WASHINGTON, D.C. – October 5, 2018 – The U.S. Government’s Millennium Challenge Corporation (MCC) applauds President Donald J. Trump today for signing the Better Utilization of Investments Leading to Development (BUILD) Act of 2018 into law.
The BUILD Act establishes the United States International Development Finance Corporation (IDFC). The new IDFC will utilize the core principles of MCC’s investment model as well as MCC’s constraints to growth analysis and agency data for identifying factors impeding economic growth in developing countries, recognizing investment opportunities, and working with country partners to enact reforms that crowd in private sector funding.
MCC Vice President of the Department of Congressional and Public Affairs Karen Sessions issued the following statement:
“MCC applauds President Trump for signing the BUILD Act into law today. This marks an important milestone for U.S. development policy and practice. The new U.S. International Development Finance Corporation will strengthen our development finance toolkit, further promoting economic growth around the world.
MCC is pleased to see key principles of our model integrated in the BUILD Act and we look forward to working with our U.S. government partners to implement this new law.
Thank you to the leaders in the Senate and the House, especially Senators Bob Corker and Chris Coons and Representatives Ted Yoho and Adam Smith, for their efforts to get this important bill passed, and to President Trump for moving swiftly to sign it into law.”
Additional praise for the BUILD Act:
“With passage of the bipartisan BUILD Act, Congress has taken an important step toward fulfilling the commitment President Trump made to reform the United States’ development finance institutions so that they better incentivize private sector investment in emerging economies and provide strong alternatives to state-directed initiatives that come with hidden strings attached.” – White House Press Secretary Sarah Huckabee Sanders
“The BUILD Act will begin to move us away from providing direct assistance with mixed results and instead help countries become more self-reliant while saving taxpayers millions of dollars. This legislation will use the free-market to stimulate long-term economic growth in the developing world that will create new markets for American businesses and advance U.S. interests for stability abroad. Thanks to strong support from the administration, in both houses of Congress, and among businesses and nongovernmental organizations, this transformative effort is now on its way to becoming law.” – U.S. Senator Bob Corker (R-TN)
“Passage of the BUILD Act shows what we can accomplish when we set politics aside and work together. The BUILD Act creates a 21st century development finance institution that will double the U.S. lending capacity, bringing U.S. private sector investment to low income countries around the world. This investment will allow us to reduce poverty in areas that are critical to our national security, compete with Chinese influence in the developing world, and help U.S. businesses grow and succeed. I am thrilled this bill is headed to the President’s desk and I am grateful for the hard work and support of Senator Corker, the administration, and our partners on both sides of the aisle who worked tirelessly to get the BUILD Act across the finish line.” – U.S. Senator Chris Coons (D-DE)
“MCC was the last major improvement in U.S. Foreign Aid. They have development metrics for our government to accomplish goals in nations we assist and ways to remove aid from countries that do not meet certain requirements. The BUILD Act will incorporate some of these ideas to streamline our foreign aid vehicles so we can help countries improve their infrastructures to develop their economies, and create strong bilateral trading partners. The ultimate goal is to transition countries from aid to trade efficiently and effectively.” – U.S. Congressman Ted Yoho (R-FL)
###The Millennium Challenge Corporation is an independent U.S. government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to low-income countries that meet rigorous standards for good governance, from fighting corruption to respecting democratic rights. Learn more about MCC at www.mcc.gov.