The US launches the International Development Finance Corporation to assist Emerging Countries

The US Senate passed a law that will result in the creation of a new US government agency called the International Development Finance Corporation which is expected to assist Emerging Markets with funding for their infrastructure projects. The International Development Finance Corporation will have an estimated initial funding of $16 billion and will work towards providing infrastructure aid to Emerging Markets. The US has previously been more active in African aid while infrastructure funding was mostly provided by China. East Africa will likely be the first African region to benefit from this new development finance institution.

 

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