DFC Head of Investment Conor Coleman Gives Opening Remarks at House Appropriations Hearing on FY27 Budget
WASHINGTON, D.C. – U.S. International Development Finance Corporation (DFC) Head of Investments Conor Coleman today gave the following opening remarks at a House Appropriations Committee hearing on the FY27 budget:
Remarks as delivered:
“Thank you, Chairman Diaz-Balart, Ranking Member Frankel, and the distinguished Members of the Committee, for the opportunity to appear before you today on behalf of the hundreds of dedicated professionals at the U.S. International Development Finance Corporation who advance our mission every day. I would be remiss not to give a shoutout to the many friendly faces of the Congressional committee staff in the room – it’s been an honor to work with you all and I very much appreciate the partnership.
“Since our establishment in 2019, DFC has benefited from strong bipartisan support, and we remain grateful to the committee for its enduring partnership as we pursue our mission to (i) advance U.S. foreign policy goals and (ii) drive meaningful economic development impact for our allies and partners.
“This is a time of unprecedented global competition. As America’s adversaries weaponize economic tools against us, President Trump and Congress have called on DFC to restore U.S. economic security and make an impact globally.
“December’s reauthorization empowered DFC to mobilize capital with the discipline and scale this moment demands: it raised our investment capacity to 205 billion dollars, opened strategically significant sectors across nearly all international geographies, and equipped us to deploy a comprehensive suite of financial products to facilitate mobilization of private capital at scale.
“We are grateful for the Fiscal Year 2027 resources provided to DFC in the House bill that further our ability to responsibly use our investment authorities, execute on our pipeline, and steward our growing portfolio. DFC offers a cost-effective approach to achieving a significant impact. Since our inception, DFC has returned over 735 million dollars to the U.S. taxpayer, and we remain committed to this fiduciary duty.
“Over the last 19 months, DFC has built a pipeline of hundreds of investments totaling nearly 100 billion dollars across agriculture, healthcare, financial services, energy, technology and telecommunications, logistics and infrastructure, and critical minerals in geographies most vital to U.S. interests. Every transaction is sourced and screened against consistent standards: confronting adversary influence, connecting projects to American and allied markets, promoting economic development, and catalyzing the private sector.
“For example, DFC’s 600-million-dollar contribution to our Critical Minerals Consortium with Orion Resource Partners confronts China’s 70 percent gap on critical minerals refining through a durable public-private partnership.
“Furthermore, the U.S.-Ukraine Reconstruction Investment Fund applies a similar playbook to a different context by mobilizing private investment for Ukraine’s recovery while creating openings for American firms to lead the rebuild.
“DFC’s transactions translate directly to tangible outcomes for our partners. We measure success not just in the number of deals we execute, but in the economic and development impact of each transaction. In the FY 2025 monitoring cycle, DFC’s projects delivered over 275 thousand new energy connections in Kenya, improved sanitation for 2.2 million homes in India, and created hundreds of thousands of jobs across Nigeria, Brazil, Ecuador, Egypt, and Vietnam. Looking ahead, our 1.5-billion-dollar commitment to South and Southeast Asia for energy infrastructure will bring reliable electricity to millions more.
“Simultaneously, DFC has modernized its investment process to mirror best-in-class peers. We have accelerated decision-making timeline, sharpened diligence processes, and launched an independent valuation of our portfolio. To support the elevated standard, we continue to recruit top-tier talent.
“With the resources this Administration has requested and Congress has generously provided, DFC is positioned to deliver on its mandate: advancing U.S. foreign policy priorities and driving meaningful economic development and impact for our allies and partners. Our adversaries have spent decades embedding themselves across strategic supply chains and regions; countering them demands sustained budgetary support and the deliberate, decisive capital allocation strategy that DFC is built to provide. Thank you for your support. I look forward to your questions.”
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