While much of the U.S. foreign aid architecture faces elimination or budget reductions, the outlook for the U.S. International Development Finance Corporation appears more bullish under President Donald Trump’s second term in office.
Benjamin Black, Trump’s nominee to lead DFC, testified Tuesday at the Senate Foreign Relations Committee about what the agency might look like if he is confirmed.
Black — the managing director of investment firm Fortinbras Enterprises and 40-year-old son of billionaire investor Leon Black — touted DFC’s “dual mandate” of advancing economic development and strategic foreign policy priorities, and he told lawmakers he does not believe the two are in conflict. DFC was created during Trump’s first administration through the consolidation of other U.S. development finance agencies. It won bipartisan support, in part by leaning into concerns about countering China’s investments in developing countries.
About the author
Michael Igoe@AlterIgoe
Michael Igoe is a Senior Reporter with Devex, based in Washington, D.C. He covers U.S. foreign aid, global health, climate change, and development finance. Prior to joining Devex, Michael researched water management and climate change adaptation in post-Soviet Central Asia, where he also wrote for EurasiaNet. Michael earned his bachelor's degree from Bowdoin College, where he majored in Russian, and his master’s degree from the University of Montana, where he studied international conservation and development.
