Foreign assistance is a critical tool for helping end extreme poverty, but it isn’t the only one in America’s toolbox.
The investment of America’s private sector in the economic growth of developing countries could be a transformative force for good, but it currently is massively underused. That’s why Congressman Brad Schneider should support The Better Utilization of Investments Leading to Development Act (BUILD) Act, a new bipartisan proposal that would bring tens of billions of dollars in new private-sector investment into the fight against extreme poverty.
The BUILD Act would accelerate the modernization of America’s engagement in developing countries by building infrastructure, creating first-time access to electricity, starting businesses, creating jobs and ultimately reducing the need for American foreign aid. It would modernize American development finance efforts to keep pace with other countries such as China.
Foreign assistance and private investment are an incredibly powerful force for change in developing countries. Since 1974, American development finance efforts, such as the Overseas Private Investment Corporation, have committed more than $11.7 billion in support of more than 500 projects in Sub-Saharan Africa.
Nothing can help a person climb out of extreme poverty better than a good job. The BUILD Act would make it easier for American businesses to create them and improve lives in developing countries. Congressman Brad Schneider should support it.
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