White House backs bipartisan idea for bringing private-sector funds into global poverty fight

WASHINGTON — Released today, President Trump’s budget request for Fiscal Year 2019 calls for the better leveraging of America’s private sector to help catalyze economic growth in developing countries. The ONE Campaign released the below statement reacting to this bipartisan idea.

Tom Hart, North America executive director for The ONE Campaign:

“Buried in the President’s FY19 budget proposal is an important bipartisan idea: new tools for stronger and modernized private-sector engagement in developing countries. Although not a replacement for foreign aid, efforts to build infrastructure, start businesses, and expand energy access in developing countries could bring tens of billions of dollars in new investment — and the ingenuity, expertise, and resourcefulness of the private sector — to the fight against extreme poverty.

“We are excited about the legislation that Senators Bob Corker (R-TN) and Chris Coons (D-DE), and Representatives Ted Yoho (R-FL-03) and Adam Smith (D-WA-09) have been developing to do exactly this. While The ONE Campaign is disturbed by the proposed cuts to the State Department and USAID in the President’s FY19 budget proposal, we strongly support the modernization of America’s engagement with the private sector to help developing countries — shifting even closer to the real partnership it should be. We plan to aggressively campaign to help this good idea become law.”