263:
232:
On May 14, 2020, President Trump signed an
Executive Order which delegates authority to the DFC Chief Executive Officer to make loans to private institutions to support the response to COVID-19 or strengthen relevant supply chains. Trump administration, through DFC, announced that it planned to give
190:
The Trump administration originally opposed OPIC, and its proposed 2018 budget had called for the elimination of OPIC altogether, but advocacy by some administration officials, senators, and others convinced the White House to support the consolidation of OPIC and development finance efforts in line
210:
The Act aimed to ameliorate deficiencies in existing U.S. development finance policy, particularly restrictions on OPIC's actions. Compared to OPIC, the BUILD Act eases requirements of U.S. citizenship for parties to a given investment pursued by the DFC; allows the DFC to hold equity (rather than
183:(USAID). The goal was to promote a more business-like management of development finance policy. In the 2010s, the Obama administration came to support a further consolidation of U.S. development finance in light of the increasing Chinese investment in the developing world (particularly through the
219:
DFC invests in sectors that include sanitation, infrastructure, healthcare, and food security. The DFC lists innovation, sustainable jobs, workers' protection, women's economic empowerment, and bolstering global supply chains as broader themes in its investment priorities. The DFC states that its
206:
Concern over
Chinese investment abroad and the inability for existing U.S. developmental finance institutions to keep up was a major factor pushing the passage of the Act, and the establishment of the DFC has widely been viewed as means to counter China, particularly its Belt and Road Initiative.
223:
Specific initiatives of the DFC include the 2X Women's
Initiative, inherited from OPIC, that focuses on women-owned businesses and/or products and services designed to empower women. DFC has collaborated with USAID and other U.S. agencies in the Power Africa program, which has facilitated power
166:
DFC's lending capacity is used to provide loans, loan guarantees, direct equity investments, and political risk insurance for private-sector led development projects, feasibility studies, and technical assistance. DFC invests across several sectors including energy, healthcare, critical
211:
only make loans); allows the DFC to take on a greater risk burden than OPIC could for a given project; and allows the DFC to make loans in local currencies. DFC's total spending cap for its investments was also raised to $ 60 billion, compared to $ 29 billion for OPIC.
203:. It passed the Senate as a part of a bill to reauthorize the Federal Aviation Administration on a vote of 93–6 in early October 2018; it had already been passed in the House. It was signed into law by President Trump on October 5.
371:
Commentators have criticised the DFC's investments in upper-middle-income countries that are apparently intended to achieve U.S. foreign policy objectives other than international development, describing these investments as
249:
by Kodak executives ahead of the deal's announcement, and DFC's inspector general announced scrutiny into the loan terms. The agency received criticism for the loan deal. The agency has given millions of dollars to
380:
has criticised federal budget rules that require the DFC to treat equity investments as expenditures "with no offsetting allowance for expected financial returns," unlike loans, which are budgeted based on their
191:
with the
President's policy priorities. Relevant legislation — the Better Utilization of Investments Leading to Development (BUILD) Act — was introduced in Congress to establish the DFC shortly thereafter.
799:
1169:
1159:
461:
1164:
812:
224:
sector deals across the continent, and the
Prosper Africa Initiative, launched in 2018 with the goal of promoting U.S.-Africa investment and trade, countering Chinese influence.
148:
180:
160:
61:
1154:
1149:
1139:
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infrastructure, and technology, with stated priorities of women's empowerment, innovation, investment in West Africa and the
Western Hemisphere, and climate change.
1045:
677:
394:
712:
1067:
199:
The BUILD Act was introduced in the House and Senate in
February 2018 with broad bipartisan support, based on proposals drafted by researchers at the
242:
176:
152:
140:
53:
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a $ 765 million loan for manufacturing ingredients used in pharmaceuticals, in order to rebuild the national stockpile depleted by the
1095:
966:
605:
839:
1174:
429:
534:
1015:
27:
270:
Current CEO Scott Nathan was nominated by the Biden-Harris
Administration in September 2021 and was confirmed February 9, 2022.
