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Table of Contents 

FY 2024 Executive Summary ............................................................................................................................................... 2

Summary Tables...................................................................................................................................................................... 9

Multilateral Development Banks......................................................................................................................................11

World Bank Group..............................................................................................................................................................12

International Bank for Reconstruction and Development..........................................................................................................12

International Development Association .............................................................................................................................................15

African Development Bank Group...................................................................................................................................19

African Development Bank.......................................................................................................................................................................19

African Development Fund.......................................................................................................................................................................22

Asian Development Bank ...................................................................................................................................................26

Asian Development Fund...........................................................................................................................................................................26

Asian Development Bank Programs .....................................................................................................................................................29

Inter-American Development Bank Group....................................................................................................................31

Inter-American Investment Corporation............................................................................................................................................31

International Monetary Fund............................................................................................................................................34

New Arrangements to Borrow................................................................................................................................................................34

IMF Facilities and Trust Funds................................................................................................................................................................35

Quality Infrastructure.........................................................................................................................................................39

Global Infrastructure Facility...................................................................................................................................................................39

Energy and Environment...................................................................................................................................................42

Clean Technology Fund ..............................................................................................................................................................................42

Green Climate Fund......................................................................................................................................................................................44

Global Environment Facility.....................................................................................................................................................................47

Resilient Development Trust Funds .....................................................................................................................................................49

Food Security ........................................................................................................................................................................51

International Fund for Agricultural Development.........................................................................................................................51

Global Agriculture and Food Security Program...............................................................................................................................53

Technical Assistance............................................................................................................................................................56

Office of Technical Assistance..................................................................................................................................................................56

Debt Restructuring Programs...........................................................................................................................................60

Common Framework and Paris Club....................................................................................................................................................60

Tropical Forest and Coral Reef Conservation Act...........................................................................................................................61

Treasury International Assistance Programs...........................................................................................................63

Annex 1: MDB Basics..........................................................................................................................................................64

Annex 2: FY 2024 Appropriations Language and Authorization Requests............................................................69
2 

FY 2024 Executive Summary

The Administration’s FY 2024 Budget (the Budget) requests $4.037 billion for the Treasury 

Department’s International Programs. This request is a critical component of the Biden-Harris 

Administration’s approach for restoring American global standing and leadership. Working with 

our allies and through multilateral institutions, including the international financial institutions, 

will help the United States confront many of the global challenges that the world faces. Our 

priorities include increasing global economic growth, reducing poverty, preventing debt crises, 

modernizing health systems, enhancing food and energy security, building resilience to 

environmental challenges including natural disasters and climate change, championing quality 

and sustainable infrastructure, and supporting vulnerable populations recovering from disaster 

and conflict. 

If these priorities are not addressed, there can be significant spillover effects on the United 

States. This reinforces the need for a strong U.S.-led international finance system that can take 

decisive action to provide financing, policy and technical support for quality infrastructure 

investment, climate adaptation and resilience, energy innovation and diversification, and public 

health. This is essential to delivering on the goals of the Partnership for Global Infrastructure 

and Investment (PGII). Treasury’s International Programs also seek to contribute to enhancing 

equity and fostering the inclusion of disadvantaged and marginalized people in developing 

countries, including women and youth who have not adequately shared the benefits of 

development. This is the right approach, and it is vital to political and economic stability. 

The institutions and programs supported by this request produce impacts across all of these areas

and are cost-effective means for the United States to advance its geostrategic interests. The 

International Monetary Fund (IMF) supports international macroeconomic and financial stability, 

including in low-income countries. Through policy advice and technical assistance, the IMF 

works to prevent economic and financial crises abroad. IMF financing to countries in crisis is 

vital to minimize the severity and duration as well as the likelihood of potential negative 

spillovers to the United States. The World Bank, regional development banks, multilateral 

funds, and Treasury’s bilateral technical assistance program support sustainable economic 

development, food and energy security, and social inclusion, helping developing countries attract 

and sustain private investment for quality infrastructure that will increase prosperity. With U.S. 

leadership, these institutions and programs reflect and promote American values related to good 

governance, transparency, and sound debt management. 

Supporting economic prosperity overseas also benefits American companies by expanding 

markets for U.S. exports and leveling the playing field through increased transparency and 

competition, which creates American jobs and bolsters the U.S. economy. Also, many of these 

international institutions frequently partner with American companies in their programs, whether 

through consulting or project design and execution. We are encouraging these international 

institutions to explore more opportunities to engage the private sector in their work, to help 

expand the pipeline of quality development projects and the multiplier effect of low-cost, 

sustainable public finance. 
3 

More broadly, Treasury is advocating for the evolution of the multilateral development bank 

(MDB) system, to modernize and expand its work so that it can better address global challenges 

while also enhancing delivery on poverty alleviation and sustainable and inclusive growth. This 

requires meeting our foundational commitments to the MDBs and guiding them to refresh their

operational models and incentive structures and to fully stretch their available resources, 

including through new financing mechanisms that would result in a greater amount of 

development finance. 

Treasury also seeks to invest in the broader international finance system and the specific 

multilateral funds and institutions that help deliver on core Administration priorities, particularly 

with respect to infrastructure, environment and energy, and food security. Investments in the 

programs and funds related to these priorities will offer emerging and developing countries a 

quality and sustainable alternative to drive infrastructure development, including energy, needed 

to boost productivity, growth, jobs, and the delivery of basic services. Further, food security is 

intricately liked to national security and is crucial to having a healthy population and productive 

workforce. These programs and funds will help catalyze private finance and lay the foundation 

for sustainable, inclusive, and resilient growth and development. 

U.S. contributions to these programs help to safeguard and improve the wellbeing of the 

American people. For example, U.S. contributions to energy and clean technology funds 

enhance our energy security by supporting international efforts to diversify energy systems, 

reduce dependence on Russian producers, and reduce long-term energy price volatility. They 

also have significant catalytic impact with large co-financing from private investors, and as the 

markets in these developing countries grow, so will the demand for U.S. technologies in this 

space, bringing benefits back to the U.S. economy. U.S. contributions to agricultural funds not 

only promote global food security but also sustain the supply of food and natural resources from 

overseas on which Americans depend. U.S. contributions to environment funds enhance global 

resilience and mitigate the effects of climate change, conserve biodiversity and critical

ecosystems, and reduce harmful chemicals in our air and water. 

Treasury’s Office of Technical Assistance provides finance ministries, central banks, and other 

government agencies in developing and transitional countries with specialized expertise, 

including through the deployment of expert advisors, to enhance domestic revenue mobilization, 

improve financial regulation, and combat financial crimes. In so doing, it helps create conditions 

for private sector-led growth, including increased private sector investment in infrastructure. 

Treasury is also a critical participant in multilateral initiatives to help address debt vulnerabilities 

around the world. Risks of debt distress have increased across low- and middle-income 

countries due to the impact of the ongoing pandemic, Russia’s war against Ukraine, and global 

financial tightening. These ongoing uncertainties and challenges could lead to more countries 

facing unsustainable debt burdens over the next year or so. The United States, though our 

membership in the Paris Club, conducts debt restructurings through a multilateral and 

coordinated process for the benefit of taxpayers. As members of the G20, we also have a 

commitment to work with countries under the Common Framework for debt treatments, a 

multilateral framework that brings China to the table for the first time.
4 

Multilateral Development Banks 

The Budget requests $2.293 billion for the multilateral development banks (MDBs). These 

institutions play key roles in the effort to reduce poverty, increase economic growth, foster 

economic and social inclusion, build resilience, and develop sustainable infrastructure. 

Annually, the MDBs invest approximately $35 billion in quality infrastructure and support 

developing countries in mobilizing billions more in private capital. They played a leading role in 

the global response to the COVID-19 pandemic, marshalling resources and experts quickly to 

help developing countries address the health and economic impacts of the pandemic. They also 

assist developing countries in responding to the devastating effects of Russia’s brutal war on 

Ukraine, by providing critical finance to sustain agriculture production and manage the impact of 

sudden spikes in energy and food prices on the poor. Additionally, they provide an alternative to 

low quality financing from malignant actors. These efforts by the MDBs help to advance U.S. 

foreign policy objectives of sustaining peace and stability, promoting security, and protecting the 

global environment. 

Financing through multilateral institutions brings significant advantages to the United States and 

is an effective way to stretch limited development dollars. Specifically, U.S. taxpayer 

contributions to the MDBs catalyze contributions from other shareholders, the MDBs’ internallygenerated resources, and funding from capital markets to significantly increase the assistance 

levels that the MDBs provide. MDBs offer a wide range of instruments, including grants, loans, 

guarantees, equity, insurance, and knowledge products. This array of instruments can help derisk and incentivize private sector investments that support U.S. development priorities in 

emerging markets. The Administration requests increased support for the MDBs so that the 

United States can continue to assert its leadership in these institutions. To help meet today’s 

greatest cross-border challenges, like pandemics, fragility and conflict, and environmental risks, 

the United States with its allies have begun efforts to evolve the MDBs to respond to these 

challenges with sufficient speed and scale, starting with the World Bank. In February 2023, the 

World Bank initiated a process to select a new President that is set to conclude in late April, and 

with new leadership comes an opportunity to shape the institution. 

Treasury’s requests for the MDBs include: 

International Bank for Reconstruction and Development (IBRD): $233.3 million, including 

$206.5 million for the fifth of six installments to subscribe to the U.S. share of the paid-in 

portion of the IBRD 2018 general and selective capital increases and $26.8 million for the 

subsidy cost for IBRD loan guarantees which, with a leverage rate of approximately 1:75, will 

enable $2 billion in new lending to support innovation and diversification in the energy sector of 

emerging markets in South and Southeast Asia, notably Indonesia. The Budget also requests a 

program limitation to allow the United States to subscribe to up to $1.421 billion in callable 

capital. 

International Development Association (IDA): $1.479 billion in support of IDA programs over 

the twentieth replenishment period (July 1, 2022 – June 30, 2025), including support for a second 

payment to the twentieth replenishment (IDA-20), and of which $49 million is to reduce unmet 

commitments to previous replenishments. The Administration also proposes legislative language 
5 

to exempt securities issued by IDA from regulation by the Securities and Exchange Commission. 

This request is included in the General Provisions found in the Department of State and Other 

International Programs chapter of the FY 2024 President’s Budget Appendix. 

African Development Bank (AfDB): $54.6 million for the fourth of eight installments to subscribe 

to the U.S. share of the paid-in portion of the seventh general capital increase. The Budget also 

requests a program limitation to allow the United States to subscribe to up to $856,174,624 in 

callable capital.

African Development Fund (AfDF): $224 million in support of AfDF programs over the 

sixteenth replenishment period (AfDF-16; 2023–2025), including towards a first installment to 

AfDF-16, and of which $27 million is to reduce unmet commitments to previous replenishments. 

The Administration also requests authorization to subscribe to the AfDF-16 replenishment in the 

amount of $591 million. 

Asian Development Bank (AsDB): $119.4 million in support of two new AsDB initiatives: $84 

million for the subsidy cost of $1 billion of loan guarantees to support the Innovative Finance 

Facility for Climate in Asia and the Pacific, and $35 million for the Energy Transition 

Mechanism Partnership Trust Fund. 

Asian Development Fund (AsDF): $107.2 million in support of AsDF programs over the twelfth 

replenishment period (also known as AsDF-13, covering the period 2021–2024), including for 

payments towards U.S. pledges for the twelfth replenishment, and of which $20 million is to 

reduce unmet commitments to AsDF replenishments. 

Inter-American Investment Corporation (IIC, also referred to as IDB Invest): $75 million for an 

initial subscription to a capital increase in the IIC, provided that the Inter-American 

Development Bank Group has made satisfactory progress toward reforms which include 

increasing the Group’s responsiveness to the development needs of Latin America and the 

Caribbean and promoting more effective and efficient use of the Group’s financial resources. 

The Administration also requests authorization to subscribe to a capital increase of up to 58,942 

additional shares in the IIC. 

International Monetary Fund (IMF) Facilities and Trust Funds

The Budget requests authorization to enable the United States to lend up to $21 billion in 

resources from Treasury’s Exchange Stabilization Fund to the Resilience and Sustainability 

Trust (RST), and to the Poverty Reduction and Growth Trust (PRGT), the IMF’s concessional 

lending facility for low-income countries. The specific division of lending between the RST and 

PRGT is yet to be determined. Treasury also requests a five-year extension of authorization for 

the United States to participate in the IMF New Arrangements to Borrow, to end on December 

31, 2030. 
6 

Quality Infrastructure

Global Infrastructure Facility (GIF): The Budget requests $40 million for a first-time 

contribution to the GIF, a World Bank financial intermediary fund that provides funding and 

technical assistance to design and structure high-quality infrastructure projects to attract and 

enable MDB and private sector co-financing. 

Energy and Environment 

Clean Technology Fund (CTF): The Budget requests $425 million for a contribution to the CTF

to support developing countries’ adoption of clean technologies in energy and transportation. 

The CTF complements the United States’ bilateral efforts to promote a just energy transition and 

deployment of clean technology in targeted countries. Using $425 million for subsidy costs 

would enable a concessional loan to the CTF with an estimated value of $1.23 billion. 

Green Climate Fund (GCF): The Budget requests $1.6 billion for the GCF, of which $800 

million is through the Department of the Treasury and $800 million is through the Department of 

State. Established in 2010, the GCF seeks to foster climate-resilient development and zeroemission investment by funding activities across a variety of sectors, including transport; water 

and other infrastructure; energy generation and efficiency; and land use, including agriculture 

and forestry. It uses a range of financial instruments to support high impact projects and 

programs, mobilize private sector capital, and foster stronger policy environments that better 

address the challenges of a changing climate.

Global Environment Facility (GEF): The Budget requests $168.7 million, of which $150.2 

million is to cover the second installment of our pledge to the GEF’s eighth replenishment (GEF8) and $18.5 million is for unmet commitments. The GEF is a multilateral trust fund that 

provides mainly grant-based funding to assist developing and transitional countries in addressing 

global environmental challenges in five focal areas: (1) biodiversity; (2) chemicals and waste; (3) 

climate change; (4) land degradation (primarily deforestation and desertification); and (5) 

international waters. The GEF is a global leader in promoting the conservation of terrestrial and 

marine habitats. 

Resilient Development Trust Funds: The Budget requests $27 million for contributions to MDB 

trust funds that are focused on building resilience to natural disasters and extreme weather in the 

most vulnerable developing countries, such as those in the South Pacific and sub-Saharan Africa. 

Food Security

International Fund for Agricultural Development (IFAD): The Budget requests $81.8 million to 

support IFAD programming during its twelfth replenishment period (2022–2024), including for 

the last of three installment payments to the twelfth replenishment, a $35 million contribution to 

IFAD’s Enhanced Adaptation for Smallholder Agriculture Programme (ASAP+), and a $3.8 

million payment to eliminate unmet commitments to prior IFAD replenishments. 
7 

Global Agriculture and Food Security Program (GAFSP): The Budget requests $40 million for 

the Global Agriculture and Food Security Program (GAFSP), a multi-donor trust fund dedicated 

to improving food and nutrition security worldwide. 

Technical Assistance – Office of Technical Assistance

The Budget requests $45 million for Treasury’s Office of Technical Assistance (OTA). Funding 

will help ensure that OTA is able to respond quickly and sustainably to growing demand for 

technical assistance from developing and transitional countries in areas that are priorities for the 

United States. Such areas include supporting our national security agenda by combating terrorist 

financing and financial crimes, helping countries fund and sustain their own development 

through improved domestic resource mobilization and debt management, promoting financial 

stability, and creating the conditions for private sector-led economic growth, including through 

increased investment in critical infrastructure and climate-related or environmental projects. 

Debt Restructuring and Relief 

The Budget requests $67 million for bilateral debt restructuring and relief programs. This 

funding would support the following initiatives: 

G20 Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative

(the Common Framework), and Paris Club debt restructuring: The Budget requests $52 million 

for the United States’ participation in debt restructuring and relief programs through multilateral 

initiatives including the Paris Club and G20. Since the COVID-19 pandemic, the United States 

has been participating in a G20 initiative—the Common Framework, which helps low-income 

countries restructure their debts through a multilateral framework, and where non-Paris Club 

creditors – including China – must provide comparable treatment. Given the rising debt burdens 

of many low-income countries, U.S. participation in the Common Framework and the Paris Club 

is critical, as these programs proactively work toward longer-term sustainability for low-income 

countries and aim to avoid prolonged and costly debt crises overseas which can have 

ramifications on the U.S. economy. 

Tropical Forest and Coral Reef Conservation Act (TFCCA): The Budget requests $15 million 

for the TFCCA, which enables eligible developing countries with certain concessional debt owed 

to the United States to redirect some of those payments to support conservation of their tropical 

forests and/or coral reefs. Protecting biodiversity and combating climate change are central to 

U.S. national economic and security interests. Conservation of tropical forests and coral reefs is 

critical to mitigating the impact of climate change, providing clean water, and supporting 

sustainable jobs in developing countries. 

