F.P Report
WASHINGTON: Antony J. Blinken, Secretary of State on Wednesday addressed the virtual board meeting of Directors and deliberated upon the global challenges and role of DFC in countering those issues. Secretary of State also highlighted the need for transparent corporate culture and women empowerment.
According to the official press statement of US State Department, Secretary of State commented on the significance of the board saying that “this Board brings together leaders from across the U.S. government from Commerce, Treasury, USAID, and State as well as from the U.S. private sector. That’s a signal of how important the DFC’s mission is to our foreign policy, our domestic policy, and to the American people”.
Assuring the investment and development goals of U.S Secretary of State commented that President Biden said in his inaugural address that the United States will lead by the power of our example. Investing in development is one way we will do that. We believe in creating opportunity for people here at home and around the world.
We believe in investing in critical sectors that directly impact the quality of people’s lives, like healthcare, energy, technology, and infrastructure, he stated.
While addressing the board, he also highlighted the U.S believes in working with its partners, not coercing them and that small businesses and women entrepreneurs are vital to a dynamic economy.
He also mentioned that the best investment is not only economically sound but also adheres to high standards, like protecting the environment and respecting human rights, including workers’ rights.
During his address he also stated that US will comport with integrity, will take seriously its nonpartisanship and will hold ourselves to the highest standards of ethical conduct.
Mentioning the significance of globally stable economy, Secretary of State remarked that, it makes the global economy stronger and more inclusive, which is good for us. It helps us build connections with new partners around the world.
Last year, the DFC committed $4.8 billion in new investments and 65 percent of those investments were in low- and lower-middle income countries and fragile states, he said. This is hard and sometimes dangerous work, but it can have a huge pay-off first and foremost for people in these countries, who want and deserve a chance at a better future, he added.
Additionally, the DFC’s 2X Initiative has catalyzed more than $7 billion of private sector investment in women-owned and women-led businesses and in businesses with products and services designed to support women, Secretary of State underlined.
Highlighting the role of women, Secretary of State commented that, “We know that women are often powerful drivers of job creation and entrepreneurship, and the DFC is wise to support them in this way”.
“Our ambassadors continue to express how impressed they are by the work of the DFC’s transaction officers and field representatives, who work with our embassies, Deal Teams, and others to generate bankable deals and catalyze private-sector investment”, he mentioned.
Referring to the global threat of Climate Change, Blinken mentioned that the development finance is a powerful tool for addressing the climate crisis.
He added, Secretary Kerry the Special Presidential Envoy for Climate and I are very interested in how the DFC can help drive investment toward climate solutions, innovation in climate resilience, renewable energy, and decarbonization technologies. This part of the DFC’s work will be front and center at the climate summit on April 22.
Other than this, he also shed light over the “global health security” saying that development finance can help strengthen global health security, which is top of mind right now for obvious reasons.
He added that, “we need to minimize the impact of COVID-19 in developing economies, where many have limited access to healthcare, clean water, or electricity. Our development finance tools can mobilize private sector resources to help counter the devastating health and economic consequences of the pandemic”.
To that end, the DFC has established a rapid response liquidity facility to provide up to $4 billion for existing clients and operations, and they’ve launched an initiative to invest $2 billion in strengthening health systems, Blinken underlined.
Mentioning the multilateral approach of DFC, he remarked that the DFC collaborates with other countries’ development banks and development finance institutions; he added that US will also work closely with private philanthropies.
Druing his address, Secretary of State also highlighted the need on building effective agency. He said that our success depends on building an effective agency, saying Biden-Harris Administration is committed to building a culture of transparency.
While concluding his address at the meeting, Secretary of State commented that “US will embrace the best practices in corporate governance” adding that we will foster a respectful and collaborative working environment between career staff, leadership, the Board, and the interagency.
Blinken also remarked that, “we’ll do our best work and give the women and men of the DFC the support they need to do their jobs well”.
