International Community Should Support Creation Of New U.S. Development Finance Corporation

Devex: Opinion: The new U.S. DFI deserves the development community’s support. Here’s why.
Conor M. Savoy, director of policy and advocacy at the Global Innovation Fund

“Right now, there are budding entrepreneurs and innovators in developing countries with ideas that could help lift their communities out of poverty, improve health and education outcomes, and create sustainable economic development. … Mobilizing capital to support these innovations and achieve the broader Sustainable Development Goals is a critical challenge for the international development community in the next decade. … The proposed new development finance institution included in the President’s FY 2019 budget request and legislation introduced in the House and Senate is potentially game-changing for U.S. development finance and would help better mobilize private capital for development outcomes. … At a time of uncertainty about the United States’ role as an international development leader, the [potential creation of an U.S. international development finance corporation (IDFC)] is a glimmer of hope that deserves the international development community’s support…” (3/19).