Photo By: Syed Mahabubul-Kader Batel is licensed under the CC BY-NC 4.0 license.
Choose to Invest F.Y. 2023
Development programming supports need-based, longterm investments in areas ranging from food security to democracy to climate in all areas of the world.
Development programming supports need-based, long-term investments in areas ranging from food security to democracy to climate in all areas of the world. American investment in international development yields significant impacts, not only for the targeted communities but also for America’s economic and national security interests.
The COVID-19 pandemic exacerbates global poverty levels, worsens food insecurity, and threatens financial stability, which reaffirms the need for America to lead and invest in a global recovery effort. Development financing supports these efforts in part by securing strong economic partners for America’s businesses. Today, nearly 75% of America’s top 15 export markets are former beneficiaries of U.S. foreign assistance. American leadership in international development preserves our role in a changing world by investing in international institutions and creating a model for what competent and balanced U.S. governance looks like internationally.
As strategic competition shifts to the Pacific, development programming in Asia and Africa has become much more important. At the G7 Summit in 2021, the United States announced the Build Back Better World initiative (B3W). This economic initiative is designed to counter China’s Belt and Road Initiative by investing $40 trillion in infrastructure in developing countries by 2035 and providing an alternative to problematic Chinese lending practices. Multilateral initiatives such as the B3W are an important mechanism to address both the economic and political objectives of development assistance.
While investing in development strengthens American global leadership, it also supports communities confronting crises ranging from climate change, basic education, and conflict. Due to the work of U.S. government organizations such as the Development Finance Corporation and the Millennium Challenge Corporation, billions of dollars have been invested in women’s economic empowerment, small business lending, and agricultural productivity in more than 150 countries. U.S. participation in international financial institutions like the multilateral development banks, climate trust funds, and the International Monetary Fund helps stabilize communities and nations and ameliorate the impacts of climate change while improving the lives of millions.
Moving forward, the United States should continue to lead bilaterally and multilaterally to reaffirm its role as a global leader in development financing and to support vulnerable communities to achieve a more secure and prosperous future.
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