Trump commits to reforming US development finance
In a speech in Vietnam on Friday, United States President Donald Trump said that his country is committed to reforming its development finance institutions.
“We’re also committed to reforming our development finance institutions so that they better incentivize private sector investment in your economies and provide strong alternatives to state-directed initiatives that come with many strings attached,” he said during a speech at the Asia-Pacific Economic Cooperation summit.
His comments signal what appears to be a remarkable turnaround in administration policy on development finance. In his 2017 fiscal year budget recommendations, the president called for the Overseas Private Investment Corp., the U.S. development finance institution, to “initiate orderly wind-down activities.”
Photo courtesy of AMISOM Public Information.