U.S. International Development Finance Corporation Aims to Counter China’s 5G, Quantum Computing, Artificial Intelligence Influence in Developing Nations
US to Tap $60 Billion War Chest in Boon for Huawei Rivals
Excerpts and salient points ~
+ The U.S. has been warning other countries not to buy telecommunications gear from China’s Huawei Technologies Co. and ZTE Corp. The government will soon put real money behind the effort. A new agency, called the U.S. International Development Finance Corporation, plans to tap some of its $60 billion budget to help developing countries and businesses purchase equipment from other companies.
The U.S. government is concerned about Chinese companies dominating the rollout of faster wireless networks known as 5G. The Trump administration has said Huawei and ZTE gear could be used for spying, an allegation the companies have denied. Many countries, including Germany and France, are reluctant to ban individual vendors like Huawei.
+ The DFC is also considering whether to become a founding investor in a new technology infrastructure fund that will back emerging companies in 5G, artificial intelligence, quantum computing and other areas, Boehler said. The fund won’t invest in Chinese companies, he noted.
+ “This could support bids on spectrum, investments in infrastructure or the development of a component for 5G,” he said. “We want to make sure that the next crop of companies, if they’re not U.S.-based, that they at least adhere to the principals we care about — the rule of law and data protection.”
+ “The real issue about Huawei is not China, it’s security of data,” he added. “We want to ensure that companies adhere to certain data-security standards and the protection people’s information.”
Source: Industry Week. Bloomberg, US to Tap $60 Billion War Chest in Boon for Huawei Rivals…
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