international development finance corporation

His nomination to lead the agency was announced by the White House on July 10, 2019 and unanimously confirmed by the Senate on September 26, 2019. Through Connect Africa, originally announced by OPIC in July 2018, DFC is committed to investing $1 billion in transportation, information and communications technology, and value chains in Sub-Saharan Africa to improve connectivity and support economic growth. 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. In addition to pursuing projects that are owned by, led by, or supporting women in the developing world, DFC applies a gender lens to all investments to ensure that women are receiving the net benefits of projects supported by the agency. DFC was established in 2019 through the passage of the BUILD, or Better Utilization of Investments Leading to Development, Act which strengthened and modernized American development finance. To ensure that all investments adhere to high standards and respect the environment, human rights, and worker rights, the agency monitors all projects from their inception to the conclusion of DFC financial support. First authorized on 5 October 2018, the independent agency was formed 20 December 2019 by merging the Overseas Private Investment Corporation (OPIC) with the Development Credit Authority of the United States Agency for International Development, as well as with several smaller offices and funds.[1][2]. Investment in these markets also helps American businesses gain footholds in many of the world’s fastest-growing markets. info@dfc.gov | +1 (202) 336-8400, Providing 100,000,000,000 liters of clean water, Supporting 1,000,000 patient visits to health care facilities, Generating 190,000 gigawatt-hours of electricity, Expanding access to clean water in El Salvador, Introducing mobile technology to support healthcare and pandemic response in South Africa, DFC Approves $3.6 Billion of New Investments in Global Development in Largest Quarter Ever, W-GDP, DFC Target Additional $6 Billion of Investment in Women, DFC Announces New Members of Development Advisory Council. DFC investments adhere to high standards and respect the environment, human rights, and worker rights. Retrieved 11 August 2019. On October 5, 2018, President Trump signed the Better Utilization of Investments Leading to Development (BUILD) Act into law—landmark legislation that reformed and strengthened U.S. development finance capabilities into a new federal agency to help address development challenges and foreign policy priorities of the United States. U.S. International Development Finance Corporation (DFC) is America’s development bank. [5] Such language is a euphemism for the Belt and Road Initiative - in other words, the DFC was intended as an American counterweight to China's neo-imperialistic projection of soft-power. U.S. International Development Finance Corporation 1100 New York Ave NW, Washington, DC 20527 info@dfc.gov | +1 (202) 336-8400 No. www.csis.org. DFC officially began operations on December 20, 2019. Direct equity and support for investment funds, Direct loans and guarantees of up to $1 billion for tenures as long as 25 years, with specific programs targeting small and medium U.S. businesses, Coverage of up to $1 billion against losses due to currency inconvertibility, government interference, and political violence including terrorism. The BUILD Act was introduced to Congress with broad bipartisan support in February 2018 and signed into law by President Donald Trump on October 5, 2018.[3]. In recognition of the great need for quality investment to spur continued economic growth across the Indo-Pacific as well as increasing instances of “debt trap” investments advanced by authoritarian regimes in the region, the Indo-Pacific has become a region of focus for DFC. The U.S. will have more flexibility to support investments in developing countries to drive economic growth, create stability, and improve livelihoods. DFC’s investments span Latin America, Sub-Saharan Africa, the Indo-Pacific, and emerging markets around the world with a focus on low- and lower middle-income countries. Yes. [4] Hence, the Act stipulates that DFC will aim to provide an alternative to “state-directed investments by authoritarian governments," has also been highlighted by analysts as a response to China’s growing overseas investments. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. www.opic.gov. We invest across sectors including energy, healthcare, critical infrastructure, and technology. US federal agency responsible for providing foreign aid, It may require cleanup to comply with Wikipedia's. The BUILD Act combined the capabilities of the Overseas Private Investment Corporation (OPIC) and the Development Credit Authority which had previously been housed in the U.S. Agency for International Development (USAID). DFC makes America a stronger and more competitive leader on the global development stage, with greater ability to partner with allies on transformative projects and provide financially sound alternatives to state-directed initiatives that can leave developing countries worse off. Kliman, Daniel. "Leverage the new US International Development Finance Corporation to compete with China". The DFC's lending capacity is used to provide loans, loan guarantees, and insurance for development projects in lower-income countries undertaken by US businesses. DFC is committed to generating returns for the American taxpayer through its investments in development. