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photo of group of people in the Oval Office, including OPIC President and CEO Ray W Washburne, as President Donald J Trump signs the FAA Reauthorization and the BUILD Act into law
(Official White House Photo by Joyce N. Boghosian)

A New Era in U.S. Development Finance

OPIC to begin transition to the U.S. International Development Finance Corporation

FAQs | BUILD Act Text | In the News 

 

President Trump signed the Better Utilization of Investments Leading to Development (BUILD) Act into law on October 5, 2018. This landmark legislation will reform and strengthen U.S. development finance capabilities into a new federal agency to help address development challenges and foreign policy priorities of the United States.

The U.S. International Development Finance Corporation (“USDFC”) will be 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 U.S. will have more flexibility to support investments in developing countries to drive economic growth, create stability, and improve livelihoods.

The USDFC will make 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.

Under the law, the President will soon submit a reorganization plan to Congress to begin the consolidation of the agencies involved. It is anticipated that USDFC could be operational as of October 1, 2019. In the interim, OPIC and DCA will operate without interruption and will work cooperatively on the work of building the USDFC.

 

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OPIC PRESIDENT'S STATEMENT AS BUILD ACT IS SIGNED INTO LAW

    

REORGANIZATION PLAN

  

EXECUTIVE BUDGET SUMMARY

The White House announced its support for the BUILD Act as a "recognition of the growing role development finance will plan to meet development needs and advance U.S. interests."

  

The President's Reorganization Plan for the U.S. Development Finance Corporation as submitted to Congress on March 8, 2019.

  

The President’s 2020 Budget proposes funding and authorities to operationalize development finance reform and reorganization.

   

   

   

   

   

WASHBURNE TESTIMONY TO CAPITOL HILL

   

WHITE HOUSE 2018 NATIONAL SECURITY STRATEGY

   

DFC BOARD MEETING

In his remarks to the Senate Foreign Relations Committee, Mr. Washburne discusses the proposal to improve efficiencies, advance U.S. foreign policy goals, and reform development finance with the BUILD Act.

   

The Administration's new National Security strategy "will shift away from a reliance on assistance based on grants to approaches that attract private capital and catalyze private sector activity."

   

The corporate governance documents of the DFC as approved on June 12, 2019.