Treasury International Assistance Programs 

The Budget requests $50 million in additional resources to meet new and emergent needs 

through international financial institutions, other international organizations, and/or financial 

intermediary funds and trust funds administered by these institutions. Requested resources will 

be used to support U.S. priorities in promoting global macroeconomic and financial stability and 

international development, and to advance U.S. strategic priorities and leadership, including 
8 

countering the influence of malignant actors. Funding provided through this account would 

enable U.S. Treasury to be responsive to emergent issues and to address those needs in a timely 

manner. 
9 

Summary Tables

Table 1: Treasury International Programs – Summary of Previous Appropriations and FY 2024 Request

(in $ thousands)

FY 2022 

Enacted1

FY 2023 

Enacted

FY 2024 

Request

FY 2022 Enacted to FY 2023 Enacted to 

FY 2024 FY 2024

 $ Change % Change $ Change % Change

Multilateral Development Banks 1,527,172 1,906,315 2,292,825 765,653 50.1% 386,510 20.3%

International Bank for Reconstruction and Development (IBRD) 206,500 206,500 233,322 26,822 13% 26,822 13%

International Development Association (IDA) 1,001,400 1,430,256 1,479,256 477,856 47.7% 49,000 3.4%

African Development Bank (AfDB) 54,649 54,649 54,649 0 0% 0 0%

African Development Fund (AfDF) 211,300 171,300 224,000 12,700 6% 52,700 30.8%

Asian Development Fund (AsDF) 53,323 43,610 107,220 53,897 101.1% 63,610 145.9%

Asian Development Bank (AsDB) Programs - - 119,378 119,378 - 119,378 -

Inter-American Investment Corporation (IIC, or IDB Invest) - - 75,000 75,000 - 75,000 -

IMF Facilities and Trust Funds 102,000 20,000 - -102,000 -100% -20,000 -100%

Quality Infrastructure - - 40,000 40,000 - 40,000 -

Global Infrastructure Facility (GIF) - - 40,000 40,000 - 40,000 -

Energy and Environment 274,288 275,200 1,420,700 1,146,412 418% 1,145,500 416.2%

Clean Technology Fund (CTF) 125,000 125,000 425,000 300,000 240% 300,000 240%

Green Climate Fund (GCF) 0 0 800,000 800,000 - 800,000 -

Global Environment Facility (GEF) 149,288 150,200 168,700 19,412 13% 18,500 12.3%

Resilient Development Trust Funds - - 27,000 27,000 - 27,000 -

Food Security 48,000 53,000 121,833 73,833 153.8% 68,833 129.9%

International Fund for Agricultural Development (IFAD) 43,000 43,000 81,833 38,833 90.3% 38,833 90.3%

Global Agriculture and Food Security Program (GAFSP) 5,000 10,000 40,000 35,000 700% 30,000 300%

Office of Technical Assistance (OTA) 38,000 38,000 45,000 7,000 18.4% 7,000 18.4%

Debt Restructuring 67,000 72,000 67,000 0 0 -5,000 -6.9%

G-20 Common Framework for Debt Treatments, and Paris Club 52,000 52,000 52,000 0 0 0 0

Tropical Forest and Coral Reef Conservation Act (TFCCA) 15,000 20,000 15,000 0 0 -5,000 -25%

Treasury International Assistance Programs - - 50,000 50,000 - 50,000 -

TOTAL 2,056,460 2,364,515 4,037,358 1,980,898 96.3% 1,672,843 70.7%

1. Table does not include $150 million in funding provided to GAFSP or $500 million to the European Bank for Reconstruction and Development under the Additional Ukraine 

Supplemental Appropriations Act, 2022 (P.L. 117-128), or $300 million to IDA funded with American Rescue Plan Act (P.L. 117-2) resources transferred from the Department of State. 
10 

Table 2: Unmet Commitments at International Financial Institutions

FY 2018 – FY 2024

(in $ thousands)

Institution FY 2018 

Enacted

FY 2019 

Enacted

FY 2020 

Enacted

FY 2021 

Enacted

FY 2022 

Enacted

FY 2023

Estimate1

FY 2024

Projected2

IDA Pledges 485,264 485,264 485,264 426,574 337,318 337,318 288,318

IDA MDRI 822,665 1,006,855 1,236,345 1,503,865 1,801,195 2,115,145 2,438,695

AfDF Pledges 154,191 154,191 154,191 154,191 114,191 114,191 87,191

AfDF MDRI 134,377 157,904 172,014 196,711 225,879 262,343 292,963

AsDF 283,943 283,943 283,904 283,904 274,191 274,191 254,191

GEF 134,963 131,951 110,843 102,391 88,006 88,006 69,506

IFAD 3,833 3,833 3,833 3,833 3,833 3,833 0

MIF/ IDB Lab 25,710 25,710 25,710 25,710 25,710 25,710 25,710

MIGA 6,867 6,867 6,867 6,867 6,867 6,867 6,867

TOTAL 2,051,813 2,256,517 2,478,970 2,704,045 2,877,189 3,227,603 3,463,440

Total MDRI 957,042 1,164,759 1,408,359 1,700,576 2,027,074 2,377,488 2,731,658

Total ex-MDRI 1,094,770 1,091,758 1,070,611 1,003,469 850,115 850,115 731,782

1. This does not reflect the allocation of any early encashment credits that the United States might receive due to payments made in FY 2023.

2. This column lists the projected levels of unmet commitments if Congress appropriates the amounts requested in the FY 2024 President's Budget.
11 

Multilateral Development Banks

In 2022, the Multilateral Development Banks (MDBs) of which the United States is a member 

provided approximately $154 billion in funding to developing countries. They supported broadbased, sustainable development through investments across a range of sectors, including 

infrastructure, health, energy, natural resource management, agriculture, and education. MDB 

concessional loans and grants are an important and reliable source of financing for the 

development needs of the poorest and most fragile countries, particularly those affected by 

conflict and disaster. By providing financial support and technical assistance for such countries, 

MDB assistance helps to prevent and alleviate economic and humanitarian crises overseas, 

which in turn safeguards the U.S. economy and national security from potential spillovers. 

Last year, the United States helped to launch an effort to evolve and invigorate the MDBs, to 

better address the most complex transboundary challenges facing the world today, such as

pandemics, economic and political fragility, energy insecurity, and environmental challenges. In 

its preliminary phase, the MDB evolution process has focused on reforms at the World Bank to 

evolve its mission and vision, incentive structures, operational model, and financial resource 

management, while also maintaining focus on poverty reduction and achieving the Sustainable 

Development Goals. 

This includes a recognition that the MDBs are among the leading catalysts of infrastructure 

finance globally. These are critical institutions to deliver on the G7’s Partnership for Global 

Infrastructure and Investment, which seeks to deliver game-changing projects to close the 

infrastructure gap in developing countries, strengthen the global economy and supply chains, and 

advance global security. Collectively, the MDBs of which the United States is a member 

approved over $46 billion in infrastructure finance in 2021, which amounts to about a third of 

their total financing approvals that year. Treasury is pressing the MDBs to undertake further 

measures to enhance their private capital mobilization, particularly in infrastructure finance. 

Fragility is another area of focus. Since Russia’s invasion of Ukraine last year, the World Bank 

Group and the European Bank for Reconstruction and Development have programmed billions 

of dollars in assistance to Ukraine. These institutions have provided significant support to the 

immediate crisis response in Ukraine, including food security, through support for vital 

infrastructure in transport and logistics as well as direct finance to farmers and producers; energy 

security needs; and support for vulnerable populations and internally displaced persons. 

The U.S. government will continue to be a strong proponent of MDB efforts to support 

vulnerable groups who have been marginalized based on factors such as race, ethnicity or 

indigenous identity, gender or sexual orientation, and disability. The MDBs have been strong 

partners in supporting economic development that promotes gender equality and greater 

inclusion of disadvantaged or marginalized groups, including through the identification, creation, 

and protection of economic opportunities for all. 
12 

 World Bank Group

The World Bank Group (WBG) comprises the International Development Association (IDA), the 

International Bank for Reconstruction and Development (IBRD), the International Finance 

Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International 

Centre for Settlement of Investment Disputes (ICSID). The Budget is seeking funding for the 

fifth payment for the IBRD general and selective capital increases, agreed in 2018. It is also 

requesting resources for the IDA twentieth replenishment (IDA-20). 

During the World Bank’s 2022 Fiscal Year (WB FY 2022; July 1, 2021 to June 30, 2022), the 

WBG committed over $97 billion in assistance to developing countries. The WBG has been a 

global leader in assisting developing countries to overcome the health and economic impacts of 

the COVID-19 pandemic. The WBG also provided over $23 billion for infrastructure investment

in developing countries during WB FY 2022, an increase of 50 percent from the prior fiscal year. 

The WBG has also been successful in catalyzing private sector finance; over the three years from

2017 to 2020, it helped to mobilize $100 billion in private sector funds to developing countries. 

International Bank for Reconstruction and Development

FY 2022

Enacted

FY 2023

Enacted

FY 2024

Request

IBRD GCI and SCI 206,500,000 206,500,000 206,500,000

Loan Guarantees -- -- 26,821,871

TOTAL 206,500,000 206,500,000 233,321,871

Treasury requests approximately $233.3 million for the IBRD. This includes $206.5 million for 

the fifth of six installments for the IBRD general (GCI) and selective (SCI) capital increases

agreed by the Board in 2018. If not appropriated, the United States will not be able to subscribe 

to the full amount of shares to which it is entitled, which would result in a loss of U.S. 

shareholding and voting power. This would undermine U.S. leadership in the institution and 

globally at critical time, considering Russia’s war on Ukraine and other geostrategic interests, the 

COVID-19 pandemic, and other transboundary challenges facing the world today, including in 

energy security. With that consideration, the FY 2024 request also includes approximately $26.8 

million for loan guarantees that would enable $2 billion in IBRD lending to support energy 

innovation and diversification in emerging markets. 

Program Description

The IBRD is the arm of the WBG that provides financing to creditworthy middle-income 

countries to promote broad economic growth and reduce poverty. These countries—home to 

over 75 percent of the world’s population and over 60 percent of its poor—utilize a combination 

of the IBRD’s financial resources and strategic advice to meet many development needs. 
13 

The work of the IBRD is essential for the World Bank to achieve its Twin Goals by 2030: (1) to 

decrease extreme poverty to no more than three percent globally; and (2) to promote shared 

prosperity by fostering income growth among the poorest 40 percent. IBRD projects span a 

range of sectors, including agriculture, sustainable infrastructure, climate, environment, health 

and nutrition, education, and governance. The IBRD also supports long-term human and social 

development needs that private lenders are often unwilling to finance. During WB FY 2022, the 

IBRD committed $33 billion in loans and technical assistance for developing countries, 

including more than $8 billion in infrastructure finance, as well as increased lending to help 

borrower countries respond to the fallout from Russia’s invasion of Ukraine and the continuing 

health and economic impacts of the COVID-19 pandemic. 

The IBRD raises resources similarly to a conventional bank by issuing debt and on-lending to 

borrowers at market-linked rates. This model enables the IBRD to provide substantially more 

financing than if donor countries were to directly provide grant development assistance. 

The loan guarantees in the Budget represent an approach to augmenting IBRD financing using a 

tool that other World Bank shareholders have successfully piloted. Guarantees of MDB lending 

are a capital-efficient way to increase financing due to the extremely low default risk of MDB 

loans to sovereigns. The guarantees will enable additional lending for emerging markets in 

South and Southeast Asia, notably Indonesia, which would otherwise be limited as the level of 

outstanding IBRD loans to these countries approaches the IBRD’s limit for exposures to a single 

country. 

How Support for the IBRD Promotes U.S. Interests

The United States is and will continue to be the largest shareholder in the IBRD after all 

countries subscribe to their shares under the 2018 capital increase, with a 15.9 percent share of 

total voting power. The country with the next largest shareholding is Japan, whose share will be 

6.8 percent, followed by China, with a 5.5 percent share. The United States is the only country 

with veto power over amendments to the IBRD Articles of Agreement. 

As the world’s preeminent development bank, the IBRD is uniquely positioned to address 

development challenges in specific countries, as well as key global concerns which impact U.S. 

national interests, including the health and economic wellbeing of American citizens. The IBRD 

provides developing countries with a robust, high-quality alternative to non-transparent, and 

potentially coercive, lending from China and other actors. 

• The IBRD supports economic growth and stability in strategically important countries, 

such as Ukraine, Jordan, Iraq, Indonesia, Egypt, El Salvador, Guatemala, and Colombia, 

by providing stable, financially sustainable funding to support their development needs. 

• The IBRD is an important vehicle for supporting U.S. foreign policy priorities, such as 

restoring pre-pandemic growth and progress on poverty reduction, supporting investment 

in quality infrastructure and sustainable energy, promoting gender equality and inclusion, 

enabling youth education and job training, building resilience, and reducing violent 

extremism. 
14 

• The IBRD works with borrower countries to pursue sustainable economic reforms that 

expand private sector investment and job creation, energy sector innovation, and vital 

public services in health, education, and sanitation. 

• By leveraging international bond markets and the funds of other shareholders, the IBRD 

allows the United States to support achievement of the Sustainable Development Goals 

with a multiplier effect that would not be possible on a bilateral basis. 

• IBRD investment promotes transparency and high-level technical, procurement, debt 

sustainability, social, environmental and governance standards. 

Meeting U.S. Commitments to the IBRD 

In the context of negotiations on the 2018 capital increase, IBRD Management committed to a 

series of reforms to further improve the efficiency and effectiveness of the institution. These 

reforms align with U.S. national security and economic priorities and are making the World 

Bank more financially disciplined, focusing its operations on poorer countries with less access to 

other sources of finance, and doing so more efficiently and cost-effectively. 

Without continuing to provide funds for the U.S. portion of the GCI and SCI, the United States 

will risk losing IBRD shareholding, which determines voting power. Failing to meet our 

commitments and losing shareholding would weaken U.S. leadership and influence at the World 

Bank, including, potentially, a loss of U.S. veto power over amendments to the Articles of 

Agreement. It would also severely undermine progress on the package of reforms that the 

United States was instrumental in securing as part of the 2018 capital increase and call into 

question the strength of the U.S. commitment to leadership in the multilateral system. 

Achieving and Measuring Results

Over the WB FY 2019-2022 period, the World Bank Group, including the IBRD, achieved the 

following: 

• Provided 48 million people with access to clean water and 190 million people with 

improved sanitation services; 

• Provided over 500 million people with essential health and nutrition services; 

• Completed 108 large-scale learning assessments for primary and secondary school 

systems to improve learning outcomes; 

• Helped 98 countries institutionalize disaster risk reduction in national plans; 

• Created new or improved electricity services to 57 million people; and 

• Enhanced access to transportation services for 96 million people. 

New lending enabled by U.S. guarantees will be directed according to a memorandum of 

understanding between the United States and the IBRD that will dictate sectoral and thematic 

priorities focused on the IBRD’s and the relevant country’s energy transition efforts. Projects 

supported by the guarantees will be subject to the same standards, approval process, and 

reporting requirements as any IBRD project. 
15 

Project Examples

Ukraine: Exceptional Support to Address War Impacts. In April 2022, the World Bank 

Board of Executive Directors approved $1 billion in financing to Ukraine to support civil service 

capacity in sustaining core government functions at the national and regional levels. The World 

Bank has also set up a multi-donor trust fund to facilitate channeling grant resources from the 

United States and others to Ukraine, which is helping the Ukrainian government provide critical 

services to its people, including wages for hospital workers, pensions for the elderly, and social 

programs for the vulnerable. 

Türkiye: Earthquake, Floods, and Wildfires Emergency Reconstruction Project. In June 

2022, the World Bank approved a $449 million loan to support municipalities affected by 

earthquakes, floods, and wildfires in 2020 and 2021 to undertake urgent repairs, structural 

strengthening, and reconstruction of damaged municipal-owned infrastructure, while also putting 

into place measures aimed at increasing disaster preparedness and climate adaption. The project 

aims to respond to the immediate and most critical reconstruction and rehabilitation needs from 

recent wildfires, floods and earthquakes as well as proactively supporting urgent measures required 

to build resilience to disaster and climate risks, which are growing in frequency and intensity. The 

Bank estimates the project will benefit more than 17 million people with improved municipal 

disaster and emergency response capacity. 

International Development Association

FY 2022

Enacted

FY 2023 

Enacted

FY 2024

Request

1,001,400,000 1,430,256,000 1,479,256,000

The Budget requests approximately $1.48 billion in support of IDA programs over IDA’s 

twentieth replenishment period (IDA-20, which spans from July 1, 2022–June 30, 2025), of 

which $49 million will reduce U.S. unmet commitments. 

Program Description

IDA is the arm of the WBG that makes grants and concessional loans to the world’s 74 poorest 

and most vulnerable countries, of which 32 are considered fragile and conflict-affected states. It 

is the largest source of development finance to these countries and operates across a range of 

sectors, including health, education, clean water and sanitation, environment and energy, 

governance, infrastructure, as well as business climate and job training. During WB FY 2022, 

IDA committed approximately $37.7 billion in development finance. The Sub-Saharan African 

region received the largest portion of IDA’s new commitments in 2022 at $27 billion (72 

percent), followed by the South Asia region at $4 billion (11 percent). 

IDA has been the leading provider of assistance to the world’s poorest and most fragile countries 

to help them overcome the health and economic impacts of the COVID-19 pandemic. Between 
16 

April 2020 and March 2022, IDA provided more than $74 billion to help the poorest countries 

fight the health, social, and economic impacts of the COVID-19 pandemic. 

During IDA-20, IDA is deepening its support to drive a resilient recovery for the poorest 

countries, with an overarching theme of “Building Back Better from the Crisis: Towards a 

Green, Resilient, and Inclusive Future.” IDA is working to strengthen health systems, including 

on pandemic preparedness and COVID-19 vaccine acquisition and rollout, through additional 

funding and existing country allocations. IDA is a leading financier of sustainable infrastructure 

in the poorest countries, with $12.5 billion in new commitments in energy, transport, water and 

sanitation, and information and communication technology in its 2022 fiscal year. 

IDA-20 also includes key commitments to address human capital development, the care 

economy, food security, and fragility, conflict, and violence. IDA has committed to work on 

strengthening inclusion for marginalized groups, including LGBTQI+ persons. IDA will also 

continue work on enhancing quality job creation and private sector growth, improving debt 

sustainability and debt transparency, combatting illicit financial flows, and improving domestic 

resource mobilization. 

How Support for IDA Promotes U.S. Interests

The economic development of the world’s poorest countries is an important pillar of U.S. foreign 

policy, economic prosperity, and national security, especially given the rise of extremism. IDA 

supports U.S. economic and national security interests by:

• Reinforcing U.S. and international political and security objectives through 

promotion of sustainable and inclusive economic growth, job creation, and the provision 

of social services in fragile and conflict-affected countries.

• Advancing reforms that promote private investment in key environmental and 

development priorities, creating jobs, and fostering market-led economic growth in 

developing countries, thereby expanding markets for U.S. exports. 

• Responding to and limiting the spread of global crises, for example, by providing 

support to countries to respond to health emergencies like COVID-19 and to food 

security emergencies, including famine. 

• Supporting developing country efforts to adapt to environmental challenges including 

natural disasters and the impacts of climate change, build resilience, and promote 

sustainable and clean energy. 

Meeting U.S. Commitments to IDA

In December 2021, the United States pledged $3.5 billion over three years towards the IDA-20 

replenishment.1 In a reassertion of U.S. leadership, the United States emerged as the largest 

donor to IDA-20, for the first time since IDA-16 (WB FY 2012-2014), and thus the IDA-20 

1 Due to the one-year acceleration of IDA-20, the U.S. payment to IDA in FY 2023 will support payments against 

pledges to both IDA-19 and IDA-20, with payments toward the IDA-20 pledge backloaded in FY 2024 and FY 

2025. The Administration’s plan is for the United States to meet the IDA-20 pledge through the following three 

payments: $639,600,000 in FY 2023 and $1,430,200,000 each year in FY 2024 and FY 2025. 
17 

pledge restored the United States’ leadership position in IDA, which had been lost as the result 

of the declining trend in U.S. IDA pledges since 2017. 

IDA is cost-effective: every $1 contribution from the United States to IDA-20 catalyzes

approximately $27 in additional resources, including contributions from other donors, internally 

generated resources (e.g., reflows from previous loans), and market financing. 

As of March 2023, U.S. unmet commitments to IDA replenishments and IDA’s Multilateral Debt 

Relief Initiative (MDRI) amount to approximately $2.4 billion, of which $337 million is for IDA 

replenishments and $2.1 billion is for IDA MDRI. U.S. unmet commitments to IDA and MDRI 

have reduced IDA’s ability to provide loans and grants and have also damaged U.S. credibility. 

Launched in 2006 at the urging of the United States, MDRI provides for 100 percent cancellation 

of eligible debt to IDA and the AfDF for countries that completed the conditions for debt relief 

under the Heavily Indebted Poor Countries (HIPC) Initiative. MDRI has allowed scarce 

resources in low-income countries to be reallocated for poverty-reducing expenditures in areas 

such as health and education. To prevent a depletion of IDA and AfDF resources from debt 

relief, the United States and other donors committed to compensate IDA and AfDF for the 

cancelled debt on a dollar-for-dollar basis. The United States has annual payments to IDA 

MDRI due through 2044. The U.S. share of MDRI commitments during IDA-20 is $649.97 

million, which will come due to the United States in FY 2024 and FY 2025. U.S. unmet 

commitments to IDA-MDRI increase unless Congress appropriates resources to cover amounts 

that come due annually. 

