May 15, 2018
From the article:
The new development finance legislation introduced on Feb. 27, 2018, is exactly what the United States needs to modernize its approach to international private sector development.
The Better Utilization of Investments Leading to Development (BUILD) Act would create a full-service U.S. International Development Finance Corporation. This proposal is a positive step for people in developing countries, will bolster U.S. national security, and is a great deal for American taxpayers.
This is the right time to launch a new U.S. International Development Finance Corporation because development finance, rather than aid, is the future. Foreign aid is the appropriate tool for tackling health challenges and responding to humanitarian crises. Development finance — or the deployment of commercial capital for public policy purposes — is the most potent weapon we have to expand markets and spur private sector growth. When the U.S. wants to encourage business in Egypt, catalyze infrastructure in Nigeria, or create opportunities for women in banking in Pakistan, we require development finance. The new National Security Strategy recognizes that, “modernized development finance tools can promote stability, prosperity, and political reform.”