136:
1068:"Current Budget Rules Stand in the Way of a Reasonable Path for US DFC to Realize Ambition on Climate and Pandemic Response"
1071:
1019:
377:
200:
1109:
713:"US International Development Finance Corporation targets Asia as Washington seeks to offer alternative to Chinese cash"
156:
57:
941:
147:
projects primarily in lower and middle-income countries. First authorized on 5 October 2018 by the BUILD Act, the
184:
1041:
891:
660:
BUILD Act: Frequently Asked
Questions About the New U.S. International Development Finance Corporation
974:
144:
352:
329:
220:
investments aim to advance global development, U.S. foreign policy, and U.S. taxpayer interests.
99:
636:
1014:
Landers, Clemence; Morris, Scott; Kenny, Charles; Lee, Nancy; Estes, Jocilyn (25 March 2021).
238:
535:"The US International Development Finance Corporation and China:Insights from Riva Levinson"
75:
997:"PN483 — Nisha Desai Biswal — United States International Development Finance Corporation"
382:
290:
262:
251:
246:
996:
678:"Leverage the new US International Development Finance Corporation to compete with China"
486:
739:
How Can the U.S. International
Development Finance Corporation Effectively Source Deals?
434:
415:
1133:
373:
1016:"Is DFC Going To Be a Development Finance Institution or a Foreign Policy Bank?"
179:(OPIC) in 1969 by President Richard Nixon, transferring responsibility from the
241:
and reduce dependency on foreign factories. The funding was put on hold as the
813:"Trump Gives Medical Stockpile A 'Kodak Moment' With New Loan To Make Drugs"
738:
866:"Kodak Deal Draws Review From Watchdog at Agency Involved in Planned Loan"
783:
659:
606:"How policy wonks, politicos, and a conservative Republican remade US aid"
416:
U.S. International Development Finance Corporation: Overview and Issues
741:(Report). Center for Strategic and International Studies. p. 3.
26:
261:
234:
163:(USAID), as well as with several other smaller offices and funds.
587:
585:
583:
890:
Rappeport, Alan; Swanson, Ana; Thrush, Glenn (25 October 2020).
462:"Trump Embraces Foreign Aid to Counter China's Global Influence"
446:
917:"U.S. Bets On Small, Untested Company to Deliver COVID Vaccine"
840:"Kodak Loan Disclosure and Stock Surge Under SEC Investigation"
817:
563:"Congress, eying China, votes to overhaul development finance"
175:
U.S. development finance efforts were consolidated under the
737:
Runde, Daniel F.; Bandura, Romina; Staguhn, Janina (2020).
129:
United States International Development Finance Corporation
658:
Akhtar, Shayerah I.; Lawson, Marian L. (15 January 2019).
489:(Report). Congressional Research Service. February 2022.
414:
Akhtar, Shayerah I.; Brown, Nick M. (10 January 2022).
328:
The position of deputy CEO was first filled in 2023 by
16:
US federal agency responsible for providing foreign aid
1124:
1042:"Mission Creep at the Development Finance Corporation"
892:"Kodak Loan Debacle Puts a New Agency in the Hot Seat"
782:
Cook, Nicolas; Williams, Brock R. (17 November 2020).
114:
635:
Runde, Daniel F.; Bandura, Romina (12 October 2018).
418:(Report). Congressional Research Service. p. 13.
1170:
Corporations chartered by the United States Congress
1160:
Independent agencies of the United States government
789:(Report). Congressional Research Service. p. 1.
784:
The Trump Administration's Prosper Africa Initiative
665:(Report). Congressional Research Service. p. 5.
430:"President Donald J. Trump Signs H.R. 302 into Law"
109:
89:
81:
71:
46:
38:
33:
1101:U.S. International Development Finance Corporation
487:U.S. International Development Finance Corporation
181:United States Agency for International Development
161:United States Agency for International Development
62:United States Agency for International Development
20:U.S. International Development Finance Corporation
639:. Center for Strategic and International Studies
1165:Government-owned companies of the United States
838:Michaels, Dave; Francis, Theo (4 August 2020).
