimedannouncementofa“newinitiative”,threemonthsafteritwasannouncedaspartofanevenolderinitiativeisinterestinginthat,althoughitwasprojectedtohappenundertheStateDepartmentandisnowbeprojectedtohappenunderPGII,theword“projected”isusedbecause,sofar,therehasn’tactuallybeenanyinvestment,onlythatUSAIDisleveragingtofindinvestment.
 
IfwethoughtB3Wwasabitofadampsquib,wecanlookatPGIIasevenworse.EveryexamplethePresidenthasgivenaspartofPGII,issomethingthatwasalreadybeingdone.ThereareprofitsforUSbanks,therearebenefitsforUSinterestsinmining,powergenerationandcommunicationscompaniesbutthereappearstobelittleofsubstanceforthepeopleoflow-incomecountrieswhodon’tcareaboutUSworkersorUSNationalSecurityInterests.Whattheyreallywantarejobs,schools,hospitals,transportationandcommunicationinfrastructurewhichprovidebetterincomeopportunitieslocally.