Achieving and Measuring Results

During the two years of IDA-19 (WB FY 2021-2022), IDA reported that it achieved the 

following:

• Provided over 210 million people with essential health and nutrition services, including 

the immunization of over 76 million children; 

• Supported installation of 4 gigawatts of renewable energy generation capacity; 

• Expanded social safety net programs to over 170 million people;

• Provided access to better water services for nearly 16 million people, improved sanitation 

services for over 10 million people, and improved urban living conditions for over 20 

million people; 

• Supported construction or rehabilitation of more than 800,000 hectares of irrigation and 

drainage services;

• Supported the creation of jobs for 26.5 million people through job-focused interventions. 

Project Examples

Mali: Creating Markets for Smallholder Farmers. In 2016, the World Bank financed a project 

consisting of a $50 million IDA credit (along with a 1.5 million euro IFC investment) to boost the 

agriculture sector in Mali, with a focus on mango farmers and beef producers. The project helped 

independent small holder farmers adopt modern practices and technologies, and expand market 
18 

opportunities for beef producers by facilitating alliances with buyers and related industries. By 

2022, despite political instability in the country, the project had helped farmers improve 

productivity and mango quality and expand their access to markets, increasing mango exports to 

international markets by over 30 percent (that is, 37,420 tons as of 2022). It also helped connect 

production areas to markets by rehabilitating 186 miles of rural roads, directly benefitting 70 

villages by connecting them to larger markets. And finally, it provided matching grants to finance 

the construction of beef production infrastructure, such as animal housing and water points, the 

purchase of livestock and animal feed, as well as access to veterinary services.

Yemen: Improving Access to Affordable and Sustainable Energy. In 2018, the World Bank 

approved a $50 million project focused on improving access to electricity in rural and peri-urban 

areas. The project engaged regulated microfinance institutions to help add small-scale energy 

products to their portfolios and created financing windows for high-quality, small-scale solar 

solutions. It also provided technical assistance, capacity building, and other marketstrengthening measures to make the solar market in Yemen more inclusive and sustainable. 

During the COVID-19 pandemic, the project provided solar suppliers and installers with grantfinanced solar energy systems for COVID-19 isolation units. By June 2022, the project had 

helped 517 critical facilities (234 schools, 220 health centers, 23 COVID-19 isolation units, 40 

water wells) to receive solar systems, and had enabled more than 3.2 million people – 51 percent 

of whom are female – to receive services provided from those facilities. 
19 

African Development Bank Group

The African Development Bank Group (AfDB Group) comprises the African Development Bank 

(AfDB) and the African Development Fund (AfDF). As a leading multilateral financing 

institution in Africa, it provides countries in Africa a strong voice and ownership over 

development decisions and issues on the continent. The Budget is seeking funding for the fourth

of eight payments for the AfDB’s Seventh General Capital Increase (GCI-VII) and for the first

payment under the AfDF’s sixteenth replenishment period (AfDF-16). As of end-2022, and 

since April 2020, the AfDB Group has provided approximately $4.1 billion in support to help 

countries address the health and economic impacts of COVID-19. In 2022, the largest sectors 

for AfDB Group investments were infrastructure (34 percent) and agriculture (22 percent). 

African Development Bank

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

54,648,752 54,648,752 54,648,752

Treasury requests approximately $54.6 million towards the fourth of eight installments under the 

AfDB’s GCI-VII. U.S. leadership was instrumental in achieving a wide-reaching plan to 

strengthen the AfDB’s financial sustainability, operational quality, and institutional integrity. 

Failure to subscribe in full would weaken our voice on the AfDB Board and therefore our ability 

to oversee implementation of these reforms. Furthermore, prompt provision of capital will 

enhance the AfDB’s lending capacity to continue its support to African countries as they 

confront the food and energy spillovers from Russia’s war on Ukraine, adverse weather 

conditions across much of the continent, and try to recover from the COVID-19 pandemic. A 

strong, prosperous Africa is essential to addressing today’s global challenges, and the 

Administration has signaled its commitment to Africa, including through initiatives such as 

Prosper Africa. Maintaining U.S. leadership at the AfDB will facilitate strong U.S. partnerships 

with the AfDB, as has been the case with Power Africa. The AfDB will also play an important 

role as a responsible financial partner for African economies as they seek to maintain or restore

debt sustainability and reduce their dependence on less transparent or higher-priced financing 

sources. 

Program Description

The AfDB provides public sector financing at market-linked rates to 20 member countries, and 

provides loans, equity investments, lines of credit, and guarantees to the private sector in all 54 

African member countries. The AfDB approved approximately $4.98 billion in financing in 

2022. 

The AfDB is financed by capital contributions from shareholders, borrowing from international 

capital markets, and retained earnings. Shareholders approved GCI-VII in 2019 to allow the 

AfDB to expand its support to African countries and the private sector in the face of continued 

significant development needs on the continent. 
20 

AfDB Management has made progress implementing a package of reform commitments agreed 

under GCI-VII. Most notably, the AfDB improved the institution’s financial sustainability by 

approving new loan pricing and cost containment frameworks, and demonstrated increased

budget discipline. AfDB Management continues to work on greater operational selectivity, 

clarifying organizational structure and responsibilities, updating environmental and social 

safeguards policies, implementing a quality assurance plan to improve project quality, and 

strengthening the AfDB’s approach to governance, anti-corruption, and internal controls. 

The United States is the largest non-regional shareholder at the AfDB, with 6.4 percent of total 

shareholding, and the third-largest shareholder overall, after Nigeria and Egypt. 

How Support for the AfDB Promotes U.S. Interests

AfDB financing supports U.S. economic development, national security, and foreign policy 

objectives in Africa in the following ways:

• Supports U.S. Interests in North Africa: In 2022, the AfDB provided approximately 

$960 million in financing to Tunisia, Morocco, and Egypt, all of which are important 

U.S. strategic partners. Typically, AfDB financing to these countries supports 

governance and business-climate reforms, infrastructure development, and job creation. 

In 2022, the focus was on food security and job creation. 

• Creates Opportunities for U.S. Businesses: The AfDB has a $13 billion portfolio of 

regional integration projects and is accelerating its partnership with the African 

Continental Free Trade Area, which could represent one of the world’s largest free trade 

areas. It increasingly plays a critical role in developing and opening African markets for 

U.S. exporters and investors, in line with the Prosper Africa initiative. AfDB financing 

develops physical and telecommunications infrastructure that boosts trade, leverages 

business climate reforms, supports local SMEs, contributes to the growth of an African 

middle class of consumers, and promotes regional integration supporting the African 

Continental Free Trade Agreement. It also supports improvements in countries’ policy 

environments to drive private sector investment and growth, and it promotes rules and 

policies around lending that are conducive to U.S. interests. 

• Finances Environmental Resilience and Sustainable Energy for Africa: In 

recognition that Africa is one of the regions most vulnerable to natural disasters and 

environmental challenges including those caused by climate change, the AfDB has 

adopted ambitious targets to support countries’ development in sustainable energy, 

integrated water resources management, and resilient agriculture. 

• Infrastructure Investment: Improved infrastructure is critical to Africa’s growth and 

prosperity, including power to run health clinics, roads to transport agricultural products 

to market, and ports to facilitate trade and connectivity. The AfDB’s investment in 

African infrastructure, including through collaboration with Power Africa, helps support 

an environment for increased U.S. investment and trade. In 2022, the AfDB approved 

$914 million in infrastructure investment.

• Combats Illicit Finance. The AfDB is working closely with the United States and 

African countries to identify and implement specific actions to improve transparency, 
21 

combat corruption and criminal activity, and increase government accountability in 

Africa. 

Meeting U.S. Commitments to the AfDB

Failure to meet commitments to GCI-VII would result in further dilution of U.S. shareholding 

and could risk our single-country seat on the Executive Board, where the United States is the 

only shareholder to have its own seat. It would significantly weaken U.S. credibility and 

influence at the AfDB and impair our ability to advance important U.S. strategic priorities in 

Africa, whose geopolitical importance will only grow, given its young and rapidly growing 

population and the need to support the sustainable, inclusive, and transparent management of its 

vast natural resources. 

Achieving and Measuring Results

In 2021, the AfDB reports that it: 

• Supported agricultural sector investments that improved the livelihoods of 6.3 million 

farmers; 

• Improved agricultural water management on 16,500 hectares of agricultural land; 

• Built or re-constructed 1,300 kilometers of feeder roads to bring agricultural goods to 

market; and 

• Provided 8.3 million people with improved access to improved water and sanitation. 

The AfDB maintains a Results Measurement Framework to track and hold the AfDB Group 

accountable for its performance on 105 quantitative indicators, organized in four interconnected

levels: (1) development progress in Africa; (2) the AfDB Group’s contribution to development in

Africa; (3) the quality of the AfDB Group’s development operations; and (4) the AfDB Group’s 

organizational efficiency. 

Project Examples

Senegal: Transport Sector Support Project - Rehabilitation of the Dinguiraye-Nioro-Keur 

Ayib Road. The AfDB approved $34 million in 2014, and the project was completed in 2020. 

The project rehabilitated 55 kilometers of the Dakar to Lagos Trans-African Highway, as well as 

6 kilometers of urban roads, and 75 kilometers of agricultural feeder roads in a primary 

groundnut-producing area. The project also provided additional basic services infrastructure to 

local populations in the form of 4 health centers built or rehabilitated, 12 classrooms built or 

rehabilitated, 3 market shelters built, and 4 bus stations rehabilitated. 

Morocco: Inclusive and Sustainable Development Support Program for Agricultural 

Sectors. The AfDB approved $208 million in 2018, and the project was completed in 2020. 

This budget support program helped the authorities with the formulation and implementation of 

inter-sector strategic reforms to strengthen the social and environmental dimensions of the Green 

Morocco Plan and to promote inclusion, sustainability, and competitiveness in Morocco’s 

agricultural sector. The program helped to boost agricultural sector competitiveness to ensure 

inclusive and sustainable economic growth or rural women and youth through the promotion of 
22 

value chains, job creation, improvement of the business climate and sustainable natural resource 

management. The budget support also helped facilitate the passage of numerous laws to update 

the agricultural sector in Morocco, including the management of fertilizers and pesticides. The 

project also created a “training of trainers” center, a regional agricultural incubator, and created a 

Jobs-Skills framework and Jobs-Trades inventory to help match employers and employees. 

African Development Fund

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

211,300,000 171,300,000 224,000,000

Treasury requests $224 million in support of AfDF programs over the AfDF-16 replenishment 

period (FY 2023 – FY 2025), including towards a first payment to AfDF-16 of $197 million and 

$27 million to reduce unmet commitments to prior replenishments. 

Program Description

The AfDF provides grants and highly concessional loans to the 37 poorest countries in Africa, of 

which half are fragile and conflict-affected states. AfDF approvals, including approvals to AfDF 

countries through the Transition Support Facility (the AfDF’s window for fragile and conflictaffected states), totaled approximately $2.44 billion in 2022. 

During the AfDF-16 replenishment negotiations, the United States achieved the following reform 

commitments that will increase AfDF’s efficiency and its ability to achieve impact: 

• In coordination with the IMF and World Bank, AfDB management is instituting a 

dynamic application of country debt sustainability analysis and will implement stronger 

allocation incentives around debt sustainability and transparency and the provision of 

grants. 

• Management presented a strong case for greater project selectivity to maximize 

effectiveness, with a two-pillar approach that will mostly fund infrastructure projects and 

capacity development to improve debt sustainability management and increase the 

sustainability and effectiveness of infrastructure projects.

• AfDF-16 added new policy commitments relating to food security, screening all projects 

for adaptation, private sector enabling environments, and a greater operational 

commitment related to sexual exploitation, abuse, and harassment, as well as stronger 

commitments on debt sustainability and transparency.

• AfDF will continue applying its fragility diagnostic tools in all AfDF countries and 

refining its approach to operations in fragile countries to better address the drivers of 

fragility.

The AfDF is financed by donor countries, including the United States, and requires new donor 

resources every three years. In December 2022, The United States joined other donors to 
23 

conclude negotiations on the AfDF-16 replenishment, which totaled $ 8.5 billion. The United 

States pledged $567.9 million to AfDF-16, to be paid over three years. The U.S. pledge to 

AfDF-16 is 15 percent higher than our AfDF-15 replenishment pledge to provide increased, 

urgently needed support to the poorest and most vulnerable countries in Africa and reassert U.S. 

leadership in supporting Africa as it confronts multiple longstanding and new development 

challenges. The United States is the third largest donor to the AfDF-16 replenishment, after 

Germany and France. On a cumulative, historic basis, the United States is the third largest donor 

to AfDF, with a 5.4 percent voting share, just behind Japan and Germany. 

Every $1 in U.S. contributions to AfDF-16 will catalyze nearly $16 in contributions from other 

donors and internally generated resources. 

How Support for the AfDF Promotes U.S. Interests

AfDF assistance helps achieve U.S. national security and foreign policy objectives in Africa. 

• Reduces Instability in Fragile States: Nineteen of the AfDF’s 37 recipient countries 

are fragile and conflict-affected states, including countries such as Mali, Chad, and Niger 

that are on the front lines of the fight against terrorism in Sub-Saharan Africa. Over the

2023-2025 period, more than 60 percent of the AfDF’s financing will be used to combat 

instability in fragile and conflict affected states, including through projects to strengthen 

governance and anti-corruption. 

• Addresses Economic and Social Impacts of Health and Humanitarian Crises: Since 

the start of the pandemic, the AfDF has approved approximately $1.5 billion in loans and 

grants to help the poorest countries in Africa address the health and economic impacts of 

the COVID-19 pandemic. AfDF financing also seeks to address the root causes of 

humanitarian crises in and migration flows from Africa’s poorest countries. The AfDF 

helps reduce fragility, builds infrastructure, and supports private sector-led growth, 

economic diversification, and job creation. AfDF is building up long-term food security 

through investments in resilient agriculture and infrastructure to support agricultural 

production and marketing. 

• Complements U.S. Bilateral Support to Africa: The AfDF’s work to enhance 

economic growth and improve stability and governance helps support U.S. objectives of 

increasing trade and investment with African partners, including through collaboration 

with Power Africa and Prosper Africa. 

• Infrastructure Investment: Improved infrastructure is critical to Africa’s growth and 

prosperity, including power to run health clinics, roads to transport agricultural products 

to market, or ports to facilitate trade. The AfDF’s support for African infrastructure, 

including through collaboration with Power Africa, helps support an environment for 

increased U.S. investment and trade. In 2021, the AfDF approved $1 billion in 

infrastructure finance, and this level will grow in coming years as AfDF shifts away from 

emergency support to address the effects of the COVID-19 pandemic. 
24 

Meeting U.S. Commitments to the AfDF

As of March 2023, U.S. unmet commitments to AfDF replenishments and MDRI at the AfDF

amount to approximately $376 million, of which $114 million is for AfDF replenishment pledges 

and $262 million is for AfDF-MDRI. These unmet commitments have decreased the financial 

capacity of the AfDF and have undermined U.S. credibility and leadership at a time when the 

AfDB Group is undertaking many critical reforms on which the United States is a leading voice

and AfDF countries are confronting a vast array of compounding external shocks. 

MDRI provides for 100 percent cancellation of eligible debt to the AfDF and IDA for countries 

that completed the conditions for debt relief under the HIPC Initiative. MDRI has allowed lowincome countries to reallocate scarce resources for poverty-reducing expenditures in areas such 

as health and education. To prevent a depletion of AfDF resources, donors committed to 

compensate AfDF for the cancelled debt on a dollar-for-dollar basis. The United States has 

annual payments to AfDF MDRI through 2054. The U.S. share of the commitments to support 

AfDF-MDRI during the AfDF-16 period is $92.6 million, which will come due to the United 

States during the FY 2023-FY 2025 period. Of this, $31.4 million is due in January 2024. U.S. 

unmet commitments to AfDF-MDRI increase unless Congress appropriates resources to cover 

amounts that come due annually. 

Achieving and Measuring Results

In 2021, the AfDB reported that programs in AfDF countries: 

• Built or rehabilitated 175 kilometers of power distribution lines and installed 101 

megawatts of new installed capacity, enabling 260,000 people to access power systems; 

• Helped 6.5 million people access new or improved water supply and sanitation, about 

half of whom were women; and 

• Supported improvements in agricultural productivity benefiting 16.4 million people, 

about half of whom are women. 

AfDF-16 includes a set of 33 commitments for the AfDF to achieve over 2023-2025, which 

cover the AfDF’s development work as well as its institutional efficiency and effectiveness, as 

well as commitments around food security, debt sustainability and transparency, private sector 

enabling environments, screening all projects for adaptation, and a more ambitious operational 

commitment related to preventing sexual exploitation, abuse, and harassment. Each commitment 

includes at least one measurable indicator. 

Project Examples

Chad: Kyabé-Singako Road Surfacing Project. The AfDF approved $18.2 million in 2014 for 

a portion of the cost to pave the 72 km section of the road from Kyabe to Singako, and had a 

planned completion date of December 2022. This was a missing link in the NdjamenaMoundou-Sarh-Kyabé-Am Timan corridor, and connects the southwest through the rich 

farmlands of Moyen Chari and Salamat Regions of southern Chad. The project will reduce 

poverty by decreasing transport costs in this agro-pastoral region and improve the living 
25 

conditions of its people through increased access to health and educational facilities and to the 

country’s largest cities.

Gambia: Agriculture Value Chains Development Project (AVCDP). The AfDF approved 

$8.4 million in 2016, and the project was completed in 2021. The project improved nutritional 

security and increased income for agricultural producers, benefitting 8,300 households directly 

and an additional 4,000 households indirectly. The project increased production of rice through 

provision of 5 paddy drying floors and 3 paddy storage warehouses. The project provided 

fencing and shelter for 60 sheep pens and 35 poultry pens, along with “start-up kits” including 

feed and veterinary medicines. Agro-SMEs provided employment to 9,200 people as a result of 

the project.
26 

Asian Development Bank 

The Asian Development Bank comprises the Ordinary Capital Resources of the Asian 

Development Bank (AsDB) and the Asian Development Fund (AsDF). As a leading multilateral 

financing institution in Asia, it provides countries in the Asia-Pacific region a strong voice and 

ownership over development decisions and issues in the region. As there are no outstanding U.S. 

capital commitments for the Ordinary Capital Resources of the AsDB, the Budget is seeking 

funding for the AsDF and two new AsDB initiatives. The AsDB has been a leading financier of 

the effort to combat the COVID-19 pandemic and address its health and economic impacts. 

Since the start of the pandemic, the AsDB has provided a total of approximately $40.2 billion in 

financing and has mobilized an additional $27.7 billion in co-financing to respond to the 

pandemic. AsDB is also a significant financier of infrastructure, which tends to account for 

about one-third of its total annual commitments. 

Asian Development Fund

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

53,323,000 43,610,000 107,220,000

The Budget requests approximately $107.2 million to support AsDF programs over the twelfth

replenishment period (AsDF-13; 2021–2024), including $87.2 million towards the U.S. pledge 

for the AsDF-13 replenishment, and $20 million to reduce unmet commitments to prior 

replenishments. 

Program Description

The AsDF is a grant-only fund that supports the poorest and most vulnerable countries in Asia 

and the Pacific, including Small Island Developing States (SIDS). AsDF grants help recipient 

countries reduce poverty, support economic growth, mitigate and respond to disaster risks, boost 

regional integration, and address the unique challenges confronting fragile and conflict-affected 

states and SIDS. In typical years, 40 to 50 percent of AsDF support focuses on infrastructure 

projects in the energy, water, and transportation sectors. U.S. contributions to the AsDF also 

support the AsDB’s Technical Assistance Special Fund (TASF), which has supported COVID-19 

related technical assistance grants for the poorest countries. In 2022, AsDF approvals totaled 

$937 million. 

