Post #309

A New East India Company? ❔What structures will play the key role in projecting American economic influence in Africa? 🗽 An increasingly important role in advancing US interests is now played by the US Development Finance Corporation, created in 2019 through the merger of the Overseas Private Investment Corporation and a branch of USAID. 🕯 It is headed by millionaire and investor Benjamin Black, appointed in October 2025. Black’s appointment was purely political — he had no background in international affairs, but he had long criticized USAID for spending on social and environmental programs, advocating instead for investments aligned with US economic interests. 💰 The agency receives funding from the US budget and has already invested roughly $50 billion worldwide, including in resource-sector projects in Nigeria, Uganda, the DRC, Angola, Gabon, and Zambia. 📈 Its involvement in mineral-resource projects is only beginning to gain momentum, especially in light of new announcements following the signing of the Washington Accords. In 2024, >50% of all agency projects were resource-related, although a large share of these were investments in agriculture. ⏩ So far the agency seems to be filling the gap between Washington’s desire to take part in the global competition over critical minerals and the tendency of American private investors to choose stable, predictable ventures and avoid geopolitical risk. If Washington truly plans to compete with China beyond mere rhetoric, this will certainly imply greater investment and much more working noise from the USDFC in the future. Devils Below