A controversial domestic loan program at the U.S. International Development Finance Corporation to support COVID-19 response has made no loans after more than a year in existence, according to a government report released Wednesday.
In 2020, President Donald Trump’s administration authorized the two-year Defense Production Act Loan Program at DFC, in partnership with the Defense Department, to address supply chain issues related to COVID-19. At the time, development experts questioned why DFC was selected to run a domestic program.
Members of Congress “expressed concern about DFC’s ability to manage DPA activities along with its international development mission” and asked the Government Accountability Office to review the program, according to GAO’s new report.
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.
