US Congress receives report outlining plans for collaboration between USAID and new DFC
The United States Development Finance Corporation (DFC), established by the 2017 BUILD Act, will absorb the Overseas Private Investment Corporation (OPIC) and the Development Credit Authority (DCA) at the United States Agency for International Development (USAID). OPIC and USAID have submitted a mandatory report to congress, outlining how the two agencies -- USAID and the DFC -- will function together.
One of the most important changes from OPIC to the DFC is the addition of a chief development officer, who will report directly to the DFC Board, and an office of development policy. There are also plans to ensure that the DFC will be able to leverage existing staff at US embassies and USAID missions. The DFC will open its doors on October 1, 2019.