Remarks by CEO Adam S. Boehler to the Public Hearing of the DFC Board of Directors

June 3, 2020

As prepared for delivery

I will now call the Public Hearing of the DFC Board of Directors to order.

I am Adam Boehler, DFC CEO and I am joined today by other members of the DFC Board. This is DFC’s first public hearing. DFC will hold at least two public hearings a year. Our commitment to transparency and public interaction informs our work and produces better outcomes for the American people and communities across the developing world.

We are holding this hearing virtually in light of COVID-19. I want to thank everyone for working with our team to make this virtual hearing possible and for helping DFC carry out this important part of our mission, even under challenging circumstances.

We have received notice from six individuals that have asked to present comments today.  These comments are timely as they provide an opportunity to reflect what DFC has accomplished since being appropriated at the end of 2019. Over the past six months DFC has:

  • Established a public target of conducting at least 60 percent of our work in low-income and low-middle income countries;
  • Designed a new website with a user-friendly database of our projects and intended impact; and
  • Adopted a new impact measurement tool – IQ – after input from stakeholders;
  • Launched the Portfolio for Impact and Innovation initiative to help finance innovative solutions to challenges facing the developing world.
  • Launched a new Global Health and Prosperity Initiative that includes a call for proposals for health-related investments in developing countries; and
  • Hired our first Chief Development Officer and Chief Risk Officer.

Of course, there is more work to be done. You will be hearing more about IQ in the coming weeks, and we are engaged with the Chair to establish the Independent Accountability Mechanism. Our energy work continues to be a focus, and the potential for DFC financing of nuclear power is the subject of several submissions today.  We are also actively interviewing candidates for our new Inspector General position and plan to announce our inaugural members of the Development Advisory Council soon.

I will turn it back over to our Moderator to take us through the hearing agenda.  After listening to your presentations, the Board will meet to consider a full slate of projects, which, as you saw from our published agenda, includes $1 billion in investments to help the developing world. We look forward to sharing the outcome with you, which will be posted on DFC’s website.

Over to you, Cathy.