The US can still compete with China in markets where Beijing has an established foothold, US International Development Finance Corporation CEO Ben Black said Tuesday, arguing that Washington can take on risky investments abroad while also delivering value to American taxpayers.

In conversation with Semafor’s Prashant Rao at The Next 3 Billion in New York, Black pointed to recent investments in African digital networks, Ukrainian energy storage, and uranium in Niger as examples of how the DFC is striking that balance.

One of the clearest tests, he said, is investing in Africa’s digital infrastructure, where Chinese companies like Huawei have already established a major presence.

Asked whether the US has effectively lost that competition given the extent of Chinese investment across the continent, Black insisted the US can still claw back ground.

“Just because you fell behind at one point doesn’t mean you cede the entire territory on the ground,” Black said, pointing to the recently announced investment in WIOCC Group, a pan-African digital infrastructure company.

“As we get to AI investment and the future of technology across Africa, not building on US-friendly rails would be madness,” he said. “And so when you have that room to do that, you’re not ceding all the territory. You can only grow further from there.”