DFC CEO Ben Black Discusses U.S. Economic Statecraft, DFC Tools During Milken Panel

WASHINGTON, D.C. - U.S. International Development Finance Corporation CEO Ben Black yesterday discussed DFC's role in U.S. economic statecraft during a Milken Institute panel entitled "The Next Chapter of U.S. Economic Statecraft." The panel was moderated by Matthew Aleshire, director of geoeconomics at the Milken Institute. Joining CEO Black on the panel was John Jovanovic, president and chairman of the U.S. Export-Import Bank.

On DFC's role advancing America's broader international objectives

"We want to focus on economic statecraft... Fundamentally, finance, economics, and capital markets have all been key linchpins of American strength throughout our history... One of the really important things when we're investing overseas, is also the concept of exporting the American system; exporting capital markets and bringing capital back into them."

"We're clearing up supply chains, addressing needs across the commodity space, including finished or partially produced goods. We're filling a 'shopping list' for the rest of the government and the American workforce to make sure bottlenecks - with rare earths, and a host of other things that are on the critical minerals list - can't happen again. We saw this with a lot of Active Pharmaceutical Ingredients during COVID. It was a huge wake up call. And moving forward DFC is looking to make sure that does not happen again."

On DFC's expanded authorities and capabilities following its reauthorization in late 2025:

"There is a priority across the board to focus on energy, critical minerals, and information technology and communications. On top of that, we went from a $60 billion [investment cap] to $205 billion... That really changes the way we can focus on projects, especially in infrastructure, that move the needle... $205 billion is an enormous number, but let's remember China's Belt and Road is conservatively $1.5 trillion. But you don't want to be equal to $1.5 trillion because then you're just recreating state capitalism. What's much more valuable is putting together capital stacks that incentivize private capital to come in, and then you're building markets and enduring partnerships where U.S. capital, other allies' capital, is coming into a region."

On how DFC contributes to America's global leadership and evolving economic statecraft:

"One of DFC's most powerful tools is political risk insurance. It's incredibly important because you can mobilize private capital into places and create markets... There will always be needs across the world. New flashpoints, places to create markets. But real success is, 10 years from now, that the investments we've made are in countries that are U.S. allies with flourishing markets that don't need public capital coming in anymore. These countries now invest in the U.S. and the initial investments provide a nice return for the U.S. taxpayer."

These remarks have been lightly edited for clarity.

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The U.S. International Development Finance Corporation (DFC), established in 2019 with bipartisan support under President Trump, is the international investment arm of the U.S. Government. DFC partners with the private sector to advance U.S. foreign policy and strengthen national security by mobilizing private capital around the world. DFC invests across strategic sectors including critical minerals, modern infrastructure, and advanced technology - fostering economic development, supporting U.S. interests, and delivering returns to American taxpayers.