Devex: Opinion: 4 essential steps for BUILD Act’s development finance agency
Stephanie Cappa, deputy director and senior policy adviser for the Modernizing Foreign Assistance Network

“As the ink dries on the BUILD Act — Better Utilization of Investments Leading to Development — the administration has 120 days to submit a plan to Congress transforming the Overseas Private Investment Corporation into the new United States Development Finance Corporation. … DFC’s stated purpose is to mobilize private sector capital and skills to complement U.S. development assistance objectives and to advance U.S. foreign policy interests. To ensure that the agency’s form follows this worthy function, the Modernizing Foreign Assistance Network has put forward four guiding recommendations: fulfill the development mandate; establish strong connectivity with USAID; prioritize agency accountability; and institute robust systems of transparency and consultation. As the administration drafts its implementation plan, these are four essential areas to focus on: 1. Development-focused leadership … 2. Linkages with development agencies … 3. Performance and accountability … 4. Transparency and consultation … If the administration and Congress take these four steps by the end of January — the 120-day timeline — DFC will be well on its way toward fulfilling the promise of the BUILD Act” (11/14).