U.S. Government Agency Expands to Wall Street to Compete with China's Global Investments

The Development Finance Corporation triples its budget to $205 billion to counter China's Belt and Road Initiative worldwide

Published on Mar. 1, 2026

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The Development Finance Corporation (DFC), a little-known U.S. government agency, has opened its first Wall Street outpost and tripled its budget from $60 billion to $205 billion to combat China's global influence campaign known as the Belt and Road Initiative. Led by CEO Ben Black, a former private equity executive, the DFC is embracing a public-private partnership model to make strategic investments around the world, including in rare earth minerals and critical infrastructure, to expand America's economic presence abroad.

Why it matters

China's Belt and Road Initiative has long outpaced American investment abroad, with Beijing deploying an estimated $250 billion globally in 2025 alone. By expanding the DFC's budget and reach, the U.S. government aims to leverage American investment as a powerful tool of economic statecraft to counter China's growing global influence.

The details

The DFC was launched in 2019 during the Trump administration and has already made key investments in rare earth minerals, including cobalt in the Democratic Republic of the Congo and rare earths in Angola. The agency is now setting its sights on first-world nations, using investments in places like Europe to expand America's presence abroad. While the DFC can't match China dollar for dollar, it is embracing a uniquely American model of public-private partnership, with the goal of leveraging every government dollar to attract multiple times that amount in private sector investment.

  • The DFC was launched in 2019 during the Trump administration.
  • The DFC opened its first Wall Street outpost last week.
  • The DFC's budget was tripled this year from $60 billion to $205 billion.

The players

Development Finance Corporation (DFC)

A U.S. government agency launched in 2019 to combat China's global influence campaign known as the Belt and Road Initiative.

Ben Black

The chief executive officer of the DFC, a former private equity executive who previously worked at Goldman Sachs and Apollo Global Management.

Conor Coleman

The chief of staff and head of investments at the DFC, who co-founded Fortinbras Enterprises with Ben Black.

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What they’re saying

“American investment is one of the – if not the most – powerful tools of economic statecraft.”

— Ben Black, Chief Executive Officer, Development Finance Corporation (NYPost)

“To accomplish President Trump's unprecedented foreign policy agenda, DFC must operate at the pace of the private sector.”

— Ben Black, Chief Executive Officer, Development Finance Corporation (NYPost)

“The private sector is looking for a partner. They want to know that as they come into these international markets alongside of us, the U.S. government is actually there in a meaningful way.”

— Conor Coleman, Chief of Staff and Head of Investments, Development Finance Corporation (NYPost)

What’s next

The DFC plans to continue expanding its global investment footprint, with a focus on leveraging public-private partnerships to counter China's growing economic influence around the world.

The takeaway

By tripling its budget and opening a Wall Street outpost, the DFC is positioning the U.S. government to wield American investment as a powerful tool of economic statecraft to compete with China's Belt and Road Initiative and expand America's global economic presence.