September 27, 2018 (WASHINGTON) – This statement is delivered on behalf of the Modernizing Foreign Assistance Network (MFAN) by Co-Chairs George Ingram, Lester Munson, and Tessie San Martin.
The Modernizing Foreign Assistance Network is pleased that the House of Representatives has passed the bipartisan Better Utilization of Investments Leading to Development Act (H.R. 5105/S. 2463) in the FAA Reauthorization Act of 2018, moving Congress one step closer to full passage. The BUILD Act represents a major modernization of U.S. development finance capabilities.
Private capital is an increasingly important tool for development. The U.S. has lagged behind other countries in harnessing all of the financing tools available to join traditional aid with private finance in order to enable inclusive development.
The bill is notable in giving the new International Development Finance Corporation a strong development mandate, including measuring its impact on poverty and inequality, reporting data on each project, and ensuring a close working relationship with USAID.
Full congressional passage of the BUILD Act will be an important step toward supporting private sector activity in developing countries and investing effectively in our partners’ journey to self-reliance.
MFAN wishes to thank the bill sponsors, Senators Bob Corker (R-TN) and Chris Coons (D-DE) and Representatives Ted Yoho (R-FL) and Adam Smith (D-WA), for their continuing leadership in maximizing development impact. MFAN urges the Senate to act swiftly and pass this bipartisan legislation.