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Joe Biden speaking at the 2019 Iowa Federation of Labor Convention in Altoona, Iowa. Photo by Gage Skidmore / via Wikimedia Commons

$1.9 Trillion and No Money for the Multilateral Development Banks?

The Biden administration and the Congress rightly went big in the recently passed American Rescue Plan at a time of tremendous need. The package was appropriately focused on the domestic side, but it did not neglect the rest of the world. One might reasonably ask then why $1 billion or $2 billion could not have been included for fighting the poverty, food insecurity, and health crises driven by the pandemic. That would have amounted 0.05 to 0.1 percent of the total package. And it would have been multiplied many times over in additional poverty reduction dollars, because that it was the MDB model does.

A map showing distribution of 2020 DFC spend by country

DFC’s December Board Meeting: A Fitting Bookend for the Agency’s First Year

Last week, DFC held its fourth and final board meeting concluding its first year in operation.  DFC approved close to $8 billion in 2020, a significant rise from OPIC annual program which stood at $3-4 billion in recent years. This year the institution also deployed its new equity instrument to the tune of $171 million, expanded its portfolio in Africa, and launched new initiatives to address the economic and health consequences of the COVID-19 pandemic.

Senator Chris coons speaking at a podium with an American flag behind him

USDFC Monitor: A Q&A with Senator Chris Coons

While reflecting on DFC’s progress in implementing its core development mandate, and confronting the challenges posed the COVID-19 pandemic, we reached out to Senator Chris Coons (D-DE), a lead sponsor of the BUILD Act and a member of the Senate Foreign Relations Committee. We asked Senator Coons for his take on how the newest US development agency is faring and what he hopes to see in DFC’s future.

A collage of book covers from CGD's summer reading recommendations blog.

What We’re Reading in Summer 2020

In a year marked by pandemic and protest, good books are more important than ever. We're back with more hand-picked recommendations from CGD's staff and researchers to help you better understand, empathize with, or escape the world.

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