U.S. International Development Finance Corporation staff members were informed on Wednesday that all probationary employees would be terminated shortly and that other staff reductions are also expected, according to several sources and audio of a staff meeting obtained by Devex.
DFC, which was established during President Donald Trump’s first term, finances private-sector development solutions and was believed to have support in the current administration. On Friday, Trump posted on Truth Social that he was nominating Ben Black, the managing director of investment fund Fortinbras Enterprises, to be the CEO of DFC.
DFC officials on the staff call said the agency was making the cuts to comply with the general guidance on reductions of the federal workforce taking place across various agencies.
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.
