US Development Finance Corporation opens its doors
After a three month delay over budget disagreement, the United States Development Finance Corporation (DFC) has finally opened. The DFC combines the functions of the Overseas Private Investment Corporation (OPIC) and the US Agency for International Development's Development Credit Authority.
The newly confirmed CEO, Adam Boehler, outlined the priorities and objectives of the new agency, saying "DFC has three objectives: first, to invest in highly impactful projects in developing countries; second, to advance U.S. foreign policy; and third, to continue our consistent track record of generating returns for the American taxpayer."
Additionally, the DFC now has more resources, including an increased investment cap of US$60 billion (more than doubling OPIC’s previous US$29 billion limit) and new tools, including equity investments, technical assistance, and feasibility studies. The DFC will prioritize investments in low-income and lower-middle-income countries and will seek investments that are important to U.S. foreign policy, national security, and women’s economic empowerment, including OPIC’s '2X Women’s Initiative'. It will also continue to invest in 'Connect Africa' as well as in priority regions such as the Indo-Pacific and Latin America.