DFC Unveils New Vision, Priorities Under Trump Administration

Agency aims to align investments with foreign policy goals, deliver 'tangible wins' at private-sector speed.

Published on Feb. 16, 2026

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The U.S. International Development Finance Corporation (DFC) is emerging from a turbulent year with a clear new direction, priorities, and investment strategy under the Trump administration. DFC leadership is focused on speed, aligning investments with foreign policy objectives, and mobilizing more private capital, rather than just deploying capital for the sake of volume. The agency is also expanding its footprint and partnerships to source more strategic opportunities.

Why it matters

The DFC's shift in focus and approach under the Trump administration reflects broader changes in U.S. development finance policy, moving away from a purely development-focused mandate toward one that prioritizes geopolitical and commercial interests. This could have significant implications for the types of projects the DFC supports and the countries and sectors it targets with its investments.

The details

DFC is revamping its investment thesis to be more strategic, with a focus on 'tangible wins' that advance the president's foreign policy goals and promote economic growth, while still delivering returns for U.S. taxpayers. The agency is placing foreign policy at the center of its strategy, expanding its Office of Foreign Policy. It will pursue both a 'transformational,' more development-focused catalytic portfolio and a more commercially oriented portfolio intended to drive private capital mobilization. DFC is also aiming to move faster to better align with private sector timelines, revamping policies and procedures. The agency is expanding its footprint, deepening coordination with other U.S. agencies, and pursuing strategic partnerships to source more opportunities.

  • In 2025, DFC committed just over $3.5 billion, down sharply from nearly $12 billion the previous year, which had been a record.
  • In October 2025, DFC experienced a temporary lapse in authorization during the government shutdown.
  • In late 2025, Congress passed the DFC Modernization and Reauthorization Act as part of the 2026 National Defense Authorization Act, extending DFC's mandate through 2031, increasing its investment cap, and expanding its geographical scope.

The players

Conor Coleman

The head of investments at the U.S. International Development Finance Corporation (DFC).

Ben Black

The CEO of the U.S. International Development Finance Corporation (DFC).

U.S. International Development Finance Corporation (DFC)

The U.S. government's development finance institution, which provides financing for development projects and private sector investment in emerging markets.

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What they’re saying

“Historically, maybe this agency has looked through the lens of trying to just deploy capital to reach certain volume numbers, we're going to be much more strategic with our investment standpoint. We're not deploying dollars just for the sake of deploying capital. We're really deploying capital to drive the president's foreign policy objectives, promote economic growth in the host countries that we are investing in, all while delivering a return for the U.S. taxpayer.”

— Conor Coleman, Head of Investments, DFC (Devex)

“I think you're going to see more strategic partnerships like that identified with a very specific purpose. I'm not big for announcing things with no actual tangible outcome. I'm not a big fan of MOUs or anything like that. I want to see actual tangible wins. And I know everyone in this agency feels the same way, so that's kind of the mold we're going to be driving towards.”

— Conor Coleman, Head of Investments, DFC (Devex)

What’s next

DFC is proceeding with implementation of the new authorities granted by the DFC Modernization and Reauthorization Act, including setting policies and procedures to guide its expanded investment mandate and capabilities.

The takeaway

The DFC's shift in focus under the Trump administration reflects a broader realignment of U.S. development finance policy toward more strategic, commercially-oriented investments that advance geopolitical interests, rather than a pure development mandate. This could have significant implications for the types of projects and countries the DFC supports going forward.