Various factors determine AsDF resource allocation, including country performance, debt 

sustainability, economic vulnerability premia for SIDS, and a special allocation for Afghanistan

for humanitarian needs. Additional thematic pools are set aside to incentivize projects that 

support the following strategic areas: (i) fostering regional cooperation and integration (RCI), 

including the provision of regional public goods (RPGs); (ii) supporting disaster risk reduction 

and climate adaptation; and (iii) achieving Sustainable Development Goal 5’s transformative 

gender agenda. Fourteen countries are eligible to receive AsDF grant assistance. 
27 

In September 2021, the United States pledged $174.44 million for the AsDF-13 replenishment 

period (2021-2024), to be paid over four years. This is an eight percent decrease from the 

previous replenishment, matching the overall decline in donor contributions required due to 

growth of contributions from internally generated resources and changes in country eligibility for 

AsDF grants. This decrease provides $15 million in savings while allowing the United States to 

remain the third-largest donor, after Japan and Australia. During the replenishment negotiations 

for the AsDF-13 period, the United States achieved important policy commitments, including 

increasing support to Pacific SIDS, a comprehensive package for strengthening public debt 

sustainability, and a focus on quality infrastructure investment. 

How Support for the AsDF Promotes U.S. Interests

AsDF assistance helps achieve U.S. national security, environmental goals, economic, and 

foreign policy objectives in Asia and the Pacific. 

• COVID-19 Response: Since the start of the COVID-19 pandemic, the AsDF has been a 

significant part of the AsDB’s comprehensive response to the COVID-19 pandemic, 

providing support for strengthening health systems and vaccine procurement, and helping 

vulnerable countries counter macroeconomic impacts and sustain social safety net 

spending. 

• Providing a Superior Source of Development Financing for Small Island Developing 

States: The AsDF-13 replenishment includes an economic vulnerability premium to 

increase financing for AsDF-eligible SIDS. Given development needs and capacity 

constraints, small states, especially Pacific Island states, are particularly vulnerable to 

unfavorable and non-transparent lending which does not contribute meaningfully to 

development. The premium benefits the small and vulnerable island countries and is 

combined with greater focus on promoting debt sustainability and transparency, including 

applying IDA’s Sustainable Development Finance Policy (SDFP). 

• Disaster Resilience and Adaptation in Asia and the Pacific: During the AsDF-13 

period, AsDF will provide up to $277 million in grants for disaster risk reduction and 

climate adaptation and up to $255 million to facilitate faster pandemic and disaster 

response and provide support for humanitarian relief for AsDF countries in the wake of 

crises in the region.

• Support for the Afghan People: AsDF will continue to provide grants to address the 

humanitarian needs of the Afghan people through non-government organizations, while 

preventing the flow of funds to the Taliban. Such efforts include addressing the food, 

health, and education needs of the Afghan people, with special emphasis on access for 

women and girls. 

Meeting U.S. Commitments to the AsDF

The United States has approximately $317.8 million in unmet commitments to the AsDF, which 

adversely affects the AsDF’s financing capacity and U.S. leadership at the AsDB. Without fully 

funding its commitments, the United States risks impairing its ability to shape the direction of 

AsDF policies and activities, as well its ability to help channel critical concessional finance to
28 

AsDF beneficiary countries. Other AsDF donors have withheld, proportionally, a total of $14.1 

million in contributions to previous replenishments in response to U.S. unmet commitments, and 

these resources will not be released until the United States clears its unmet amounts. 

Achieving and Measuring Results

The AsDB reports on results through its annual Development Effectiveness Review (DEfR) and 

Performance Scorecard, which compiles project-level outputs. In particular, the DEfR measures 

whether projects are effective, completed on time and according to benchmarks, and sustainable 

after the conclusion of AsDB or AsDF involvement. These annually assessed measures are used 

to compile lessons learned and adjust targets accordingly. During 2021, the AsDB’s 

Independent Evaluation Department rated 63 percent of completed AsDB concessional sovereign 

operations (which include AsDF-supported grants) as successful. 

AsDB reports that it achieved the following in AsDF countries in 2021: 

• Accelerated progress on gender equality by enabling 9.3 million women and girls to 

complete education or job training and generating 656,000 skilled jobs for women. 

• Contributed to climate change adaptation by reducing greenhouse gas emissions by 17.8 

million tons annually and by establishing climate-resilient irrigation infrastructure and 

water delivery services in 220,000 hectares of land.

• Supported urban development by establishing or improving 210 urban infrastructure 

assets. 

• Promoted rural development and food security by establishing or improving 840 rural 

infrastructure assets, increasing market access for 73,000 farmers and improving the 

productivity of 2.42 million acres of land. 

• Strengthened governance and institutions by helping to build the capacity of 90,000 

government officials in design, implementation, monitoring, and evaluation of 

institutional measures. 

• Supported regional cooperation by facilitating $1.08 billion in trade investments. 

Project Examples

Maldives: Strengthening Gender Inclusive Initiatives Project. Approved in December 2022, 

this $7.51 million AsDF grant will support AsDB’s first holistic gender equality project in 

Maldives. It aims to minimize gender-based violence and remove barriers that prevent equal 

rights, participation, and social and economic benefits for women. Maldives experiences 

persistent gender equality gaps, where women continue to shoulder most of the unpaid care work 

and gender-based violence remains prevalent, but services are limited. The grant will finance the 

building of three shelters for domestic violence and gender-based violence survivors and 

strengthen the capacity of the social service system to provide aged care and early childcare 

services. The grant will also help the Maldives Bureau of Statistics to address critical gaps in the 

collection and use of gender statistics and data disaggregated by sex, age, and disability, as well 

as support the Ministry of Finance in integrating gender-responsive budgeting into the national 

budget system. 
29 

Bhutan: Enhancing Energy Security Project. Currently, Bhutan’s power generation subsector 

relies almost exclusively on hydropower, which is becoming less reliable as water flows become 

more unpredictable. Approved in October 2022, this project will finance the first utility scale 

alternative renewable power plant in Bhutan. The $18.6 million package (which includes a $10 

million AsDF grant) will support the construction of one solar photovoltaic (PV) power plant 

located in central-west Bhutan with a minimum total capacity of 17.38 megawatt peak (MWp). 

This PV powerplant will complement hydropower and diversify Bhutan’s energy sector, which 

would enhance Bhutan’s energy security. The estimate for the technical potential of solar 

photovoltaic generation in the country is 12,000 MW, with most power produced during the dry 

season.

Asian Development Bank Programs 

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

IF-CAP Guarantee -- -- 84,378,130

ETM -- -- 35,000,000

TOTAL -- -- 119,378,000

Program Description

The FY 2024 request includes approximately $119.4 million for two new AsDB initiatives: 

approximately $84 million for the subsidy cost of a $1 billion guarantee to support a new multidonor guarantee window for the AsDB Innovative Finance Facility for Climate in Asia and 

the Pacific (IF-CAP), and $35 million for the AsDB Energy Transition Mechanism (ETM)

Partnership Trust Fund. 

In providing funding for IF-CAP, the United States would join a group of likeminded AsDB 

shareholders seeking to guarantee a $2.25 billion portfolio of AsDB sovereign loans. The 

guarantee would cover a small portion (less than 2%) of the AsDB’s $130 billion sovereign loan 

portfolio and free up sufficient capital for the Bank to undertake approximately $9 billion in new, 

additional lending over five years. The additional lending would support infrastructure sectors 

such as energy and transportation, as well as policy reforms to promote low-emission growth, 

adaptation, and resilience in low- and middle-income and vulnerable AsDB member countries. 

China and other countries above a certain income threshold would not benefit from this program. 

Guarantees of MDB lending are a capital-efficient way to increase financing due to the very low 

default risk of MDB loans to sovereigns. The program is highly catalytic: by providing a $1 

billion guarantee, approximately $3.6 billion of the newly enabled lending would be attributable 

as support from the United States. The guarantee is also extremely cost-effective for the United 

States from a budgeting perspective. 

The ETM Partnership Trust Fund is a multiple-partner trust fund designed to accelerate 

investment in energy diversification in AsDB member countries, including new energy 
30 

generation, energy storage infrastructure, and grid upgrades. Indonesia and the Philippines will 

serve as priority pilot project locations during the first two years of the mechanism. The U.S.

grant contribution would help support economies in Southeast Asia transition to a clean, modern 

electric grid. The AsDB aims for concessional financing through the ETM to mobilize ten times 

as much from the private sector over time, providing a significant leverage opportunity. As of 

February 2023, Japan and Germany have announced contributions to the ETM, totaling close to 

$60 million combined.

How Support for AsDB Programs Promotes U.S. Interests

The IF-CAP guarantee facility supports U.S. development and strategic interests in the AsiaPacific region. First, increasing the resources available for mitigation and adaptation strengthens 

regional partners’ energy security and their resilience to both natural disasters and the 

weaponization of energy supplies. Second, boosting the lending capacity of the AsDB supports a 

broader goal of strengthening the U.S.-led multilateral development model—making it more 

attractive to recipient countries than that of strategic competitors—and demonstrating to 

developing country partners that they need not choose between responding to global challenges 

and financing basic infrastructure needs, such as transport and sanitation. Third, participation in 

the program gives the United States a seat at the table to direct a significant volume of new 

lending for public and private sector projects. 

The guarantee’s high mobilization potential is consistent with the U.S. strategy of relying on 

both public and private partners to achieve transformative growth. The AsDB estimates that 

each $1 in new lending could mobilize as much as $4 in private co-financing, further maximizing 

the impact of the U.S. guarantee. 

Achieving and Measuring Results

A donor committee comprising donor financing partners, which AsDB Management will chair, 

will guide the selection criteria for IF-CAP projects. Projects will be subject to the same 

standards, approval process, oversight, and reporting requirements as any AsDB project. The 

AsDB will monitor and evaluate the results of projects and report to financing partners regularly. 
31 

Inter-American Development Bank Group 

The Inter-American Development Bank (IDB) Group comprises the IDB, the Multilateral 

Investment Fund, and the Inter-American Investment Corporation (IIC) – commonly referred to 

as “IDB Invest” – its private sector financing arm. The IDB is the largest source of development 

financing for 26 nations of Latin America and the Caribbean, a strategically significant and 

economically important region for the United States. IDB Invest promotes development of the 

private sector in Latin America and the Caribbean by providing loans and guarantees and making 

equity investments in private sector projects. It also mobilizes private sector capital along with 

its own investment activities and provides advisory and technical assistance services.

Inter-American Investment Corporation

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

-- -- 75,000,000

The Budget requests $75 million for an initial subscription to a capital increase that will 

reinforce IDB Invest’s ability to foster private sector-led growth in Latin America and the 

Caribbean. 

Program Description

IDB Invest, legally registered as the Inter-American Investment Corporation (IIC), is the IDB 

Group’s primary private sector lending window. Founded in 1985, IDB Invest has transformed 

and grown significantly following the consolidation of private sector activities that the IDB 

formerly financed under IDB Invest and a capital increase, in which the United States did not 

participate, which IDB and IDB Invest shareholders approved in 2015. Without a new general 

capital increase for IDB Invest, its annual private sector lending in the region will plateau and it 

will not have the resources for a more diverse and impactful set of investments in productive 

sectors. In 2022, IDB Invest approved approximately $6.6 billion in loans and investments. 

Additional capital for IDB Invest will help it to nurture the private sector—the engine of Latin 

America and the Caribbean’s future growth—and catalyze the necessary resources for 

investment in high-quality infrastructure and enterprises with strong potential to generate 

employment. IDB Invest Management is drawing up plans for a new vision, “IDB Invest 2.0,” 

that would leverage additional capital to increase contributions to the region’s greatest needs; 

mainstream gender, diversity and inclusion elements; and expand advisory and technical 

assistance services to stimulate private sector growth. A key feature of IDB Invest 2.0 will be 

increased mobilization of private capital alongside IDB Invest, enhanced risk transfer to the 

private sector, and recycling of capital to foster higher levels of investment while maintaining 

financial sustainability.
32 

How Support for IDB Invest Promotes U.S. Interests

IDB Invest lending, in conjunction with sovereign-guaranteed lending from the IDB, helps 

achieve U.S. national security, economic, environmental, and foreign policy objectives in Latin 

America and the Caribbean. Leaders from across the region view the IDB Group as a vital 

source of financing and important vehicle for promoting hemispheric cooperation. The United 

States is the largest shareholder in both IDB and IDB Invest, so the IDB Group is a natural 

vehicle for demonstrating U.S. leadership and building goodwill in Latin America and the 

Caribbean. By supporting stronger private sector-led growth and job creation in the region, a 

capital increase for IDB Invest can support growth of important U.S. export markets, promote 

supply chain diversification, and help reduce migration pressures in the region. 

Achieving and Measuring Results

IDB Invest reports on results primarily through its Impact Management Framework, as well as 

through the IDB Group’s annual Development Effectiveness Overview (DEO) and Corporate 

Results Framework (CRF). Under its Impact Management Framework, IDB Invest monitors, 

measures, and evaluates the development impact of projects through its Development 

Effectiveness Learning, Tracking and Assessment tool, or DELTA. The DELTA tool measures 

and monitors the impact of projects before and during each stage of their life cycle, considering 

both development outcomes – contribution to social and economic development, project business 

performance, environmental, social and corporate governance sustainability – as well as 

additionality, to include both financial and non-financial additionality.

IDB Invest monitors the progress of each investment in achieving impact against expectations, 

updating the initial impact rating assigned to each operation annually to reflect actual results 

achieved. In 2021, 58 percent of IDB Invest operations were classified as “satisfactory.” IDB 

Invest also assesses performance of completed projects through final project reports, utilizing 

Expanded Supervision Reports (XSRs). In 2021, 62 percent of IDB Invest projects received an 

overall positive rating, a rating validated by the independent Office of Evaluation and Oversight. 

Additional capital for IDB Invest will allow it to strengthen its impact framework by engaging in

deeper dialogue with governments to better select and identify investment opportunities, and by 

implementing its strategic selectivity tool that will steer originating investments towards areas 

that are most likely to close development gaps. IDB Invest will also utilize additional capital to 

strengthen its Impact Management Framework by incorporating metrics to assess development 

of investable projects, also known as “upstream” work, as well as synergies across the IDB 

Group. 

Project Examples:

Paraguay: Financing for Quality Infrastructure Project. Approved in December 2021, this

investment provides $219 million worth of financing to Rutas del Este S.A. for the design and 

construction of national roads 2 and 7 in Paraguay. This financing structure designed and 

purchased by IDB Invest as a project bond covers project costs for engineering, procurement and 

construction, and other transaction costs. Construction of national roads 2 and 7 in Paraguay will 
33 

improve road safety and service levels in one of Paraguay’s main corridors for economic 

activity. 

Bahamas: Clean Energy Project. Approved in November 2022, IDB Invest financing for the 

Lucayas solar energy project, to include transmission and interconnection infrastructure, will 

help this small island country displace oil imports, including those that potentially support the 

Maduro regime in Venezuela, and reducing balance of payments pressures. This transaction will 

provide 100 percent of the Lucayas solar energy project’s financing needs over a 22-year period, 

and helps advance the market for clean energy sources in the Caribbean.

Honduras: Sustainable Textiles and Women Owned/Operated Enterprises. Approval of 

two loans in 2020 and 2022 supported capacity expansion and new machinery at Elcatex Group, 

one of the main textile groups in Honduras with more than 15,000 employees. IDB Invest

financed $25 million and mobilized an additional $15 million in capital for a total $40 million in 

loans. The 2020 tranche supported creation of 3,200 new jobs, while the second, 2022 tranche 

supported 2,000. Both loans also benefited Elcatex’s downstream suppliers, most of which are 

micro-, small-, and medium-sized enterprises. The financing package included performance 

based incentives benchmarked against meeting specific targets to increase participation of smallmedium sized enterprises owned or operated by women in the value chain, and to increase 

Elcatex Group’s purchase volume from such enterprises. The loan also included technical 

advisory services for identifying greenhouse gas mitigation and compensation actions.
34 

International Monetary Fund

The Budget does not request appropriations for the International Monetary Fund. It does seek 

two authorization requests: the extension of the time period for the existing authorization for 

U.S. participation in the IMF’s New Arrangements to Borrow (NAB) and authorization to lend to 

two IMF facilities – the Poverty Reduction and Growth Trust (PRGT) and the Resilience and 

Sustainability Trust (RST). 

New Arrangements to Borrow

Treasury requests authorization to renew the existing U.S. participation and financial 

commitment to the International Monetary Fund’s (IMF’s) New Arrangements to Borrow 

(NAB). Currently U.S. participation in the NAB is authorized until December 31, 2025, and we 

request that Congress extend the authorization until December 31, 2030. 

There is no budget cost or appropriation associated with this request to authorize renewal 

in NAB participation. The U.S. transactions with the IMF under the NAB subscriptions do not 

increase the deficit in any year, and the budget excludes these transfers from budget outlays and 

receipts, consistent with the budgetary treatment for exchanges of monetary assets recommended 

by the President’s Commission on Budget Concepts in 1967. 

Program Description

• The IMF is responsible for promoting the stability of the international monetary and 

financial system. During previous international economic crises, including the Asian 

financial crisis, the Global Financial Crisis, and in the wake of COVID-19 and Russia’s 

invasion of Ukraine, the IMF has been at the center of the global crisis response efforts, 

helping mitigate the impact of the crisis in its member countries and prevent contagion, 

while advancing U.S. strategic interests abroad.

• The NAB is a multilateral borrowing arrangement between 38 IMF member countries, 

including the United States, to the IMF’s general resources. Current NAB resources are 

about $480 billion. The NAB serves as a backstop for the IMF’s general resources, and 

can be activated under certain circumstances. The NAB helps make sure that the IMF 

can respond quickly to global financial crises and restore stability to both economies and 

markets, minimizing negative spillovers that could affect the U.S. economy. The United 

States contributes roughly $75 billion to the NAB and has a veto over the activation of 

the NAB or any major changes to its terms or size, as these actions require an 85% 

majority vote of NAB participants.

How the IMF Promotes U.S. Interests

Since its creation in 1944, the IMF has played a central role in the international financial system 

and has strongly supported U.S. national interests. Through its three main activities – 

macroeconomic surveillance, technical assistance, and lending – the IMF promotes economic 
35 

stability and helps prevent and resolve financial crises when they occur, thereby supporting 

growth and stability around the world. The United States is the largest shareholder in the IMF 

with a voting share of 16.5 percent, making us the only country with veto power over major IMF 

decisions and providing us with a great deal of influence within the IMF. This leadership 

position has allowed us to influence key policy and lending decisions of the IMF. 

The IMF has played a key role in protecting U.S. national economic and security interests: 

• serving as the world’s first responder during financial crises by providing financial 

support and hands-on economic and financial policy advice; 

• supporting major U.S. trading partners such as Mexico with financial backstops; 

• reviewing countries’ exchange rate policies to make the global system more fair; and

• assessing countries’ compliance with the Financial Action Task Force’s (FATF) 

standards on terrorist financing and money laundering and providing technical assistance 

on how to improve AML/CFT regimes. 

