A new US development finance agency takes flight

WASHINGTON — The United States will have a new development finance institution.

On Wednesday, the U.S. Senate passed the Better Utilization of Investment Leading to Development, or BUILD Act, which will create a new U.S. government agency — the U.S. International Development Finance Corporation. Development experts called it the biggest change in U.S. development policy in 15 years.

The DFC will combine the Overseas Private Investment Corporation and the U.S. Agency for International Development’s Development Credit Authority, add new development finance capabilities, including equity authority, and have a higher lending limit than its predecessor.