{"id":161339,"date":"2018-04-10T18:05:49","date_gmt":"2018-04-10T18:05:49","guid":{"rendered":"https:\/\/www.one.org\/us\/what-is-the-build-act\/"},"modified":"2024-01-29T14:19:26","modified_gmt":"2024-01-29T14:19:26","slug":"build-act-questions-development-entrepreneur","status":"publish","type":"post","link":"https:\/\/www.one.org\/us\/stories\/build-act-questions-development-entrepreneur\/","title":{"rendered":"What is the BUILD Act?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Here at ONE, we\u2019re in favor of foreign aid. <\/span><span style=\"font-weight: 400\">(Maybe you\u2019ve heard.)<\/span><span style=\"font-weight: 400\"> But foreign aid isn\u2019t the only tool in America\u2019s arsenal to fight global extreme poverty. Private sector investment in developing countries can be a transformative influence, creating much needed economic growth \u2014 but right now, it\u2019s really underused. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Enter the BUILD Act. <\/span><\/p>\n<p><b>What is the BUILD Act?<\/b><\/p>\n<p><span style=\"font-weight: 400\">The Better Utilization of Investments Leading to Development Act (BUILD) Act is an innovative way of putting private-sector dollars to work in developing countries building infrastructure, creating first-time access to electricity, starting businesses, creating jobs, and ultimately reducing the need for American foreign aid. The BUILD Act would fast-track the modernization of America\u2019s engagement in developing countries \u2014 shifting even closer to real partnership \u2014 while reforming federal government programs to make them more efficient.<\/span><\/p>\n<p><b>How does the BUILD Act work?<\/b><\/p>\n<p><span style=\"font-weight: 400\">The BUILD Act would work in three key ways:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">It merges an existing federal agency and several other existing programs into a new development finance corporation (or DFC) to support private investment in projects that will help people in fragile and developing countries<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">It gives that agency new tools to better engage entrepreneurs and investors.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">It raises the limit on how much money the government can use to back these private sector ventures.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">That\u2019ll mean more loans, grants, and other guarantees for projects that will make a difference for people living in extreme poverty. <\/span><\/p>\n<p><strong>What would that look like in action?<\/strong><\/p>\n<p>Let\u2019s say you\u2019re an American entrepreneur and you want to start a business in a developing country. You\u2019ll need a loan from a bank \u2014 but they might not be willing to take on such a risky investment. Under the BUILD Act, you\u2019ll be able to go to that new development finance corporation for a loan to help expand your business to a developing nation, thus creating more jobs and helping more people.<\/p>\n<p><b>Why is the BUILD Act necessary?<\/b><\/p>\n<p><span style=\"font-weight: 400\">Private sector investments are needed in developing countries to build infrastructure, increase first-time access to electricity, start businesses, create jobs, and ultimately to reduce the need for American foreign aid. But less developed countries struggle to attract the investors needed to create jobs and generate economic growth. To take advantage of this challenge and opportunity, the U.S. needs to encourage the private sector to invest in developing countries and help them build on effective foreign assistance programs and grow their way out of poverty. Effectively, the act will help bring <\/span><i><span style=\"font-weight: 400\">tens of billions <\/span><\/i><span style=\"font-weight: 400\">of dollars in private sector investment into the fight against extreme poverty.<\/span><\/p>\n<p><strong>Are there requirements for the entrepreneurs?<\/strong><\/p>\n<p>The new development finance corporation (or DFC) enacted under the BUILD Act would make loans, invest in, and forge partnerships with innovative entrepreneurs who want to do business in developing countries. DFC investments will mainly be in low or lower-middle income countries (as defined by the World Bank) and will be required to have a \u201csocial good\u201d element to them.<\/p>\n<p><b>How would the BUILD Act benefit America in addition to developing countries?<\/b><\/p>\n<p><span style=\"font-weight: 400\">The BUILD Act would make it easier for American businesses to operate in developing countries. At its core, the bill would lessen the risk to American companies that want to do business in developing countries, and create new tools to help the government support and partner with promising entrepreneurs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The BUILD Act would also help modernize how America engages in developing countries. For years, both Republicans <\/span><i><span style=\"font-weight: 400\">and<\/span><\/i><span style=\"font-weight: 400\"> Democrats in Congress have worked to change the way the U.S. engages developing countries from charity to partnership. As a result, foreign assistance programs have been reformed and modernized to make sure that every dollar invested in overseas development is spent efficiently and effectively. The BUILD Act is the next step in that effort, leveraging America\u2019s private sector to create economic partnerships and ultimately reduce the need for taxpayer-funded foreign assistance.<\/span><\/p>\n<p><b>Sounds good, but who\u2019s paying for all of this?<\/b><\/p>\n<p><span style=\"font-weight: 400\">While Congress will control how much money the new DFC is allowed to spend on staff and administrative expenses, once on its feet, the DFC will actually generate enough revenue to support itself. In fact, we expect that \u2014 like the current system, the Overseas Private Investment Corporation (OPIC) \u2014 the DFC will <\/span><i><span style=\"font-weight: 400\">return<\/span><\/i><span style=\"font-weight: 400\"> money to the U.S. Treasury every year.<\/span><\/p>\n<p><strong>How can I help make the BUILD Act a reality?<\/strong><\/p>\n<p>Sign our petition today!<\/p>\n<div class=\"buffer\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Here at ONE, we\u2019re in favor of foreign aid. (Maybe you\u2019ve heard.) But foreign aid isn\u2019t the only tool in America\u2019s arsenal to fight global extreme poverty. Private sector investment in developing countries can be a transformative influence, creating much needed economic growth \u2014 but right now, it\u2019s really underused. Enter the BUILD Act. What [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"161620,161624,161625,161627,161629,161632","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1],"tags":[],"topic":[45],"contributor":[75],"one_content_audience":[],"one_content_type":[],"one_content_tone":[],"class_list":["post-161339","post","type-post","status-publish","format-standard","hentry","category-uncategorized","topic-aid-and-development","contributor-samantha-urban"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is the BUILD Act? - ONE.org US<\/title>\n<meta name=\"description\" content=\"Here at ONE, we\u2019re in favor of foreign aid. 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