The IMF also provides support for major U.S. partners such as Jordan, Ukraine, and Egypt to 

help stabilize their economies and implement fundamental macroeconomic and governance 

reforms. IMF lending to Jordan, for example, provides the resources and the framework for the 

country to address underlying economic issues, boost growth, and protect the poor. 

IMF Facilities and Trust Funds

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

102,000,000 20,000,000 0

The Budget does not request any appropriations for IMF Facilities and Trust Funds. The Budget 

requests the necessary lending authorization using prior year appropriations to loan up to $21 

billion from Treasury’s Exchange Stabilization Fund to the PRGT—the IMF’s concessional 

lending facility for low-income countries, and to the RST. The division of this lending between 

the PRGT and the RST is yet to be determined. The subsidy cost of lending to these facilities 

will be covered by prior appropriations. 

These proposed loans are vital to enable the IMF to continue providing support to vulnerable 

countries struggling with the pandemic and the spillovers from Russia’s war against Ukraine. 

These contributions represent a critical opportunity to demonstrate U.S. leadership by lending 

through the IMF to vulnerable countries. In October 2021, President Biden joined other G20 

leaders in announcing a global ambition to provide $100 billion in support for the global 

recovery, including through the IMF’s PRGT and the RST. Correspondingly, by leveraging 

contributions from other countries, our authorization request to lend to these facilities with prior 

year appropriations will help unlock $100 billion in transparent lending to vulnerable countries, 

thereby helping to build a more secure global economy. 
36 

Program Description

The PRGT is the IMF’s concessional financing facility, through which it makes subsidized loans 

to support the world’s 69 poorest countries. Concessional PRGT financing helps enable critical 

health and social support spending so countries can stabilize their economies and promote 

economic recovery while pursuing structural reforms to increase their longer-term stability and 

growth. In addition, the United States has supported establishing a new IMF facility, the RST, 

which will provide support to help countries undertake key structural reforms to improve their 

energy resilience and address longer-term vulnerabilities, such as those posed by pandemics and 

climate change. 

Poverty Reduction and Growth Trust (PRGT): In the wake of Russia’s war against Ukraine 

and the COVID-19 pandemic, the IMF has approved lending of about $21.5 billion in 

transparent, concessional support to about 60 poor countries through the PRGT. This support 

has been an essential instrument to help these hard-hit poor countries, many of which lack 

reliable access to global capital markets, respond to the pandemic, and prevent economic 

collapse while facing acute balance of payments stresses. IMF programs through the PRGT 

generally support policy reforms to help address longstanding macroeconomic, governance, and 

debt issues.

Resilience and Sustainability Trust (RST): The RST will enable the IMF to support its 

members in reducing their longer-term vulnerability to the economic impacts of pandemics and 

climate change. The RST will provide longer-term, low-interest financing to low- and middleincome IMF members that have other full-fledged IMF programs to support additional reforms

in areas such as improving energy security and resilience. By providing financing alongside 

regular IMF programs, RST lending will benefit from IMF lending safeguards, including strong 

governance requirements on borrowers, and will be overseen and approved by the IMF’s 

Executive Board. The RST will be critical to support vulnerable countries’ efforts to implement 

structural reforms to enhance their resilience to the macroeconomic risks associated with 

pandemics and to promote transitions to more sustainable energy sources, thereby reducing their 

energy dependence on malign actors. 

RST donors will participate by providing resources to the RST, the majority of which will be lent 

to borrowing countries, while some will be reinvested to generate income to finance the RST’s 

operations and help build the RST’s credit buffers.

How Support for the IMF Promotes U.S. Interests

Sustaining the PRGT’s ability to continue to lend to low-income countries directly supports 

macroeconomic stability and developing countries’ capacity to expand health and social 

spending to address the pandemic, its after-effects, and the spillovers from Russia’s war against

Ukraine. Globally, the IMF and World Bank have estimated that 90 million people have fallen 

into poverty since the onset of the COVID-19 crisis amid rising food insecurity and inequality. 

Low-income countries are still struggling to respond to the pandemic and have limited buffers to 

enable them to support a robust recovery. Spillovers from the Russian invasion of Ukraine, 

including increases in refugees and high and volatile commodity prices, will further exacerbate 

vulnerabilities and increase global poverty. A U.S. contribution to the PRGT would allow the 
37 

IMF to continue providing elevated levels of concessional support to low-income countries and 

would particularly benefit the most vulnerable populations in these countries. 

The RST will complement the IMF’s current financing tools by providing affordable, long-term 

financing alongside a regular IMF program for countries facing current or potential balance of 

payments gaps resulting from longer-term sources of risk. Through this, the RST will help build 

vulnerable countries’ capacity to address pandemics, improve low-emission energy resilience, 

and build resilience to the impacts of climate change. The RST will help countries better protect 

their most vulnerable members from the worst effects of global health and climate crises, reduce 

energy dependence on malign countries, and reduce global vulnerability to shocks in these areas. 

U.S. loans to the PRGT and the RST would send a powerful signal of U.S. support for struggling 

poor countries, demonstrate the United States’ commitment to lead at the IMF, particularly in 

providing transparent, sustainable lending for U.S. policy priorities, and will likely have a catalytic 

effect on contributions from other IMF member governments. The absence of U.S. support to 

these facilities would undercut our ability to influence their direction and undercut our role as the 

IMF’s leading shareholder. 

Program Examples

In contrast to the MDBs, the IMF does not lend for specific projects. Instead, IMF programs are 

meant to help member countries address balance of payments problems, forestall financial crises, 

stabilize their economies, and restore sustainable economic growth. IMF financing has played a 

critical role in enabling member countries to respond to shocks from Russia’s war in Ukraine and 

the COVID-19 pandemic. 

Zambia: IMF lending is helping Zambia to shift its economic trajectory after years of 

economic mismanagement. Before the program, Zambia was in debt distress, and its rates of 

poverty, inequality, and malnutrition were among the highest in the world. In August 2022, the 

IMF approved a 38-month loan program for Zambia under the PRGT valued at about $1.3 

billion. The program is based on the authorities’ reform plan to restore debt sustainability, create 

fiscal space for much needed social spending to foster higher, more resilient, and more inclusive 

growth. The IMF lending also enabled the immediate disbursement of nearly $200 million from 

other development partners, and strong progress on this program is expected to facilitate more 

donor support. To restore fiscal sustainability under the program, the authorities are aiming to 

run primary budget surpluses of 2-3 percent per year between 2023-2025, firmly placing 

Zambia’s debt on a downward trajectory. IMF staff project that Zambia’s GDP will grow 3.9

percent in 2023.

Mozambique: IMF lending helped Mozambique respond to shocks and will support a 

strong economic reform agenda going forward. Mozambique endured a recession in 2020 in 

the wake of the COVID-19 pandemic, followed by food and fuel price shocks in the wake of 

Russia’s invasion of Ukraine. In May 2022, the IMF approved a new three-year program for 

Mozambique under the PRGT, valued at about $456 million. The program aims to buttress 

Mozambique’s economic recovery and promote policies to reduce public debt and financing 

vulnerabilities, along with creating fiscal space for priority investments in human capital, climate 

adaptation, and infrastructure. The program supports the authorities’ ambitious reform agenda, 
38 

with key policy actions focusing on establishing a sovereign wealth fund to transparently manage 

LNG wealth, mobilizing additional tax revenue, and strengthening public financial management 

and governance. IMF staff project that Mozambique’s economy will grow 4.9 percent in 2023.
39 

Quality Infrastructure

Global Infrastructure Facility

FY 2022

Enacted

FY 2023

Enacted

FY 2024

Request

-- -- 40,000,000

The 2024 Budget includes $40 million for a first-time contribution to the Global Infrastructure 

Facility (GIF), a World Bank financial intermediary fund whose goal is to increase private 

participation and investment in developing country infrastructure. Such a contribution would be 

consistent with our G7 commitment to increase infrastructure investment under the Partnership 

for Global Infrastructure and Investment (PGII). The GIF addresses one of the most critical 

barriers to infrastructure investment for both the public and private sectors: the lack of 

investment-ready projects, and does so at a global level in partnership with a variety of MDBs. 

Program Description

Established in 2014 as a G20 initiative, the GIF provides funding and technical assistance for 

project preparation to governments and MDBs seeking to build pipelines of investment-ready 

infrastructure projects and attract private investment. The GIF works with MDB Technical 

Partners to design, prepare, and structure infrastructure projects across a variety of sectors, 

including water and sanitation, transport, clean energy, information and communications 

technology (ICT), and social services. The GIF’s unique “open access” model allows it to work 

with all MDBs, development finance institutions—including the Development Finance 

Corporation—and other public partners. The GIF is particularly effective at private capital 

mobilization: it accounts for nearly 20 percent of private capital mobilized at the World Bank 

and is expected to mobilize $80 billion from the 138 projects in its pipeline. 

The GIF Governing Council comprises GIF donors, technical partners from partner MDBs, and 

a rotating selection of developing country representatives. The GIF also has an Advisory 

Council consisting of Governing Council members and private sector representatives. The GIF’s 

monitoring and evaluation framework assesses its portfolio performance on a quarterly basis and 

prepares bi-annual progress reports.

How Support for the GIF Promotes U.S. Interests

The lack of bankable projects is a primary barrier to infrastructure investment in developing 

countries. While the United States supports project preparation bilaterally, joining a multilateral 

project preparation facility allows us to leverage the expertise of an array of MDB partners and 

their trusted relationships with recipient country governments. 

The GIF’s project pipeline is comprised of, as a share of total projects, 40 percent transport sector

projects; 37 percent energy; 10 percent water, sanitation, and hygiene; 5 percent ICT; and 4 percent

social infrastructure. This sectoral composition is aligned with U.S. priority sectors for 

development and national security. For example, transportation is a key sector for strengthening 
40 

supply chain resilience, providing an alternative to taking on debt from China, and reducing 

greenhouse gas emissions. The GIF also assesses 100 percent of projects through a gender lens and 

promotes 100 percent alignment with the G20 Quality Infrastructure Investment (QII) principles, a 

G20 priority initiative for the United States.

The GIF also has significant private capital mobilization capability. Over its pilot phase, initial GIF 

investments of $24 million mobilized $6.6 billion in private capital, a mobilization rate of 1:275. In 

fiscal year 2022 alone, GIF approved $19 million in funding for projects expected to mobilize over 

$6 billion. 

Becoming a GIF donor at a significant level—$40 million would match the current top contributor, 

Japan—will provide the United States a seat at the table to influence this well-respected 

infrastructure development institution alongside several close allies. Our support would be 

consistent with the G7 commitment to increase infrastructure investment through upstream work 

that expands the pipeline of investible infrastructure projects for both public and private investment. 

The GIF also provides an opportunity to support the operationalization of QII principles, 

contributing to the Administration’s goal of promoting high-quality, transparent, and sustainable

infrastructure in developing countries. 

Achieving and Measuring Results

Since 2015, the GIF has developed a $80 billion portfolio of 148 infrastructure activities at 

various stages of maturity across 67 emerging markets and developing countries. Most projects 

are still undergoing preparation, but 19 have reached commercial or financial close, i.e., the end 

of the project preparation pipeline and the beginning of project implementation. These 19 

projects have mobilized $9 billion in private investment, improved the lives of over 20 million 

people, created an estimated 61,500 jobs, added 329 MW of renewable energy, and reduced 

greenhouse gas emissions by 3.2 megatons of CO2 equivalent/year. Should all projects in the 

GIF pipeline reach financial close, they would mobilize an estimated $51 billion in private 

capital.

Project Examples

Côte d’Ivoire: Unlocking opportunity with clean mass transit. In Abidjan, Côte d’Ivoire, the 

city’s inadequate public transportation system is a major bottleneck to growth; in response, the 

World Bank and government of Côte d’Ivoire are devising a Bus Rapid Transit (BRT) system to 

drive national growth and promote private sector-led competitiveness. The World Bank brought 

in GIF experts to provide technical assistance to assess various public private partnership options 

for the BRT and evaluate commercial, financial and economic aspects of the project. Following 

its assessments, the GIF created recommendations for the optimal business and implementation 

models for the project, and continues to support the Government of Côte d’Ivoire with 

transaction advisory support to bring the project to market, assistance with conducting 

roadshows to attract investors, and preparation and structuring of a transparent and competitive 

procurement process. With $2 million in GIF funding, the project is expected to mobilize $130 

million in private capital, make 600,000 jobs newly accessible to residents of the city’s suburbs, 

and build investor confidence in public transit investment opportunities in Côte d’Ivoire. 

 
41 

Ukraine: Building a safe, high-quality national road network. Even prior to Russia’s illegal 

invasion of Ukraine, Ukraine’s road network was in poor condition and in need of an estimated 

$7 billion of investment, far exceeding the existing maintenance budget. The GIF is working 

with the World Bank and the Government of Ukraine to develop a road asset management 

program to rehabilitate, upgrade, and maintain Ukraine’s core road network, and identify a 

pipeline of pilot projects. Based on a concept designed by the GIF, the program’s business 

model will engage the private sector to facilitate quality road network upgrades and long-term 

maintenance through private investment, with incentives for safety performance. This publicprivate partnership is expected to attract up to $9 billion of private investment for 2,800 miles of 

road, and the GIF is now supporting the program’s initial pilot transactions. 
42 

Energy and Environment

The Budget requests approximately $1.42 billion for multilateral trust funds in energy and 

environment, including the Clean Technology Fund (CTF), Green Climate Fund (GCF), Global 

Environment Facility (GEF), and new programs to promote resilience and infrastructure. U.S. 

contributions to these funds enhance U.S. and global energy security by helping developing 

countries increase energy independence, enhance the diversity of energy sources, and decrease 

dependence on fossil fuel imports. The climate and environment funds also support developing 

country efforts to adapt to climate change and build resilience, conserve and restore forests and 

landscapes to prevent drought and extreme weather, protect wildlife, and reduce the impact of

dangerous chemicals in our water and food supply. Treasury’s support to these funds will also 

support country-level policy reforms that are essential for setting partner countries on lower 

emission development pathways and for scaling up private sector investment in climate 

solutions. 

Clean Technology Fund

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

125,000,000 125,000,000 425,000,000

Created in 2008, the Clean Technology Fund is the largest part of the Climate Investment Funds 

(CIFs). These funds support MDB efforts to scale up their engagement on clean energy, climate 

adaptation, and sustainable land use by providing scarce concessional resources that are blended

with regular MDB finance. 

The Budget requests $425 million for the Clean Technology Fund to support a hybrid loan and 

grant contribution. Utilizing the full $425 million in subsidy would support a concessional loan

with an estimated value of $1.23 billion. 

Program Description

The CTF includes several programs aimed at both the public and private sector. 

The Accelerating Coal Transition (ACT) Investment program complements the United States’ 

bilateral efforts to promote a just energy transition in targeted countries. The ACT program 

focuses on helping coal dependent developing countries to diversify their energy supply while 

helping affected communities adapt to a changing economy. Using concessional funding from 

the CTF alongside MDB financing and countries’ own resources, the program supports a holistic 

approach that includes reclamation, decommissioning, and repurposing of obsolete coal power 

plants and associated infrastructure, as well as social and economic support and re-skilling 

opportunities for communities impacted by the transition. Additional funds will be mobilized 

from the MDBs’ own resources to support these economy-wide investment strategies and could 

also support social protection and additional job creation activities. The first four countries 
43 

selected for the ACT program – India, Indonesia, the Philippines and South Africa – have 

participated in previous CTF programs, and account for about 12 percent of annual GHG 

emissions. Two additional countries, the Dominican Republic and North Macedonia, have been 

invited to develop Investment Plans to help realize their ambitious plans to modernizes their 

energy sectors. 

The CTF’s Global Energy Storage Program (GESP), the Dedicated Private Sector Program 

window, and the Futures window support a variety of impactful, highly catalytic and technology 

forcing projects in CTF recipient countries, with a particular focus on mobilizing private finance. 

The CTF Futures window is open to proposals for private sector projects from over 70 countries 

in sectors such as energy efficiency, renewable energy, electric vehicles, and green hydrogen as a 

transportation fuel, rail and bus rapid transit, integrated traffic management systems, and green 

logistics in maritime and intermodal transport. The program is seeing high demand for a variety 

of storage technologies, including batteries and green hydrogen. CTF investments in electric 

vehicle infrastructure will help expand the market for U.S. technology. 

How Support for the CTF Promotes U.S. Interests

The CTF is a very efficient and cost-effective vehicle to promote large-scale transformational 

investments in clean technology in major emerging market economies. The CTF oversight body, 

which includes the United States, is selective about accepting countries into the program, giving 

the United States a strong say in the allocation of funds and avoiding countries of concern. 

Because the CTF works exclusively with the MDBs, its programming leverages their staff 

expertise and institutional infrastructure to provide assurance that projects have robust 

environmental and social safeguards. This allows the CTF to keep administrative costs low with 

a small staff footprint while not compromising on quality. 

Achieving and Measuring Results

Since its inception, the CTF has put a strong emphasis on regular results and impact reporting, 

and it manages a robust evaluation and learning exchange between the MDBs and recipient 

countries. All CTF projects publicly report on results annually and cumulatively. The approved 

CTF portfolio of 161 projects consists of 64 percent renewable energy projects, 14 percent 

energy efficiency projects, 15 percent combined renewable and efficiency projects, 7 percent 

transport, and 1.5 percent energy storage projects. CTF investments have reduced cumulative 

GHG emissions by 132 million tons of CO2 since 2009. As of the 2022 results report, the 

cumulative installed capacity of CTF renewable energy projects is 12.1 gigawatts, with solar and 

wind being the largest energy source for these installations.

The CTF has a strong track record in mobilizing co-finance. Since 2008, CTF has allocated $5.3 

billion in concessional financing, which is expected to attract an additional $55.7 billion in cofinance. Of the $57 billion in mobilized co-financing, $18 billion is from the private sector, 

$16.3 billion from the MDBs, $7 billion from recipient governments, and $14.3 billion from 

bilateral funding institutions and other sources. 
44 

Project Examples:

India: Rajasthan Renewable Energy Transmission Investment Program. Designed to 

finance the construction of transmission infrastructure to evacuate renewable energy from private 

sector projects in Rajasthan with a target of at-least 4,300 MW (7,761 GWh annually) over a tenyear period (2013 to 2023), this project has supported 2,741 megawatts of grid connected 

renewable energy and avoided GHG emissions of 5,600,000 tons of CO2 annually. A CTF loan 

of $194.8 million from the Dedicated Private Sector Program was accompanied by $600 million 

in co-financing, $300 million from AsDB, and $300 million from the Indian government. To 

date, the total project financing of $795 million has supported the upgrade or construction of 19 

grid substations and associated facilities, the construction of nearly 1,850 kilometers of 

transmission lines, and infrastructure for the Bhadla solar park. 

Indonesia: Geothermal Clean Energy Investment Project. A CTF loan of $124 million, 

along with $505 million in co-financing from the IBRD, an Indonesian state company, and a 

bilateral donor, financed a project to increase power generation from renewable geothermal 

resources while reducing local and global environmental impacts. Distributed over 7.5 years 

(July 2011 to December 2018), the CTF financing resulted in the construction of 4 geothermal 

projects, adding 150 megawatts of installed baseload capacity, and avoided GHG emissions of 

1.1 million tons of CO2 equivalent. In addition, the project reduced local air pollution, upgraded 

energy sector information technology capacity, and supported capacity-building for utility sector 

employees. 

