WASHINGTON (AP) — The United States has created a new agency to promote development around the globe, with a particular emphasis on Latin America.
David Bohigian is the acting president and chief executive officer of the Overseas Private Investment Corporation. He said an agency known as the U.S. International Development Finance Corporation will start operating on Oct. 1st.
In addition to loans, loan guarantees and political risk insurance, DFC will have the authority to make limited equity investments with a $60 billion cap.
Specifically, the U.S. expects to double its financing in the Western Hemisphere to $12 billion.
A statement on OPIC's website said: "DFC will help countries sidestep opaque and unsustainable debt traps being laid by Beijing throughout the developing world and help more American businesses invest in emerging markets."