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By Sarah Brewin

On Oct. 3, the U.S. Senate passed a law to create an agency called the International Development Finance Corporation (IDFC), to replace the Overseas Private Investment Corporation (OPIC) set up in 1969. The IDFC will invest up to $60 billion in developing countries and, unlike OPIC, is empowered to make equity investments. It is designed to counter what some in Washington describe as China's "economic warfare" of indebting developing countries and garnering diplomatic influence and support, largely through infrastructure projects such as the Belt & Road Initiative.

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By Warren Sanderson, Sergei Scherbov and Simone Ghislandi

Every year, the United Nations releases the Human Development Index (HDI).

The HDI is like a country's report card. In a single number, it tells policymakers and citizens how well a country is doing. This year, Norway was at the top of the class, while Niger finished last.

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EcoWatch Daily Newsletter

The Royal Swedish Academy of Sciences announced the 2018 Nobel Prize in Economics to a duo for their work on how the world can achieve sustainable growth.

The prize was divided equally to William D. Nordhaus of Yale University and to Paul M. Romer of New York University's Stern School of Business, both Americans, who have "designed methods for addressing some of our time's most basic and pressing questions about how we create long-term sustained and sustainable economic growth," the academy said Monday in a press release.

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