Green Climate Fund

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

0 0 800,000,000

The Budget requests $1.6 billion for the GCF, split evenly between the Departments of Treasury 

and State. These resources will support ongoing project financing and will count toward the 

fulfilment of the outstanding U.S. pledge for the GCF’s Initial Resource Mobilization period. 

Program Description

The GCF is the largest climate-focused multilateral fund and a critical element of the financing 

architecture of the Paris Agreement. Its mandate is to help developing countries reduce their 

GHG emissions and enhance their ability to adapt to climate change. The GCF partners with 

more than 100 entities, including private sector financial institutions, multilateral and national 

public development banks, and civil society organizations, to implement impactful climatefocused projects in developing countries and mobilize climate finance. The fund offers a range 

of financing instruments—grants, loans, equity, and guarantees—to expand options for private 

sector partners and attract private finance for underserved priorities such as adaptation and 

nature-based solutions in nascent markets.
45 

• As of August 2022, since inception, the GCF had approved over 200 projects financed 

with $11.4 billion of its resources, which mobilized $29.5 billion in public and private 

co-financing. 

• The United States is a founding member of the GCF. During the GCF’s Initial Resource 

Mobilization, the United States pledged $3 billion and has contributed $1 billion to date, 

accounting for about 5 percent of total contributions to the GCF as of March 2023. 

How Support for the GCF Promotes U.S. Interests

Addressing the challenge of climate change requires joint action from all countries, including 

from developing countries. The GCF supports developing countries’ efforts to develop on a lowemissions pathway and to adapt to the impacts of climate change. 

Given that the anticipated cost of the global low-carbon transition is far more than the public 

sector alone can provide, institutions like the GCF that multiply the impact of public dollars by 

mobilizing private sector capital are essential. Climate change mitigation and adaptation offers 

new growth and investment opportunities for U.S. businesses. The GCF actively seeks out 

opportunities to mobilize financial flows from the private sector, including through its private 

sector finance facility. Currently, several U.S. institutions, including impact investors and nonprofits, are accredited to implement GCF projects, and they are partnering with the GCF on 

projects. U.S. firms can also co-finance projects, in addition to implementing GCF projects 

directly. 

To date, on average, a dollar of GCF investment has attracted about $3 of investment from 

private sector partners. The United States actively encourages greater GCF engagement with the 

private sector, which will scale up private financing for climate change efforts and will create 

opportunities for partnership with U.S. firms. 

Meeting U.S. Commitments to the GCF

As the world’s largest economy, other countries look to the United States to play a leadership 

role in global institutions. As of end-February 2023, the United States has an outstanding unmet 

pledge amount of $2 billion to the GCF. Failure to meet the U.S. pledge would have a negative 

impact on its ability to finance projects and meet its strategic objectives. The outstanding pledge 

amount negatively impacts U.S. influence and diplomatic standing. 

There is increased demand for GCF projects from developing countries to support their efforts to 

foster low-emission, climate-resilient recovery from the effects of the COVID-19 pandemic over 

the coming years. With additional resources, the GCF would be able to fully finance its existing 

project pipeline of funding proposals, which entail a total of $4.9 billion in requests for GCF 

funding and support programs totaling $18.9 billion when taking co-financing into account. 

Achieving and Measuring Results

Despite the COVID-19 pandemic, the GCF is accelerating its support for a climate-resilient 

recovery in developing countries, in conjunction with raising the ambitions of countries’ national 
46 

climate mitigation strategies. The GCF approved nearly $1.5 billion in projects in 2022. As of 

August 2022, GCF’s portfolio of over 200 projects are expected to deliver GHG reductions 

equivalent to approximately 2.3 billion tons of CO2 emissions and increase climate resilience for 

over 637 million people. 

In 2021, the GCF Board approved an updated and comprehensive approach for measuring 

impact, including how GCF projects support low-emission and climate-resilient development in 

the most vulnerable developing countries. The GCF’s Independent Evaluation Unit (IEU) 

conducts evaluations of GCF policies and programming to inform the Board of lessons learned 

for the benefit of future policy decisions. The IEU is currently engaged in a comprehensive 

review of the GCF’s performance during the first replenishment period.

The United States works with the GCF Board and Secretariat to increase the GCF’s ambition, 

enhance its effectiveness, and improve its efficiency. These efforts will help the GCF to 

maximize investments in projects that are innovative and have a transformative impact on 

climate change mitigation and adaptation, particularly for countries most vulnerable to the 

effects of climate change. 

Project Examples

Global Fund for Coral Reefs Investment Window. This $500 million project investment 

window, approved in 2021 with a $125 million equity investment from GCF and implemented 

by American firm Pegasus Capital Advisors, will create a private equity fund to encourage 

investments in the blue economy, protecting coral reefs. Targeting 17 countries in Africa, AsiaPacific, Latin America, and the Caribbean, it aims to address critical financing and private 

investment barriers centered around the blue economy. GCF will act as an anchor investor with 

its $125 million investment commitment, encouraging further public and private sector 

investment in sustainable ocean production, ecotourism, sustainable infrastructure, and waste 

management. The program includes the Philippines, Sri Lanka, Fiji, Bahamas, Belize, Brazil, 

Comoros, Mexico, Ecuador, Seychelles, Colombia, Mozambique, Jordan, Jamaica, Guatemala, 

Panama, and Indonesia. It is estimated to benefit 12 thousand people directly and 35.2 million 

indirectly. 

Zambia: Strengthening climate resilience of agricultural livelihoods in Agro-Ecological 

Regions I and II. This $137 million adaptation project, approved in 2018 with a $23 million 

grant from GCF and implemented by UNDP, focuses on increasing the climate resilience of 

smallholder farmers in specified regions of Zambia. Zambia, a landlocked country with 

approximately 70 percent of the workforce dependent on rain-fed agriculture, is highly 

vulnerable to climate-induced precipitation variability. While floods often result in immediate 

disasters, the increased frequency of drought is expected to present a longer-term threat to 

Zambia's agricultural livelihoods. This initiative focuses on smallholder farmers, takes a valuechain approach, and provides many benefits, including increased access to climate information 

services and support for climate-resilient agricultural inputs and practices, sustainable water 

management, and alternative livelihoods. The project is also supported by a $103.5 million grant 

from Zambia’s Ministry of Agriculture. The project is estimated to benefit 900,000 people 

directly and 3 million people indirectly.
47 

Paraguay: Promoting private sector investments in energy efficiency in the industrial 

sector. This $43 million project, approved in 2018 with a $20 million loan and $3 million grant 

from GCF and implemented by the Inter-American Development Bank, focuses on reducing 

reliance on fuelwood and fossil fuel energy sources by Paraguayan small businesses, increasing 

their energy efficiency and shifting use to renewable hydropower. Paraguay has a high 

hydropower capacity, yet industry is largely powered by traditionally inexpensive fuelwood 

(constituting 83 percent of industrial energy use), causing pollution from wood burning and 

deforestation. The project will develop tools to generate an enabling environment for energy 

efficiency investments by SMEs, including standardized performance contracts, insurance 

contracts, and monitoring and verification systems. It will also provide concessional credit lines 

to local financial institutions and SMEs. 

Global Environment Facility

FY 2022

Enacted

FY 2023

Enacted

FY 2024

Request

149,288,000 150,200,000 168,700,000

The Budget requests a $168,700,000 contribution to the Global Environment Facility, in support 

of GEF programs during the eighth replenishment (GEF-8) period (July 1, 2022 – June 30, 

2026). The request includes $150.2 million for the second of four planned installments to GEF8, and $18.5 million to reduce unmet commitments from previous replenishments. 

Program Description

The GEF is a multilateral trust fund that provides mainly grant-based funding to assist developing 

and transitional countries in addressing global environmental challenges in five focal 

areas: biodiversity, chemicals and waste, climate change, land degradation (primarily deforestation 

and desertification), and international waters. As such, the GEF has a distinct, specific, and 

complementary focus to the other climate and environmental multilateral funds. The GEF is a 

leading global funder of terrestrial and marine conservation projects. Since its inception, the GEF 

has provided more than $22 billion in grants and blended finance and mobilized an additional $120

billion in co-financing for more than 5,000 projects. 

How Support for the GEF Promotes U.S. Interests

The United States supported the establishment of the GEF in 1991 and has contributed to all eight

replenishments. The United States views the GEF as a critical institution for addressing a wide 

range of environmental concerns and for providing developing countries with the means to meet 

their obligations under international environmental agreements. The GEF benefits the U.S. 

economy and environment by addressing many global environmental problems that affect our 

domestic health, safety, and prosperity, such as by protecting tropical forests, combatting illegal

wildlife trafficking, reducing global levels of transboundary pollutants, and conserving fish stocks 

outside U.S. waters.
48 

Meeting U.S. Commitments to the GEF

The United States has contributed $3.34 billion to the GEF since its inception. Between U.S. 

fiscal years 2019 through 2022, the United States contributed $546.3 million to the GEF-7 

replenishment, exceeding our pledge of $273.2 million. During this period, Congress also

appropriated $22 million in additional funds, which were applied to unmet commitments from 

previous replenishments. The United States has reduced its unmet commitments by $160 million 

since 2013, when they had reached an historic high of $248 million. As of February 2023, unmet 

commitments stand at approximately $88 million, all of which are from the GEF-2 replenishment 

in the 1990s. New payments to reduce unmet commitments will be programmed according to 

the agreed priorities for GEF-8. 

In U.S. fiscal year 2023, the United States will contribute $150.2 million to the GEF-8 

replenishment as the first of four planned installments. The United States pledged 

$600.8 million to GEF-8. 

Achieving and Measuring Results

As of June 2022, the end of the GEF-7, 95 percent of GEF-7 resources had been programmed, 

totaling $3.6 billion in direct GEF project financing, with an indicative co-financing rate of 

nearly $8.20 for each dollar invested. Any unallocated GEF-7 resources have been carried over 

for programming in GEF-8. GEF-7 programming is expected to cumulatively deliver the 

following results: 

• The mitigation of more than 1.5 billion metric tons of GHG emissions;

• The creation or improved management of more than 116 million hectares of terrestrial 

protected areas and more than 8 million hectares of marine protected areas; 

• The improved management of more than 166 million hectares of productive landscapes 

and more than 28 million hectares of marine habitat (excluding protected areas); 

• The ecological restoration of more than 6 million hectares of degraded agricultural land, 

forests, grasslands, and wetlands; 

• The more sustainable management of nearly 3.5 million metric tons of globally overexploited fisheries; and 

• The reduction, safe disposal, or avoidance of 90,400 metric tons of toxic chemicals. 

Every four years, the GEF’s Independent Evaluation Office (IEO) produces a comprehensive 

evaluation of past project and operational performance to inform the policy and programming 

objectives for the next replenishment. The IEO reported that the GEF’s project performance was 

“clearly impressive,” with 80 percent of all completed projects over its 30-year history having

achieved satisfactory implementation and execution ratings.

The GEF-8 programming plan promises to deliver strong results in areas such as biodiversity 

conservation, sustainable land and seascape management, and pollution mitigation. The U.S. 

successfully championed an increase in resources allocated to least developed countries and 

small island developing states. A key feature of the proposed GEF-8 programming architecture 

will be an enhanced emphasis on larger-scale systemic investments, called Integrated Programs 
49 

(IPs), which are designed to address multiple environmental concerns simultaneously and which 

aim to produce more durable and transformative environmental benefits. Several of the proposed 

IPs for GEF-8 build on successful GEF-7 programs, including the Wildlife Conservation for 

Development IP and the Amazon, Congo, and Critical Forest Biomes IP. Others, such as the 

Circular Solutions to Plastic Pollution IP, address emerging environmental concerns. 

Project Examples

Global: Global Sustainable Fisheries Management and Biodiversity in the Areas Beyond 

National Jurisdiction (ABNJ). The GEF-5 Program on Global Sustainable Fisheries 

Management and Biodiversity in the Areas Beyond National Jurisdiction (ABNJ) (2014-2019) 

was the first major GEF investment in the management of ABNJ, with a $50 million GEF grant

and $370 million in co-financing. It included full-sized projects related to tuna fisheries, 

sustainable use of deep-sea living resources, and Ocean Partnerships. According to its terminal 

evaluation, the program showed positive results in key areas and demonstrated leading 

contributions towards improving tuna fisheries governance; safeguarding vulnerable marine 

ecosystems; strengthening monitoring, control, and surveillance to combat illegal, unreported, 

and unregulated (IUU) fishing; and mitigating bycatch mortality trends. Building on the success 

of this program, in 2020, the GEF Council approved a $27-million grant for the GEF-7 Common 

Oceans Program, with $265 million in co-financing. The GEF-7 Common Oceans program aims 

to improve management of 12 million hectares of marine protected areas and move 943,000 tons 

of globally over-exploited fisheries to more sustainable levels.

South Africa: Wildlife Conservation Bond. The Wildlife Conservation Bond is a pilot 

outcome-based bond designed to channel private capital to support the conservation of black 

rhinos in South Africa. The World Bank issued a five-year bond for $150 million in March 

2022. The bond includes a contingent performance payment from the GEF, to be paid at 

maturity, if the rhino population grows in two protected areas, Addo Elephant National Park and 

the Great Fish River Nature Reserve. The project is expected to result in approximately 154,000 

hectares of terrestrial protected areas for conservation and approximately 104 additional rhinos in 

these two parks.

Resilient Development Trust Funds 

FY 2022 

Enacted

FY 2023 

Enacted

FY 2024 

Request

-- -- 27,000,000

The Budget requests $27 million for contribution to MDB-managed trust funds that support 

disaster response and resilience. 

Program Description

Treasury is requesting $27 million to contribute to MDB-managed trust funds that support 

disaster response and resilience. These could include programs to support risk insurance to help 
50 

governments with natural disaster response and building resilient ecosystems and programs to 

incentivize private investment in resilience. Examples include:

African Development Bank Adaptation Benefits Mechanism (ABM): The AfDB’s 

Adaptation Benefits Mechanism will de-risk and incentivize loan and equity investments that 

will enhance resilience by facilitating payments for adaptation actions. This Mechanism can also 

provide incentives to increase the flow of private sector finance for adaption and resilience. 

Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI): PCRAFI supports 

efforts to make catastrophe risk insurance available to Pacific Island Countries to give them 

access to the tools to prepare for natural disasters. These parametric insurance products aim to 

allow Pacific Island Country governments to deliver relief efforts as quickly as possible after a 

disaster. 

How this Program Supports U.S. Interests

The ability to respond to tailored regional needs will help our overall foreign and economic 

policy in key regions. The United States would be the catalytic anchor contributor to the 

Adaptation Benefits Mechanism, which would give us the opportunity to shape the details of the 

fund. The Mechanism will mobilize finance, including from new and non-traditional sources, as 

well as provide incentives to increase the flow of private sector finance for adaptation and 

resilience. 

Supporting risk insurance for the Pacific Island Countries would help to achieve the objectives 

laid out in the Biden-Harris Administration’s Pacific Partnership Strategy, particularly its goal of 

a resilient Pacific Islands region that is prepared to combat the climate crisis. Enhancing the 

resilience of these countries to the devastating impacts of climate change will support our 

broader foreign policy objectives in this strategically vital region, particularly by reducing their 

vulnerability to economic coercion by other actors. 

Project Examples

Fiji: Managing Tropical Cyclone Risk. Fiji is the latest country to request an insurance policy 

under the program supported by PCRAFI, and has requested to begin coverage in October 2023. 

Fiji requested insurance against tropical cyclone risk, which will allow it to receive finance if a 

tropical cyclone meeting certain parameters hits Fiji. The policy will allow Fiji to plan for postdisaster scenarios with increased certainty surrounding the resources it will have available for 

recovery. 
 

51 

Food Security

International Fund for Agricultural Development

FY 2022

Enacted

FY 2023

Enacted

FY 2024

Request

43,000,000 43,000,000 81,833,000

The Budget requests $81.8 million, including for the last of three installments towards the 

International Fund for Agricultural Development’s (IFAD) twelfth replenishment (IFAD-12). Of 

this, $35 million is to contribute to IFAD’s Enhanced Adaptation for Smallholder Agriculture 

Programme (ASAP+) and $3.833 million is to eliminate unmet commitments to prior IFAD 

replenishments. 

Program Description

IFAD is a small international financial institution supported by 177 member countries and 

dedicated to alleviating rural poverty, hunger, and malnutrition, and to supporting rural people to 

increase their incomes, productivity, and resilience in the face of a changing climate. The United 

States is a founding member of IFAD and its largest historical contributor. To date, the United 

States has contributed $1.1 billion to IFAD. 

Most IFAD-supported projects are in remote rural areas with high levels of poverty where few 

donors operate. In 2022, IFAD approved $882.3 million in projects and grants, and its total 

project portfolio currently amounts to $8.13 billion. IFAD expects the total program of loans 

and grants over the course of the IFAD-12 (2022-2024) replenishment period to reach $3.5 

billion. 

ASAP+ builds on IFAD’s expertise on investing in rural communities to build resilience to 

weather-related drivers of food insecurity. In particular, ASAP+ focuses on increasing food 

security for vulnerable communities, farmers, fishers and pastoralists – including women, youth, 

indigenous people, and other marginalized groups.

 

How Support for IFAD Promotes U.S. Interests

Through its singular focus on supporting rural economic growth, IFAD contributes to key U.S. 

priorities, including advancing inclusive growth, strengthening agricultural productivity and food 

security, reducing poverty in the remotest areas of poor and fragile countries, and supporting 

millions of rural people to adapt to and build their resilience to climate change. IFAD also works 

to crowd in private sector investment to the agricultural sector and food value chains.

Funding for IFAD also advances U.S. national security interests by supporting economic 

livelihoods and social stability in poor rural communities, including in fragile states around the 
 

52 

world, helping to reduce pressures that can lead directly to mass migration, extremism, and 

armed conflict. 

Meeting U.S. Commitments to IFAD

As the largest contributor to IFAD, other member states look to the United States for leadership. 

Given IFAD’s relatively small size, failure to fully fund U.S. commitments would have an 

immediate, negative impact on the institution’s delivery capacity, particularly its ability to offer

grant and highly concessional financing to low-income and fragile countries with higher rates of 

poverty and hunger. Current U.S. unmet commitments to IFAD amount to $3.8 million. 

Achieving and Measuring Results

During the IFAD-11 (2019-2021) replenishment period, IFAD delivered its highest-ever 

program of loans and grants, worth US$3.46 billion. Through 2021, highlights of development 

outcomes include: 

• An estimated 77 million rural people with increased incomes; 

• More than 60 million beneficiaries reporting increased agricultural and food production 

and improved market access; 

• 38 million beneficiaries reporting improved resilience, as measured by farmers’ 

perceived ability to recover from shocks and indicators of crop and income 

diversification;

• 1.8 million hectares of land brought under climate-resilient management practices and 

irrigation improved on nearly 600,000 hectares of land;

• 8.3 million people gaining access to financial services and more than 1.96 million rural 

enterprises with access to business development services; and

• 3.2 million people trained in income-generating activities.

IFAD’s Independent Office of Evaluation (IOE) reports directly to the Executive Board and is 

responsible for validating project completion reports and conducting corporate-level reviews on 

governance and operational effectiveness. The 2022 IOE annual report finds continued strong 

performance in environment and natural resource management, innovation, and relevance. The

IOE also highlighted the need for IFAD to act at the project design and implementation stages to 

improve project efficiency, support government performance, and to formulate strategies 

informed by holistic conflict and fragility analyses in order to address both the drivers and 

consequences of fragility. 

