Senate Appropriations Committee

State, Foreign Operations, and Related Programs Subcommittee

Examining the Roles of the U.S. International Development Finance Corporation, Export-Import Bank of the United States, and Millennium Challenge Corporation

138 Dirksen
Wed, 15 May 2024 18:00:00 GMT

Subcommittee hearing.

Chair Coons

  • Scott Nathan, Chief Executive Officer, U.S. International Development Finance Corporation
  • Reta Jo Lewis, President and Chair, Export-Import Bank of the United States
  • Alice Albright, Chief Executive Officer, Millennium Challenge Corporation

The U.S. International Development Finance Corporation requests $1 billion. In FY2023, DFC committed $3.7 billion for climate financing.

EXIM requests $130.1 million for administrative resources plus $15.0 million in program budget. The EXIM FY 2025 Budget Request will support an estimated $11.3 billion in new authorizations. EXIM requests an exemption from its default rate calculation for defaults on the development of nuclear power projects and for the entire China and Transformational Export Products program, which includes renewable energy, storage, and efficiency.

EXIM currently has more than $1.6 billion in clean energy and climate infrastructure projects in the FY 2024 pipeline. The updated climate change mitigation project classes now include projects related to energy storage, grid efficiency, battery production and recycling, clean hydrogen and ammonia production and storage, low emission manufacturing, zero and low emission transport, and clean energy minerals and ores.

MCC’s FY 2025 budget proposal to Congress includes $937 million in discretionary funding. From promoting conservation activities in Mozambique or delivering low-carbon economic development models in Kosovo, to supporting countries’ efficient energy transition by expanding renewable energy in Indonesia, MCC helps many of the world’s most vulnerable communities address the impacts of climate change in alignment with its climate strategy.