Bipartisan bill gives US development finance a boost

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WASHINGTON — A bill creating a new, expanded United States development finance agency was introduced Tuesday in the U.S. Congress.

The Better Utilization of Investment Leading to Development, or BUILD Act, will create a new agency that will combine the Overseas Private Investment Corporation and the several private sector oriented parts of the U.S. Agency for International Development, as well as expand U.S. development finance capabilities. The new agency will have the ability to make equity investments, have a higher spending cap, and have a grantmaking facility for project development and technical assistance.

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