Project Examples

Angola: Agricultural Recovery Project (ARP). This $8 million project, supported with $6 

million in IFAD financing, supported smallholder farmers who lost their agricultural production 

capacity to years of ongoing drought by delivering assistance in sustainable farming practices 

and climate-smart agricultural technologies adapted to local conditions. ARP improved 

information systems for food security and animal health surveillance, introduced proper 
 

53 

rangeland management systems, and promoted livestock-based livelihood diversification 

activities as part of a "building back better" strategy. ARP intervened in three southwestern 

provinces: Benguela, Cunene, and Huila. This project reached about 8,000 households, of which 

30 percent were headed by women and 30 percent included youth. 

Philippines: Fisheries, Coastal Resources and Livelihood Project (FishCORAL). This $43 

million project, supported with $30 million in IFAD financing, reduced poverty in poor coastal 

communities, improved food and nutrition security, and increased household incomes in the 

Philippines. FishCORAL built fishing communities’ capacity to sustainably manage fishery and 

coastal resources and ensured sustainable engagement in diversified livelihood activities by: (1) 

monitoring and self-regulating fishing activities to prevent overfishing; (2) boosting the marine 

ecosystem by replanting vegetation and creating fish sanctuaries; (3) improving coastline 

infrastructure; and (4) promoting fisheries related micro-enterprises, including seaweed culture 

and fish processing. More than 180,000 households benefited across the Autonomous Region in 

Muslim Mindanao, Caraga in Northeastern Mindanao, Eastern Visayas, and Bicol in Southern 

Luzon.

Global Agriculture and Food Security Program

FY 2022*

Enacted

FY 2023

Enacted

FY 2024

Request

5,000,000 10,000,000 40,000,000

*Table does not include $150 million in funding provided

under the Additional Ukraine Supplemental Appropriations 

Act, 2022 (P.L. 117-128).

The Budget requests $40 million for the Global Agriculture and Food Security Program 

(GAFSP). 

Program Description

GAFSP is a multilateral financing platform dedicated to improving food and nutrition security 

worldwide. Launched by the G20 in the wake of the global response to the 2007–08 food price 

crisis, GAFSP works to build resilient and sustainable agriculture and food systems in the 

world’s poorest countries. 

Since 2010, GAFSP has pooled over $2 billion in donor funds and provided financial and 

technical resources – grants, technical assistance, concessional loans, blended finance, and 

advisory services – to demand-driven projects along the food chain, ‘from farm to table.’ 

Governments, farmers’ and producer organizations, and the private sector are in the lead, 

designing and implementing these projects in partnership with a development agency of their 

choice. 
 

54 

How Support for GAFSP Promotes U.S. Interests

Through its focus on improving food and nutrition security and building the sustainability of 

agriculture and food systems in the world’s poorest countries, GAFSP contributes to key U.S. 

priorities, including advancing inclusive growth, strengthening agricultural productivity and food 

security, reducing poverty in the remotest areas of poor and fragile countries, and supporting 

millions of rural people to adapt to and build their resilience to climate change. GAFSP also 

works to leverage private sector investment to the agricultural sector and food value chains.

Funding for GAFSP also advances U.S. national security interests by supporting economic 

livelihoods and social stability in poor rural communities, including in fragile states around the 

world, helping to reduce pressures that can lead directly to mass migration, extremism, and 

armed conflict. 

U.S. Commitments to GAFSP

As the largest contributor to GAFSP, other member states look to the United States for 

leadership. Given GAFSP’s relatively small size, failure to offer consistent funding and support 

would have an immediate, negative impact on the facility’s delivery capacity, particularly its 

ability to offer grant and highly concessional financing to low-income and fragile countries with 

higher rates of poverty and hunger. 

Current total U.S. commitments to GAFSP amount to $823 million. Most recently, in 2022, the 

United States contributed $155 million to GAFSP: $5 million from the Consolidated 

Appropriations Act, 2022, P.L. 117-103 and $150 million from the Additional Ukraine 

Supplemental Appropriations Act, 2022, P.L.117-128. The U.S. contribution allowed for a Call 

for Proposals targeting the food security crisis exacerbated by Russia’s war on Ukraine. The 

Call is prioritizing innovative projects, such as providing farmers with new seeds that are more 

resilient to droughts, heat, and other extreme conditions. For FY 2023, the Consolidated 

Appropriations Act, 2023, P.L. 117-328 allocated $10 million for contribution to GAFSP. 

Achieving and Measuring Results

Globally, an estimated 65 percent of poor working adults make a living through agriculture. The 

sector has the potential to create jobs and increase incomes by raising agricultural productivity, 

linking farmers to markets, and improving non-farm rural livelihoods. GAFSP has been tracking 

job creation since 2017 and found that its 14 public sector projects created more than 265,000 

direct employment opportunities, 40 percent of which went to women. 

Improved agriculture and food systems can raise incomes, generate employment, reduce local 

food prices, and provide people with diverse and nutritious diets. GAFSP responds to demand 

on the ground, enabling farmers and countries to customize investments to meet multiple needs, 

with profound impacts both within and beyond the agriculture sector. 
 

55 

GAFSP program performance to date: 

• More than 16 million rural people, including nearly 7 million women, have received 

direct support through GAFSP projects. 

• GAFSP’s portfolio includes over $1.5 billion in grant financing to countries, $476 million 

to support private sector development, and $47 million to farmers’ or producer 

organizations. 

• 65 percent of GAFSP public sector projects address climate through mitigation and 

adaptation technologies, including specialized seed varieties, more efficient irrigation, 

and drought resistant mulching. 

Project Examples

Bangladesh: Increasing Access to Finance for Farmers’ Organizations. This $2.48 million 

project, implemented by the Food and Agriculture Organization (FAO), enhances the 

institutional capacity of 55 smallholder farmers’ organizations. GAFSP has provided services 

that have added flexibility for countries and farmers to safely operate during the COVID-19 

pandemic. In Bangladesh, lockdown restrictions have had a disruptive impact on agricultural 

supply chains. Leaders of producer organizations reached out to the Sara Bangla Krishak 

Society (SBKS) for help in resolving logistics and communication issues. SBKS immediately 

tapped into its national network of 55 producer organizations—with over 8,000 smallholder 

farmers—and its resources to assist. With technical support from FAO, through GAFSP’s $2.48 

million Missing Middle Initiative pilot project, SBSK quickly set up 57 call centers throughout 

northern and southern Bangladesh allowing farmers to continue selling their commodities and 

buying essential inputs and services. The call centers are also being utilized by non-member 

neighboring farmers who can obtain fairer prices for their products. 

Honduras: Strengthening Capacities for Climate Resilience and Economic Empowerment 

of Rural, Smallholder Producers in the Dry Corridor. This $2.13 million grant will be 

implemented by FAO to improve climate resilience and food security through economic 

empowerment and agricultural system transformation in three target areas in the Dry Corridor of 

Honduras, which is characterized by high poverty rates and suffered large livelihood losses due 

to COVID-19. The project will do so by focusing on developing value chains and improved 

market access (avocado, vegetables, and honey). The project will build strong connections 

between smallholder farmers and local businesses and companies, and will leverage existing 

relationships with dynamic markets at the national level, promoting food security and nutrition 

by diversifying smallholder farms, and educating families about healthy food consumption. The 

project will employ an integrated and cross-sectoral approach to gender issues and will involve 

the participation of women’s groups. Women will be empowered to participate and take on 

leadership and decision-making roles in cooperatives and organizations. 
 

56 

Technical Assistance

Office of Technical Assistance

FY 2022

Enacted

FY 2023

Enacted

FY 2024

Request

38,000,000 38,000,000 45,000,000

The Budget requests $45 million for Treasury’s Office of Technical Assistance (OTA). 

Program Description

OTA works with finance ministries, central banks, and related government institutions to support 

efficient revenue collection, well-planned and -executed budgets, judicious debt management, 

sound and inclusive banking and financial systems, and strong controls to combat money 

laundering and other economic crimes. OTA complements the work of Treasury’s offices of 

International Affairs and Terrorism and Financial Intelligence by helping the governments of 

developing and transitional countries build the human and institutional capacity to implement 

improvements in economic policies and policies to counter terrorist financing. OTA also 

supports partner countries’ efforts to raise their own domestic resources more effectively, 

thereby reducing dependence on foreign assistance. OTA’s work is critical for meeting U.S. 

foreign policy and national security goals, such as private sector-led economic growth, reduced 

corruption, infrastructure development, addressing energy challenges, and increased 

accountability and transparency. OTA is a small, cost-effective program that leverages a cadre 

of highly experienced technical advisors who work side-by-side with host country counterparts. 

Currently, OTA has projects in approximately 40 countries in Latin America, Africa, 

Europe/Eurasia, and Asia.

Demand for OTA assistance around the world is strong and continues to increase. OTA would 

use the requested budget resources in FY 2024 to respond quickly and in a sustained way to this 

growing demand, with an emphasis on those areas that are priorities for the United States, 

including combating terrorist financing and financial crimes, reducing dependence on foreign 

financial aid through improved domestic resource mobilization, and creating the conditions for 

inclusive private sector-led economic growth, including by improving the climate for private 

sector investment in sustainable infrastructure projects in developing and transitional countries. 

Additionally, the requested resources would enable the program to assist partner countries in 

developing and implementing fiscally-sound approaches to financing energy or environmental 

projects, including renewable energy and infrastructure projects, expanding access to financial 

services, and strengthening transparency and accountability in public finance systems to combat 

corruption. The request also supports important ongoing enhancements to OTA’s project 

monitoring and evaluation regime. 

 
 

57 

How Support to OTA Promotes U.S. National Security and Economic Growth 

OTA performs an important role in support of U.S. national security by helping developing and 

transitional countries combat financial crimes, money laundering, and terrorist financing. In 

addition, OTA helps to stabilize banking systems, develop capital markets, improve investment 

climates, including for infrastructure, and improve transparency and accountability in 

government finances. This helps to spur private sector-led economic growth, thereby supporting 

the development of foreign markets for U.S. exports.

Achieving and Measuring Results

Monitoring Progress

OTA has a robust system for monitoring technical assistance project performance, from project 

initiation and planning, through execution, to post-project evaluation. At the inception of each 

project, OTA and the relevant foreign government ministry or central bank identify the highlevel aims of the engagement, which are reflected in signed terms of reference. The terms of 

reference are complemented by a detailed project framework that specifies the project goals, 

activities to be undertaken by OTA and the counterparts, as well as the outputs and outcomes 

that will provide evidence that the goals of the project have been met. OTA advisors, in 

consultation with the counterparts, then develop an annual workplan to sequence and execute the 

planned activities contained in the project framework. 

As each project is executed, OTA advisors provide monthly reports and trip reports to Treasury 

leadership and other stakeholders on the execution of the project plan, including progress against 

objectives. These reports are validated through ongoing dialogue with advisors coupled with 

project reviews – both in-person and remote – conducted by OTA management. OTA also 

systematically assesses the level of “traction,” or the degree to which foreign counterparts are 

engaging proactively and constructively with OTA advisors, at the working and policy levels. 

The levels of traction and other indicators of project progress are closely monitored by OTA 

senior management, including as part of formal project reviews conducted three times per year. 

OTA will continue to enhance its project monitoring capabilities. For example, the program has 

begun producing and collecting standard data on program design and implementation, enabling 

the development of project level dashboards that support OTA management in making datadriven decisions about project performance, including investing additional resources into 

projects with high traction, and making timely interventions into stalled or faltering projects. 

Moving forward, the program will develop project monitoring tools that facilitate comparisons 

across projects, regions, project modalities, and other project characteristics as OTA further 

refines its ability to plan and execute impactful projects.

Strengthening Project Evaluation 

In accordance with the Foreign Aid Transparency and Accountability Act (FATAA), OTA 

continues to strengthen its ability to measure the results of its technical assistance projects
 

58 

through improved evaluation tools, including conducting independent (third-party) evaluations of 

OTA projects. To support the costs of independent evaluations and related activities, OTA is 

requesting $4.5 million in program resources. These resources will support an estimated 14 

evaluations in FY 2024, including 10 external evaluations and four conducted by OTA 

personnel. Once OTA’s enhanced evaluation regime is fully implemented, each OTA project 

would be subject to an independent evaluation at its midpoint (generally after the second year of 

technical assistance activities) and 6-12 months after a project concludes. Evaluations seek to 

determine the extent to which project goals were achieved. The results of evaluations will be 

made available to the public as required by the FATAA. 

Project Examples

Angola Launches Liability Management Program. OTA assisted Angola’s Ministry of 

Finance (MoF) to establish a liability management program and execute debt exchange 

transactions as part of MoF’s effort to reduce risk and more efficiently manage its sovereign 

debt. OTA worked with the MoF Debt Management Office to analyze the domestic debt 

portfolio, identify vulnerabilities, and formulate a debt optimization strategy. Before launching 

the liability management operations, OTA advised counterparts in their communications with the 

market to ensure buy-in from current and potential debt holders. The successful transactions 

reduced foreign currency and maturity risk by exchanging USD-linked index bonds for longer 

maturity (6, 8, 10 years) local currency benchmarks, which serve to improve liquidity in the 

domestic government bond market. These transactions promote capital market development by 

demonstrating the benefits of market-based instruments, pricing, and mechanisms. 

Costa Rica Overhauls Tax Debt Collection. With OTA assistance, Costa Rica’s Ministry of 

Finance (MoF) and General Directorate of Taxes (DGT) mapped and improved their tax debt 

collection policies, procedural structures, enforcement measures, and public communication 

strategies. Based on OTA’s guidance, the MoF and DGT enacted delinquent taxpayer 

installment agreements and partial payment agreements. In addition, an early intervention 

strategy has been implemented for collections officers to communicate with taxpayers 

immediately after an audit assessment. According to initial results, in 2022 the percentage of 

debtors paying in full rose by two percentage points to 13 percent, and the percentage of cases 

resolved rose nine percentage points to 43 percent.

Indonesia Strengthens Cash Management. The Ministry of Finance of Indonesia’s General 

Directorate of Treasury (DGT) implemented several new key processes and tools to reach 

internationally accepted standards for cash management, which is a critical component of the 

government’s public financial management reform efforts. With OTA assistance, the DGT 

developed new cash forecasting models and a new methodology for calculating the level of cash 

reserve to manage cash allocations during the fiscal year. The DGT also strengthened payment 

systems by developing and implementing strategies for enhancing digitalization of payment 

documentation, scheduling payments, improving accuracy of social program payments, and 

improving year-end payment closing systems. OTA also supported the creation of new tools to 

invest surplus cash including the use of reverse repurchase agreements. Together, these reforms 
 

59 

will enable the DGT to better manage and anticipate government cash requirements, decrease 

cash flow volatility, and reduce the required size of the cash liquidity reserve balance.

Latvia Pursues Ambitious AML/CFT Reform. With OTA assistance, Latvian regulatory 

authorities adopted a more aggressive enforcement posture to counter continued non-compliance 

by troublesome banks. OTA assistance focused on improving data analytics and risk 

methodologies; developing activity-based inspection tools; and creating a more dissuasive 

penalty structure (e.g., elimination of settlement discount for banks not acting in good faith to 

remediate deficiencies). Due in large part to regulatory pressure stemming from newly 

implemented effective risk-based supervision practices – and Latvia’s commitment to guard 

against malign influences – three non-compliant commercial banks were dissolved in 2022. 

Further, in response to Russian aggression in Ukraine, Latvian authorities froze 84 million EUR 

owned or controlled by sanctioned individuals and entities, and suspended Latvia’s lucrative 

“golden visa” investment program for Russian and Belarusian citizens. And, in August 2022, the 

Latvian government noted a significant increase in trade volumes transiting through Kazakhstan 

and alerted other countries to the suspected attempts to circumvent economic sanctions against 

Russia and Belarus. OTA provided background support to the Latvian authorities in these 

actions, including by assisting counterparts in overall coordination and resolving technical 

implementation issues.

Madagascar Establishes Financial Inclusion Database. With OTA assistance, Madagascar’s 

National Committee for Financial Inclusion (CNFI), under the direction of the Ministry of 

Economy and Finance, developed and implemented a national financial inclusion database. Such 

a database will provide Government of Madagascar policy makers with key insights into their 

efforts regarding inclusive financial services – where there has been progress, where there is 

more work to be done. CNFI and OTA conducted socialization events with microfinance 

institutions and other key financial service providers in rural areas of Madagascar to introduce 

the new database and emphasize the importance of reporting into it. To date, over 75% of these

financial sector actors serving low-income Malagasies are now reporting into this database.
 

60 

Debt Restructuring Programs

U.S. efforts on debt restructuring and debt relief have been fundamental to helping some of the 

world’s poorest countries restore economic stability, resume economic growth, and reduce poverty 

and instability. In recent years, these programs have included the Heavily Indebted Poor Countries 

(HIPC) Initiative and the Tropical Forest and Coral Reef Conservation Act (TFCCA). Since 2000, 

over 40 countries, including Haiti, Afghanistan, Liberia, Somalia, Indonesia, Costa Rica, and the 

Philippines have benefitted from U.S. debt relief and restructuring programs. The Budget requests 

$67 million for the cost of U.S. bilateral debt restructuring and relief programs, including $52 

million for Common Framework and Paris Club debt treatments and $15 million for debt 

treatments under the TFCCA. No funding is requested for the HIPC Initiative. 

Common Framework and Paris Club

 

FY 2022

Enacted

FY 2023

Enacted

FY 2024

Request

52,000,000 52,000,000 52,000,000

The Budget requests $52 million for multilateral debt initiatives including the Common Framework

and Paris Club debt treatments. This funding is necessary to fund the cost of debt treatments for 

poor countries under the Common Framework and as part of the United States’ broader debt 

restructuring participation in the Paris Club. Without this funding, the United States would have 

to delay urgently needed debt treatments in the Paris Club and Common Framework processes. 

Program Description

The Common Framework, endorsed by the G20 and Paris Club in November 2020, offers a 

mechanism for eligible countries to seek comprehensive debt treatment to address unsustainable 

debt and heightened liquidity needs. The Common Framework aims to facilitate timely and orderly 

debt treatments within the context of an IMF program and fosters fair burden sharing among all 

official bilateral creditors and comparable treatment from private creditors. There have been three 

requests for Common Framework to date, and the United States is a creditor to one of the countries. 

How Support to the Common Framework and Paris Club Promote U.S. Interests

In 2020, the United States helped lead G20 and Paris Club efforts to establish the Debt Service 

Suspension Initiative (DSSI) and Common Framework as key pillars of the international policy 

response to the COVID-19 pandemic. The Common Framework is a significant enhancement to the 

sovereign debt architecture as it brings non-Paris Club creditors, namely China (the largest official 

lender to developing countries), into a coordinated, multilateral debt resolution process for the first 

time. This will help speed up the debt resolution process by avoiding ad hoc debtor country 

negotiations with non-Paris Club creditors and will help maximize support to low-income countries 

hit hardest by the pandemic. The initiative seeks equitable burden-sharing among official bilateral 
 

61 

creditors (members and non-members of the Paris Club) and private creditors through comparability 

of treatment to help beneficiary countries return to a sustainable growth path.

Tropical Forest and Coral Reef Conservation Act 

 

FY 2022

Enacted

FY 2023

Enacted

FY 2024

Request

15,000,000 20,000,000 15,000,000

The Budget requests $15 million for Tropical Forest and Coral Reef Conservation Act (TFCCA) 

debt treatments. 