1046:Center for Strategic and International Studies
768:
766:
151:was formed on 20 December 2019 by merging the
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8:
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19:
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1155:Agencies of the United States government
1150:Government agencies in the United States
1140:2019 establishments in the United States
637:"The BUILD Act Has Passed: What's Next?"
334:
272:
96:Scott A. Nathan, Chief Executive Officer
1145:Government agencies established in 2019
406:
395:Export–Import Bank of the United States
243:U.S. Securities and Exchange Commission
177:Overseas Private Investment Corporation
153:Overseas Private Investment Corporation
54:Overseas Private Investment Corporation
18:
1040:Savoy, Conor M. (20 September 2021).
561:Zengerle, Patricia (3 October 2018).
266:Scott Nathan, CEO since February 2022
7:
772:Runde, Bandura and Staguhn, pp. 3–4.
864:Levy, Rachael (14 September 2020).
676:Kliman, Daniel (16 November 2018).
604:Saldinger, Adva (5 December 2018).
308:January 20, 2021 – 9 February 2022
295:October 1, 2019 – January 20, 2021
942:"POLITICO Playbook: War in Europe"
14:
751:Akhtar and Brown 2022, pp. 19–20.
533:Kuo, Mercy A. (25 October 2018).
940:Lizza, Ryan (24 February 2022).
141:United States federal government
102:, Deputy Chief Executive Officer
25:
1066:Morris, Scott (19 April 2021).
811:Rampton, Roberta (2020-07-28).
711:Lo, Kinling (12 January 2020).
591:Akhtar and Brown 2022, pp. 3–4.
520:Akhtar and Brown 2022, pp. 1–4.
137:development finance institution
1:
1072:Center for Global Development
1020:Center for Global Development
760:Akhtar and Brown 2022, p. 20.
701:Akhtar and Lawson 2019, p. 4.
499:Akhtar and Brown 2022, p. 19.
378:Center for Global Development
245:began probing allegations of
201:Center for Global Development
1115:Resources in other libraries
460:Thrush, Glenn (2018-10-14).
157:Development Credit Authority
58:Development Credit Authority
508:Akhtar and Brown 2022, pg.
1193:
1175:National development banks
215:Investments and priorities
1110:Resources in your library
24:
717:South China Morning Post
185:Belt and Road Initiative
85:Investing in Development
1001:United States Congress
376:. Scott Morris of the
267:
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228:Response to COVID-19
870:Wall Street Journal
844:Wall Street Journal
21:
977:on August 13, 2024
896:The New York Times
800:www.whitehouse.gov
466:The New York Times
357:August 14, 2023 –
353:Nisha Desai Biswal
330:Nisha Desai Biswal
319:9 February 2022 –
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149:independent agency
139:and agency of the
100:Nisha Desai Biswal
1096:Library resources
447:National Archives
364:
363:
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239:COVID-19 pandemic
143:. DFC invests in
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90:Agency executives
42:December 20, 2019
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1075:. Retrieved
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975:the original
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72:Headquarters
341:Deputy CEO
145:development
56:(OPIC) and
1134:Categories
1077:17 January
1051:17 January
1025:17 January
981:August 13,
926:2021-04-21
901:28 October
875:28 October
849:28 October
824:2020-10-28
471:15 October
441:15 October
401:References
258:Leadership
921:FRONTLINE
687:12 August
367:Reception
305:(Acting)
951:13 March
946:Politico
722:22 March
682:The Hill
643:22 March
615:22 March
572:21 March
541:21 March
389:See also
971:dfc.gov
567:Reuters
359:present
344:Tenure
321:present
282:Tenure
171:History
135:) is a
110:Website
64:(USAID)
1098:about
39:Formed
787:(PDF)
663:(PDF)
610:Devex
235:Kodak
82:Motto
1079:2022
1053:2022
1027:2022
983:2024
953:2022
903:2020
877:2020
851:2020
724:2022
689:2019
645:2022
617:2022
574:2022
543:2022
473:2018
443:2018
338:No.
279:CEO
276:No.
127:The
119:.gov
117:.dfc
818:NPR
187:).
133:DFC
115:www
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
