IGD applauds the White House’s signage into law, “The Better Utilization of Investments Leading to Development” Act of 2018, known as the BUILD Act, and urges the swift passage of the Women’s Entrepreneurship and Economic Empowerment Act of 2018.
The BUILD Act, which was signed by U.S. President Donald J. Trump on Oct. 5, would consolidate multiple federal programs into a new U.S. International Development Finance Corporation (IDFC) for greater efficiency. The law seeks to promote economic growth in developing economies through U.S. business investment and expands access to increased financing, including loans, allowances and various financial agreements. The law aims to make U.S. companies more competitive by reducing risk in emerging markets.
The Women’s Entrepreneurship and Economic Empowerment Act of 2018, which has garnered bipartisan support in both the House of Representatives and Senate, seeks to improve USAID’s programs and activities relating to women’s entrepreneurship and economic empowerment. The proposed Act will expand support for women-owned small and medium-sized enterprises (SMEs) globally and reduce gender disparities related to their economic participation. The bill passed in the House on July 17, and was introduced in the Senate on July 19.
“IGD believes that Africa will accelerate its economic progress and growth when all business leaders can actively participate in the local and global economy and access to financing and tools to thrive,” said Leila Ndiaye, IGD President & CEO.
“We are encouraged by the signage of the BUILD Act in making U.S. business more competitive and in driving economic growth,” said Ndiaye. “We urge the Senate passage of the Women’s Entrepreneurship and Economic Empowerment Act to support African business women to gain access to financial services to help run and grow their businesses.”