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Australia unveils $2.18 bn Pacific fund to counter China's sway in region

Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans

Reuters  |  Sydney 

Australia will offer Pacific countries up to $2.18 billion in grants and cheap loans to build infrastructure, Prime Minister Scott Morrison said on Thursday, as Canberra seeks to counter China's rising influence in the region. Australia and China have been vying for influence in sparsely populated Pacific island countries that control vast swathes of resource-rich oceans. China has spent $1.3 billion on concessional loans and gifts since 2011 to become the Pacific's second-largest donor after Australia, stoking concern in the West that several tiny nations could end up ...

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First Published: Thu, November 08 2018. 11:47 IST
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