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Published on Dec 9, 2011
The changing nature of international development has created a growing interest in the use of development finance instruments. As the availability of soft grant money decreases and acceptance of private-sector-led growth increases, development policy is shifting away from official development assistance to focus more on investment and trade. In this context, the U.S. government must use its development finance instruments more effectively.
The Overseas Private Investment Corporation (OPIC), U.S. Trade and Development Agency (USTDA), Millennium Challenge Corporation (MCC), and U.S. Agency for International Development (USAID) encourage private-sector development while serving as instruments of U.S. national security and foreign policy, but, as currently conceived, are inadequate to meet the entire spectrum of challenges we face. We will discuss how U.S. government agencies can better create innovative solutions in a more coordinated fashion and increase the capabilities of existing development finance programs.