Controversy Surrounds Trump's Push for Domestic Mineral Investment via DFC

A notable adviser to the U.S. International Development Finance Corporation (DFC) opposes President Trump's plan to redirect DFC towards domestic mineral investment. The move could shift DFC's international focus, which concerns development experts. Trump's executive order and the proposed DFC leadership raise further anxieties about shifting priorities.

A prominent adviser to the U.S. International Development Finance Corporation (DFC) is challenging President Donald Trump's proposal to shift the focus of the DFC towards domestic mineral production investment. This plan threatens to divert the DFC's longstanding international commitments, according to development finance experts.

The DFC, a crucial institution with over $50 billion in ongoing projects globally, predominantly in low-income countries, may face changes if Trump's executive order takes effect. Experts fear that this could reduce the agency's emphasis on international development, as the order allows using emergency powers to boost domestic mineral production.

The development community is expressing concerns about Ben Black, Trump's appointee for the new DFC CEO role. Black's past criticism of green projects and emphasis on accessing resources in Greenland fuels anxieties about DFC's future direction. Despite the broader bipartisan support for its current mandate, any significant policy change may emerge after a review of DFC's governing rules concludes in October.

(With inputs from agencies.)