Secretary Antony J. Blinken recently spoke at the U.S. International Development Finance Corporation's (DFC) fifth anniversary conference, highlighting the agency's accomplishments and future potential. He expressed gratitude to the DFC team for their achievements in a short time, noting that they have transformed it into a vital tool for advancing U.S. foreign policy.
Blinken emphasized the bipartisan support DFC has received from Congress since its inception and hoped it would continue. He mentioned the importance of DFC in showcasing the United States as a reliable partner in addressing global challenges.
"From enhancing food security to addressing the climate crisis to promoting inclusive opportunity, DFC has been the tip of the spear in all of our efforts," Blinken stated, referencing DFC's $12 billion commitment across 44 countries this year.
The Secretary acknowledged Scott Nathan, CEO of DFC, for reimagining U.S. development strategies by leveraging private capital to yield returns that can be reinvested in other initiatives. "When you commit those resources, you’ve shown countries that they don’t have to resort to projects that are poorly built... Instead, they can achieve growth," he said.
Blinken cited examples of DFC's impact globally, such as financing projects in Europe to reduce reliance on Russian energy and providing war risk insurance in Ukraine. He also mentioned investments in Angola through the Partnership for Global Infrastructure and Investment aimed at providing electricity and reducing carbon emissions.
"We’ve also bolstered global health systems against future pandemics," Blinken noted, referring to DFC's commitments to increase vaccine production worldwide.
Looking ahead, Blinken discussed plans with Congress to reauthorize and expand DFC's capabilities. Proposed changes include increasing financial capacity from $60 billion to $120 billion and allowing operations in more countries and strategic sectors.
Blinken concluded by expressing confidence in DFC’s future contributions under Scott Nathan’s leadership: "If that’s the reputation that with Scott’s leadership you’ve been able to establish just in five short years, I can only imagine what DFC will be able to achieve over the next five or over the next 50."
