U.S. International Development Finance Corporation

At a glance. DFC is the US government's development finance institution and international investment arm, formed in 2019 from OPIC. It lends, guarantees, insures and takes equity in projects and funds abroad. At 30 September 2025 it had total assets of USD 23.6B and combined exposure of USD 43.4B across 103 countries, and a 2025 law raised its exposure cap to USD 205B. S3 S5

Key points

• Committed more than USD 3.6B to 30 new transactions in fiscal 2025. S3
• Reauthorised to 31 December 2031 by the FY2026 NDAA, with the cap raised from USD 60B to USD 205B. S5
• The 2025 law added a USD 5B equity revolving fund and allows minority stakes of up to 40 percent. S1
• Finance and insurance is the largest sector at 43.36 percent of exposure, followed by utilities at 15.33 percent. S3
• The CEO cited a pipeline of more than 340 deals worth USD 78B in 2026. S6
• Holds about USD 6.4B of corporate reserves in US Treasury securities. S3
• Board approved USD 2.5B of strategic deals on 3 June 2026, including its largest single project investment. S7

Interesting facts

• The BUILD Act let DFC take equity stakes, something its predecessor OPIC could not do. S1
• The USD 1.5B Indo-Pacific energy platform with I Squared Capital is the largest project investment in DFC history. S7
• Since the 2025 law it can invest in the 20 richest countries only in Five Eyes nations or in energy, critical minerals and ICT. S1

Mandate and goals

Under the BUILD Act, DFC mobilises private capital for economic development in eligible countries while advancing US foreign policy and national security goals and earning returns for taxpayers. S3

• Foster private-sector-led economic development abroad. S3
• Advance US foreign policy and national security, including secure supply chains. S3 S7
• Mobilise private capital alongside its own. S3
• Deliver returns to US taxpayers. S3

How it invests

Sector weights: Finance and insurance 43.36%, Utilities 15.33% (as of 2025-09-30) S3

Largest country weights: Western Hemisphere 27.24%, Africa 24.91%, Europe 17.67%, Asia 14.04%, Middle East and North Africa 7.69%, Worldwide 7.5%, Central Asia 1.76% S3

Published criteria

• Projects in eligible countries where private finance is limited; since 2025 high-income countries only in set sectors or Five Eyes nations. S3 S1
• Each deal weighs financial viability and development impact. S1
• Equity stakes may be minority holdings of up to 40 percent. S1

Fund commitments

Past investments

Case studies

A critical minerals platform S9 S8

• What: DFC, Orion Resource Partners and ADQ set up a USD 1.8B consortium; Orion originates deals and DFC and ADQ join case by case.
• When: 2026
• Size: USD 1.5B of DFC money approved
• Why: Widen US and allied access to critical minerals and diversify supply.
• Outcome: Board approved a USD 900M top-up in June 2026.

Largest single project investment S7

• What: USD 1.5B to build an energy infrastructure platform with I Squared Capital.
• When: June 2026
• Size: USD 1.5B
• Why: Address energy shortages in South and Southeast Asia and expand US gas exports.

Seeding a reconstruction fund S10

• What: USD 75M of seed equity into the US-Ukraine Reconstruction Investment Fund, matched by Ukraine.
• When: By February 2026
• Size: USD 150M combined
• Why: Use a joint fund to back rebuilding with private capital.

Investment process

A nine-seat board decides: the CEO, the Secretaries of State (chair), Treasury and Commerce, the USAID Administrator (vice chair) and four outside members confirmed by the Senate. It meets quarterly and approves larger deals, which may then need congressional notification. S4 S7

1. Company or fund applies through the DFC website. S11
2. Staff review financial viability and development impact. S1
3. Board approval, with a public information summary for approved projects. S8
4. Congressional notification and closing. S7

How to approach: Businesses and fund managers apply through the application pathways on the DFC website. S11

Size and returns

• Headline size: USD 23.6B total assets (Total assets (balance sheet), as of 2025-09-30) S3
• In US dollars: about USD 23.6B. Fund publishes USD
• Combined portfolio exposure: USD 43.4B (Portfolio value, as of 2025-09-30) S3
• Maximum contingent liability: USD 205B (Committed or authorised capital, as of 2025-12-18) S5
• Net position: USD 9.25B (Net assets or equity, as of 2025-09-30) S3
• Returns: the fund does not publish a return figure.

Leadership

Governance and transparency

• Legal basis: BUILD Act of 2018 (Public Law 115-254, Division F); DFC Modernization and Reauthorization Act of 2025 S3 S5
• Oversight: Board of Directors chaired by the Secretary of State; Congress through notification and the Strategic Advisory Group S4 S5
• Auditor: Audited financial statements in the Annual Management Report S3
• The 2025 law opens board meetings to public access rules and creates a Chief Strategic Officer. S4 S5
• Not an IFSWF member. S2

Transparency score: 9 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S4 S8
• Not published: long-term returns. S3

History

Reports

• Annual Management Report FY2025: https://www.dfc.gov/sites/default/files/media/documents/DFC%20Annual%20Management%20Report%20-%20FY%202025_508.pdf S3
• Annual Report 2025: https://www.dfc.gov/sites/default/files/media/documents/DFC%202025%20Annual%20Report_508_0.pdf S12

Common questions

How large is DFC?

Total assets of USD 23.6B and combined exposure of USD 43.4B at 30 September 2025. S3

Who leads DFC?

Benjamin Black, Chief Executive Officer, confirmed in October 2025. S3

What is its legal cap?

USD 205B of maximum contingent liability since 18 December 2025, up from USD 60B. S5

Is DFC a sovereign wealth fund?

It is a government development finance institution. It is not an IFSWF member. S2

How do I apply to DFC?

Through the application pathways for businesses and funds on its website. S11

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Sources

1. S1Wikipedia, U.S. International Development Finance Corporation
2. S2IFSWF, our members
3. S3DFC, Annual Management Report FY2025 (audited)
4. S4Congressional Research Service, DFC overview IF11436, 2026
5. S5DFC, expanded authorities in FY26 NDAA, 18 December 2025
6. S6DFC, CEO remarks at House hearing on supply chains, 2026
7. S7DFC, Board approves USD 2.5 billion of new strategic investments, 3 June 2026
8. S8DFC, Board public information summary: Critical Mineral Consortium
9. S9DFC, critical minerals investments release, 4 February 2026
10. S10DFC, USD 75 million seed for the US-Ukraine Reconstruction Investment Fund
11. S11DFC, home page
12. S12DFC, Annual Report 2025