The U.S. International Development Finance Corporation is celebrating its fifth anniversary, a milestone marked by big expectations, rapid expansion, and the challenge of navigating its multiple mandates within a reorganized structure.
The agency, which finances private sector development solutions, was established through a unique alliance of partners working together to develop a modern development finance institution capable of competing with China’s economic development efforts. And while DFC’s investments pale in comparison to China’s, the agency is touting its dramatic financing expansion.
The agency committed nearly $50 billion in its first five years, including more than $12 billion last year alone. It also more than doubled its annual transactions, reaching 181 in fiscal year 2024, with about 70% in low-income or lower-middle-income countries. Those projects supported about 1.7 million smallholder farmers, provided health care services to 44.8 million people, and supported almost 6.1 million micro-, small- and medium-sized enterprises, according to DFC estimates.
About the author
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
