DFC CEO Ben Black Gives Opening Remarks at Hearing on Ending Supply Chain Dependency

WASHINGTON, D.C. - U.S. International Development Finance Corporation (DFC) CEO Ben Black today gave the following opening remarks at a House Foreign Affairs Committee hearing entitled "Ending Supply Chain Dependency: Aligning Tools, Capital, and Partnership."

Remarks as delivered:

"Thank you, Chairman Mast, Ranking Member Meeks, and members of the committee for this opportunity to discuss DFC's efforts to end supply chain dependency. I'm proud to be here today to represent the hundreds of committed professionals at DFC who work every day to advance our mission.

"I would also like to thank you all for your bipartisan support of DFC's December reauthorization. Under President Trump's leadership, DFC is equipped to be a leading force for restoring U.S. economic security. We now have $205 billion of investment capacity and a greater ability to deploy debt, equity, and insurance across the capital stack. DFC can invest in technology, energy, and critical minerals nearly anywhere in the world, and address vulnerable supply chains wherever they exist.

"Since reauthorization, DFC has rebuilt our pipeline to more than 340 deal opportunities totaling $78 billion across agriculture, healthcare, financial services, energy, technology, and critical minerals. We are focused on regions vital to U.S. economic security like the Western Hemisphere, East Asia and the Pacific, Central Asia, Eastern Europe, the Middle East, and Africa, amongst others.

"As CEO of DFC, I have made it my mission to transform DFC into a best-in-class financial institution. We have begun a rigorous process to value our entire portfolio dating back to the OPIC days, and intend to dynamically share investment performance for all administrations - both previous and future. I'm also pleased to report we have reduced investment timelines by an average of 10 weeks.

"More importantly, I have sought to align DFC's investment strategy with the enduring principles of American economic statecraft. American economic statecraft - the use of our nation's economic and financial power to guarantee our strategic interests - has guided America through its greatest moments. Alexander Hamilton understood that strong financial institutions and the ability to produce essential goods are vital to securing America's global position. That tradition gave rise to the Panama Canal, and later inspired the Marshall Plan, which rebuilt war-torn Europe, anchored European markets to the American system, and delivered decades of stability and growth.

"Today, I want to highlight how DFC is building on that tradition of success.

"First, DFC will directly challenge our adversaries in the most strategically contested sectors by financing transactions that diplomacy and private markets alone cannot deliver.

"Last month, we announced a monumental agreement for one of Kazakhstan's largest telecom networks to expand access to U.S.-aligned, trusted service providers. We are committed to helping others adopt this model, especially in the Western Hemisphere, where China's Digital Silk Road cannot entrench its influence.

"Second, DFC will prioritize large, capital-intensive projects. Our goal is to build holistic economic ecosystems anchored to U.S. capital markets and structured to create returns for American taxpayers and meaningful economic development for our allies.

"DFC's $553 million loan to restore the Lobito Atlantic Railway exemplifies the $1.5 billion DFC has committed across Africa since my confirmation. This vital transportation corridor connects the mineral-rich Democratic Republic of Congo, through Zambia, to the port of Lobito in Angola. DFC financing will help establish a western-aligned source of critical minerals and also strengthen local trade by reducing the costs of shipping by as much as 30 percent.

"Throughout human civilization, industrialization has been the single greatest force for lifting people out of poverty. Industrialization depends on reliable energy, a sector that is vital to America's interests as the world's leading producer and exporter of oil and natural gas. In June, DFC's Board approved $1.5 billion for energy infrastructure across South and Southeast Asia, ensuring U.S. LNG and American equipment help power the energy needs of a strategic region.

"Finally, we are mobilizing private capital through sophisticated financial structures that reduce risk for investors and create enduring American influence in critical sectors and regions.

"That approach underpins our $600 million contribution to the $1.8 billion Critical Minerals Consortium with Orion Resource Partners. DFC's Board recently approved an additional $900 million of financing to support Orion CMC's rapidly expanding pipeline of mining and minerals opportunities to help address China's strategic chokehold.

"DFC's U.S.-Ukraine Reconstruction Investment Fund, or URIF, is another example. This $150 million joint fund is mobilizing private investment in Ukraine's recovery and can provide a blueprint for DFC investment in other regions vital to America's long-term interests.

"Our partners want to work with us because our model is better. America's most transformative economic partnerships were built through the power of private investment, the discipline of capital markets, and the laser focus of finance. The Trump Administration's restoration of American economic statecraft will guarantee our country's success.

"Thank you, and I look forward to your questions."

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The U.S. International Development Finance Corporation (DFC) is the international investment arm of the United States Government and central to U.S. economic statecraft. DFC mobilizes private capital to advance U.S. foreign policy and economic development. Our investments deliver strong returns for American taxpayers, drive meaningful economic development for our allies and partners, and secure supply chains to counter and outcompete our adversaries.