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. 302 into Law", "Trump Embraces Foreign Aid to Counter China's Global Influence", https://www.whitehouse.gov/presidential-actions/eo-delegating-authority-dpa-ceo-u-s-international-development-finance-corporation-respond-covid-19-outbreak/, https://albaniandailynews.com/news/full-kosovo-serbia-agreement-signed-at-white-house-1, https://en.wikipedia.org/w/index.php?title=U.S._International_Development_Finance_Corporation&oldid=980200981, Short description is different from Wikidata, Wikipedia articles with undisclosed paid content from January 2020, Articles with a promotional tone from January 2020, Articles with multiple maintenance issues, Creative Commons Attribution-ShareAlike License, The doubling of the investment cap to $60 billion, New financial tools including equity financing, technical assistance, and feasibility studies, The ability to use local currency loans and first-loss guarantees to reduce risk, A “preference” for U.S. investors, rather than a requirement, thereby expanding partnership opportunities with foreign investors, Prioritization of low- and lower-middle income countries, Enhanced alignment with U.S. foreign policy in close coordination with counterparts like the, This page was last edited on 25 September 2020, at 05:07. We're financing solutions to the most critical challenges facing the developing world today. DFC helps companies manage the risks associated with investment in emerging markets by providing financial tools when they are unavailable or insufficient from commercial sources. U.S. International Development Finance Corporation will open its office for full time presence in Belgrade, Serbia.[7]. www.thehill.com. Runde, Daniel; Bandura, Romina. For the most up to date information, visit: coronavirus.gov. United States International Development Finance Corporation, Learn how and when to remove these template messages, Learn how and when to remove this template message, United States Agency for International Development, "President Donald J. Trump Signs H.R. Retrieved 11 August 2019. The impetus for DFC was the notion that private investment could supplement conventional government-funded aid projects in the developing world. 1100 New York Ave NW, Washington, DC 20527 The United States International Development Finance Corporation (DFC) is the development finance institution of the United States federal government, primarily responsible for providing and facilitating the financing of private development projects in lower- and middle-income countries. First authorized on 5 October 2018, the independent agency was formed 20 December 2019 by merging the Overseas Private Investment Corporation (OPIC) with the Development Credit Authority of the United States Agency for Inte… U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC was created through the passage of the BUILD Act, which consolidated the Overseas Private Investment Corporation (OPIC) and Development Credit Authority (DCA) of the United States Agency for International Development (USAID). DFC also collaborates with the development finance institutions (DFIs) of other G7 countries through the 2X Challenge—a commitment to mobilizing $3 billion for global women’s economic empowerment. All projects DFC supports must be based in countries where DFC is authorized to do business, meet DFC investment standards, and have a strong track record in the industry. DFC continues to monitor coronavirus (COVID-19) developments and support the U.S. whole-of-government approach to ensure the safety and health of our teams in DC and around the world. DFC also offers reinsurance to increase underwriting capacity, Feasibility studies and technical assistance accelerate project identification and preparation to better attract and support private investment in development outcomes. DFC supports projects in a variety of industries from critical infrastructure to power generation, healthcare, agriculture, technology, and financial services. Self-reported client data, Fiscal Year 2018, U.S. International Development Finance Corporation U.S. International Development Finance Corporation (DFC) is a modern, consolidated agency that brings together the capabilities of OPIC and USAID’s Development Credit Authority, while introducing new and innovative financial products to better bring private capital to the developing world. The BUILD Act would create a U.S. International Development Finance Corporation (DFC) by eliminating and consolidating OPIC and USAID’s Development Credit … The Hill. [6], Pristina and Belgrade will work with U.S. International Development Finance Corporation and Export–Import Bank of the United States on memorandums of understanding to operationalize The Peace Highway between Niš and Pristina, the rail link between Pristina and Merdare, the rail link between Niš and Pristina, providing financing to support loans required for small and medium-sized enterprises, additional bilateral projects.

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