U.S. might see establishment of new Development Finance Corporation
With plans by the current administration, a new Development Finance Corporation could help U.S. geothermal companies get better positioned for deals internationally.
Reported today, the U.S. Congress and the current administration is considering the establishment of a new development finance corporation even before the end of this year.
As reported by Devex, this could even mean an expanded version of the Overseas Private Investment Corporation, which was even under threat of being shut down. This could even mean inclusion of other agencies, such as the U.S. Trade and Development Agency and the Credit Authority of the U.S. Agency for International Development.
Development Finance has seen increasing interest against more traditional grant assistance. Several countries utilise development finance to boost export opportunities for its national suppliers.
With an own Development Finance Bank, the U.S. could be in a better competitive situation with other donor nations. This could essentially also support U.S. geothermal companies gain deals internationally.
Advocates hope a new agency could put the U.S. back on a level playing field with other donor countries. OPIC already has the systems in place to scale up, former OPIC CEO Elizabeth Littlefield, told Devex.