Program Description 

The TFCCA enables developing countries with certain concessional debt owed to the United 

States to redirect some of those payments to support conservation of their tropical forests and/or 

coral reefs. From a U.S. budget perspective, this is treated as a debt reduction. The TFCCA 

statute includes eligibility criteria related to economic management, democracy, and human 

rights. The TFCCA was reauthorized and expanded in scope to include coral reefs in 2019, and 

funds were appropriated for its implementation in FY 2020, FY 2021, FY 2022, and FY 2023. 

El Salvador was the first country to conclude an agreement under the 2019 reauthorization on 

September 29, 2021. 

How Support to TFCCA Promotes U.S. Interests 

Protecting biodiversity and combating climate change are central to U.S. national economic and 

security interests. Under the TFCCA, the United States can support conservation of select

tropical forests and coral reefs, which are critical to mitigating the impact of climate change, 

providing clean water, and supporting sustainable jobs in developing countries. 

Achieving and Measuring Results 

Each active program is guided by a binding international agreement that sets out the parameters for 

the governance and activities to be undertaken. Each agreement requires the establishment of a 

dedicated fund out of which grants are made to conserve, maintain, and restore tropical forests 

and/or coral reef ecosystems in the beneficiary country. The grant making activity is overseen by a

committee that includes U.S. government representation. This oversight committee is required to 

submit a report on the fund’s conservation grants and results to the TFCCA Secretariat each year

and to arrange for an annual financial audit of the fund. A summary report is submitted to Congress 

annually. 
 

62 

TFCCA Projects

Since its inception in 1998 as the Tropical Forest Conservation Act (TFCA), the United States 

has concluded 21 agreements with 14 countries, the most recent in 2021 with El Salvador. Prior 

to the El Salvador agreement in 2021, the most recent agreement was concluded with Indonesia 

in 2014, after which funding lapsed until FY 2020. Seventeen agreements remained in force as 

of the end of FY 2022, and two more are currently in the pipeline. 

El Salvador: Enabling Tropical Forest and Coral Reef Conservation. The United States

concluded a bilateral debt reduction agreement with El Salvador that utilized $15 million in FY

2020 budget authority. The agreement enables El Salvador to re-direct more than $20 million in 

debt payments to a tropical forest and coral reef conservation fund in El Salvador. The funds 

will be used to provide grants primarily to local non-governmental organizations and will 

contribute to the conservation of El Salvador's natural forest areas, home to abundant varieties of 

animal and plant life. The agreement also will support the analyses and processes necessary to 

create El Salvador’s second marine protected area, an area with coral formations important to the 

region’s biodiversity and economy. 
 

63 

Treasury International Assistance Programs 

FY 2022

Enacted

FY 2023

Enacted

FY 2024

Request

-- -- 50,000,000

The Budget requests $50,000,000 in additional resources to support initiatives at international 

financial institutions (IFIs) and other international organizations, as well as financial 

intermediary funds and trust funds administered by them, to meet new and emergent priority 

needs.

Program Description 

Requested resources will support Treasury in advancing U.S. leadership on issues of key 

strategic importance, including safeguarding macroeconomic and financial stability, countering 

the influence of malignant actors, supporting countries in fragile and conflict-affected situations, 

empowering women, and advancing economic and social inclusion. Funding provided through 

this account would enable Treasury to support innovative solutions to address such needs in a 

timely and efficient manner.

How Support to Treasury International Assistance Programs Promotes U.S. Interests 

Experience during the COVID-19 pandemic made clear that global challenges, which transcend 

national borders and affect the American people, can occur rapidly and call for a swift, effective, 

and coordinated international response. Treasury has seen firsthand how U.S. leadership is

critical in galvanizing action and mobilizing resources from global partners, including key 

international organizations and stakeholders from both the public and private sector. 

Treasury receives appropriations for contributions to MDB capital increases and replenishments 

and to other large-scale funds and facilities, but such contributions cannot be targeted or 

earmarked for specific themes or purposes. As a result, Treasury is unable to contribute to more 

targeted initiatives that often provide other donors with significant influence for a modest cost. 

This diminishes Treasury’s influence within the IFIs, including in terms of shaping important 

global agendas. 

Appropriations for this new account would enable Treasury to address new and emergent needs 

that can occur outside of the U.S. budget cycle and enhance U.S. leadership at the IFIs and over 

other global initiatives. 
 

64 

Annex 1: MDB Basics

What are the MDBs? 

The United States is a member of several development institutions, including the following 

MDBs and other international financial institutions (IFIs) that support economic development 

and function like an MDB: 

• African Development Bank Group (AfDB Group)2

• Asian Development Bank (AsDB)

• European Bank for Reconstruction and Development (EBRD)

• Inter-American Development Bank Group (IDB Group)3

• International Fund for Agricultural Development (IFAD)4

 

• North American Development Bank (NADB)

• World Bank Group5

MDBs are international financial institutions, and they differ from commercial banks in their 

mandate and structure. They are owned by both borrowing and non-borrowing countries and 

provide financial and technical assistance to developing countries, and also engage in policy 

dialogue to various degrees. The United States is the largest shareholder in the World Bank 

Group, IDB, EBRD, and IFAD; the co-largest shareholder (with Japan) in the AsDB; and the 

largest non-regional and second-largest overall shareholder in the AfDB. 

What is Treasury’s role? 

In the U.S. Government, Treasury is charged with leading U.S. engagement in the MDBs. For 

the five largest MDBs in which the United States participates, a U.S. Executive Director 

(USED), who is based at each bank, is appointed by the President and confirmed by the Senate to 

represent U.S. interests, engaging daily in meetings at various levels and casting votes 

throughout the year. Treasury works closely with the USEDs to identify development priorities, 

institutional reforms and provide financial and budgetary oversight of the institutions. 

Additionally, Treasury works with a wide-ranging interagency group to provide direction for 

how to vote on projects and policies to the USEDs. The Secretary of the Treasury traditionally

serves as the U.S. Governor to each MDB, and votes on high-level institutional matters that 

involve major changes to the structure or financing of the organization. 

How do the MDBs finance development projects? 

2 The AfDB Group comprises the African Development Bank (AfDB) and the African Development Fund (AfDF). 3 The IDB Group comprises the Inter-American Development Bank (IDB), the Multilateral Investment Fund, and 

the Inter-American Investment Corporation (IIC), which the IDB Group has rebranded as “IDB Invest.” 4 IFAD is an international financial institution and a specialized development agency of the United Nations. 5 The World Bank Group comprises the International Development Association (IDA), the International Bank for 

Reconstruction and Development (IBRD), the International Finance Corporation (IFC), the Multilateral Investment 

Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). 
 

65 

Most of the MDBs have two financing facilities, which are frequently referred to as “windows,” 

from which they make loans, provide guarantees and other financial instruments, and provide 

grants: the “non-concessional” window (also referred to as “hard loan windows”) and the 

“concessional” window (also referred to as “soft loan windows”). Some institutions have a third 

window for private sector operations, whereas others make private sector investments from their 

“non-concessional” windows. Each institution can also serve as trustee for specialized funds 

established at the request of member countries. 

• The non-concessional windows primarily provide loans at market-linked interest rates to 

middle-income countries, such as Colombia, Egypt, Indonesia, and Botswana. 

• The concessional windows provide some combination of grants, very low interest loans 

with long tenors, and a limited supply of market-linked loans to countries with per capita 

incomes below a certain threshold and that lack the creditworthiness to access other 

financing sources, including the non-concessional windows. The concessional windows 

for each MDB are: IDA (World Bank Group), the AfDF (African Development Bank 

Group), and Asian Development Fund (Asian Development Bank) 

The United States is also a contributor to the International Fund for Agricultural Development, 

which functions like an MDB concessional window. 

The EBRD, which is private sector oriented, and the NADB do not have a concessional window, 

while the IDB provides both non-concessional and concessional funding from one window. The 

AsDB provides both non-concessional and concessional loans from its Ordinary Capital 

Resources; the Asian Development Fund (AsDF) provides only grants. 

Which MDBs finance private sector projects? 

The World Bank Group and IDB Group each include institutions that are solely focused on 

financing private sector projects: 

• The IFC is the private sector financing arm of the World Bank Group. It promotes 

private sector investment in developing countries by making loans and equity 

investments in private-sector projects, mobilizing private capital alongside its own 

resources, and providing advisory and technical assistance services. 

• MIGA is a member of the World Bank Group and is designed to encourage the flow of 

foreign private investment to and among developing countries by issuing guarantees 

against non-commercial risks and carrying out investment promotion activities. 

• IDB Invest is the IDB Group’s private sector financing arm. It promotes development of 

the private sector in Latin America and the Caribbean by providing loans and guarantees 

and making equity investments in private sector projects. It also mobilizes private sector

capital along with its own investment activities and provides advisory and technical 

assistance services. 
 

66 

The AfDB and the AsDB can finance private sector projects out of their ordinary capital 

resources. The EBRD mostly finances private sector projects. The NADB finances private 

sector projects as well as projects sponsored by municipal and state level governments in Mexico 

and the United States. 

How are the MDBs funded? 

Countries are referred to as “shareholders” in an MDB and hold a certain percentage of shares, 

and therefore voting power, based on their contributions. 

At times, shareholders provide new funding to support the non-concessional or concessional 

windows. This funding can take three forms: 

 

• Donor replenishments 

• General capital increases 

• Selective capital increases 

Donors may also make contributions to trust funds sponsored and administered by MDBs. (See 

next section.) 

Donor Replenishments 

Because the concessional windows provide most of their funding to the poorest countries as 

grants or very low-cost, long-term loans, these windows deplete their funding over time and 

require periodic “replenishment” by donor countries every three to four years. When fully 

funded, U.S. funding commitments are paid out in equal installments over the replenishment 

period. 

General Capital Increases 

Under a general capital increase (GCI), MDB shareholder governments decide to provide 

additional capital to support the MDBs’ non-concessional or private sector windows by 

purchasing new shares in the institution. Unlike concessional windows, the non-concessional 

and private sector windows are expected to be more financially self-sustaining, requiring 

additional member state contributions less frequently, provided they follow prudent capital 

management policies. However, global and regional economic conditions or shareholders’ 

desire to see an MDB provide higher levels of finance in support of particular aspects of a 

region’s development agenda may lead to member countries negotiating to provide new capital 

to the MDB through a GCI. In these cases, member countries negotiate the total amount of 

additional capital required and the amount to be provided by each member. 

The financing arrangements for GCIs are unique. Unlike replenishments, only a small portion of 

the total commitment is paid directly to an MDB. This portion is called “paid-in” capital, and 

typically ranges from 5-10 percent of the total increase. The pay-in period often ranges 

significantly (e.g., from three to eight years). 
 

67 

The remainder of the commitment is made in the form of “callable capital.” Callable capital 

represents a financial commitment made by shareholders, but there is no actual transfer of funds. 

This capital is “callable” under limited and specifically enumerated circumstances to meet the 

obligations of the respective MDBs. These commitments are meaningful because they enable 

the MDBs to strengthen their credit ratings and reduce borrowing costs, and, in turn, lend to 

borrowers at rates lower than what they could obtain in the markets. No MDB has made a call 

on callable capital to date. 

If a shareholder fails to purchase the shares that it decided to buy in the capital increase 

negotiations, the relative shareholding and voting power of that country will be diluted. Under 

the rules in place for most GCIs, voting shares are adjusted to reflect contributions as they come 

in from shareholders, such that delayed contributions will have an impact on the current voting 

share. Any shares allocated to a country that are not paid for within the allotted subscription 

period are moved to the MDB’s unallocated capital, potentially making these shares available for 

other shareholders to acquire. Several countries seeking to expand their influence in the MDBs 

have expressed an interest in purchasing shares when they become available in this manner. 

Selective Capital Increases 

A selective capital increase (SCI) is not intended primarily as a fundraising vehicle but is used to 

allocate new shares to effect changes in the relative voting power of members of an MDB or 

accommodate accession by new members. Unlike a GCI, where shares are allocated to members 

in proportion to their existing shareholding, countries subscribe to different levels of shares 

under an SCI to achieve the desired realignment in voting power. Countries may have to 

purchase shares under an SCI in order to maintain their voting power or limit dilution, but the 

total capital increase under an SCI is typically much smaller than under a GCI. 

What are MDB Trust Funds? 

Most MDBs administer trust funds, which accept contributions from donor countries, mostly in 

the form of grants, and are managed separately from the primary non-concessional and 

concessional windows of each MDB. MDBs maintain trust funds to meet key development 

challenges that are consistent with each MDB’s mission that cannot be readily addressed by 

financing from its non-concessional or concessional windows or its budgetary resources. Most 

financing provided by trust funds is in the form of grants, though some trust funds subsidize 

lending by MDBs in cases where some degree of concessionality is justified (e.g., some climate 

change projects and assistance to countries hosting large numbers of refugees). 

 

Trust funds finance a range of development needs, including: 

• Financing global or regional public goods, such as climate change; global public health, 

including responses to and prevention of global pandemics; assisting countries in 

supporting large flows of refugees; and regional integration initiatives. 
 

68 

• Providing technical assistance and advisory services, including covering the costs of 

project development, and efforts to promote innovation; 

• Targeted financing to support national reconstruction efforts in particular countries that 

are facing particularly significant resource needs; and

• Other development priorities that are not adequately addressed by MDB loans, such as 

natural disaster risk reduction and recovery, food security, and promotion of gender 

equality and social inclusion. 

Broadly speaking, there are three types of trust funds: single-donor trust funds, multi-donor trust 

funds, and Financial Intermediary Funds (FIFs). Single-donor trust funds and multi-donor trust 

funds have their own work plans and frameworks for measuring results and often have separate 

communications plans. Donors often have some involvement in governance of the fund (e.g., 

decisions on projects to be funded), but rules differ among institutions and between funds. 

The World Bank also serves as trustee for a number of Financial Intermediary Funds (FIFs). 

FIFs are generally larger-scale funds that leverage a variety of public and sometimes private 

resources in support of high-profile global priorities like climate change, health, food security, 

and natural disaster risk reduction and response. Examples of FIFs are: the Global Environment 

Facility (GEF), the Green Climate Fund (GCF), the Global Agriculture and Food Security 

Program, the Global Fund to Fight AIDS, Malaria, and Tuberculosis (the Global Fund), the 

Clean Technology Fund and the Global Concessional Financing Facility. 

FIFs provide financing for projects that are implemented by multiple entities, often referred to as 

“implementing entities” or “implementing agencies,” which often include the World Bank 

(serving as an implementing agency/entity), other MDBs, and U.N. Agencies. This system is 

designed to avoid duplication of costly institutional infrastructure and functions. FIFs differ

from other types of trust funds as they are governed by separate donor committees or bodies, 

such as the GEF Council. In addition to its trustee and possible implementing agency roles, the 

World Bank also often provides administrative services for the hosting FIF secretariats or 

coordinating units, e.g., the GEF Secretariat. These units are legally part of the World Bank and 

are subject to World Bank staff and other administrative rules. A few FIFs support organizations 

that have separate legal personality, such as the Global Fund and the GCF. 
 

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Annex 2: FY 2024 Appropriations Language and Authorization 

Requests 

Below is the proposed appropriations language and authorization for Treasury’s FY 2024 

request. 

FY 2024 Appropriations Language

Multilateral Development Banks

CONTRIBUTION TO THE INTERNATIONAL BANK FOR RECONSTRUCTION AND 

DEVELOPMENT

For payment to the International Bank for Reconstruction and Development by the Secretary of 

the Treasury for the United States share of the paid-in portion of the increases in capital stock,

[$206,500,000] $233,321,871, to remain available until expended: Provided, That of the amount 

made available under this heading, $26,821,871 shall be available for the costs, as defined in 

section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a), of loan guarantees to the 

International Bank for Reconstruction and Development to support energy transition efforts. 

LIMITATION ON CALLABLE CAPITAL SUBSCRIPTIONS

The United States Governor of the International Bank for Reconstruction and Development may 

subscribe without fiscal year limitation to the callable capital portion of the United States share 

of increases in capital stock in an amount not to exceed $1,421,275,728.70. 

CONTRIBUTION TO THE INTERNATIONAL DEVELOPMENT ASSOCIATION

For payment to the International Development Association by the Secretary of the Treasury, 

[$1,430,256,000] $1,479,256,000 to remain available until expended. 

CONTRIBUTION TO THE AFRICAN DEVELOPMENT BANK

For payment to the African Development Bank by the Secretary of the Treasury for the United 

States share of the paid-in portion of the increases in capital stock, $54,648,752, to remain 

available until expended.

LIMITATION ON CALLABLE CAPITAL SUBSCRIPTIONS

The United States Governor of the African Development Bank may subscribe without fiscal year 

limitation to the callable capital portion of the United States share of increases in capital stock in 

an amount not to exceed $856,174,624. 

CONTRIBUTION TO THE AFRICAN DEVELOPMENT FUND

For payment to the African Development Fund by the Secretary of the Treasury, [$171,300,000] 

$224,000,000 to remain available until expended.

CONTRIBUTION TO THE ASIAN DEVELOPMENT FUND 

For payment to the Asian Development Bank's Asian Development Fund by the Secretary of the 

Treasury, [$43,610,000] $107,220,000, to remain available until expended. 
 

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CONTRIBUTION TO THE ASIAN DEVELOPMENT BANK 

For the cost, as defined in section 502 of the Congressional Budget Act of 1974, of loan 

guarantees to the Asian Development Bank to facilitate investment in energy security and 

resilience, $84,378,130, to remain available until expended. In addition, for payment to the 

Asian Development Bank's Energy Transition Mechanism Partnership Trust Fund by the 

Secretary of the Treasury, $35,000,000, to remain available until expended: Provided further, 

That section 5 of the Asian Development Bank Act (22 U.S.C. 285c) shall not apply to any funds 

appropriated under this heading and paid by the Secretary of the Treasury to the Asian 

Development Bank's Energy Transition Mechanism Partnership Trust Fund. 

CONTRIBUTION TO THE INTER-AMERICAN DEVELOPMENT BANK 

For payment to the Inter-American Investment Corporation by the Secretary of the Treasury, 

$75,000,000, to remain available until expended: Provided, That such amounts may be made 

available for the United States' share of an increase in the capital stock of the Inter-American 

Investment Corporation: Provided further, That amounts made available to support a capital 

increase to the Inter-American Investment Corporation shall only be obligated after the 

Secretary of the Treasury certifies and reports to the Committees on Appropriations of both 

Houses of Congress that the Inter-American Development Bank Group has made satisfactory 

progress toward reforms that increase the Inter-American Development Bank Group's 

responsiveness to the development needs of all borrowing countries in Latin America and the 

Caribbean, improve the effectiveness of the Inter-American Development Bank Group's 

financing, foster the development of a vibrant private sector in the region, help address global 

and regional challenges, and promote more efficient use of the Inter-American Development 

Bank Group's financial resources.

International Monetary Fund – IMF Facilities and Trust Funds

CONTRIBUTION TO IMF FACILITIES AND TRUST FUNDS 

[For contribution by the Secretary of the Treasury to the Poverty Reduction and Growth Trust or 

to the proposed Resilience and Sustainability Trust Fund of the International Monetary Fund, 

$20,000,000, to remain available until September 30, 2031:] Any amounts previously 

appropriated under this heading shall be available to cover the cost, as defined in section 502 of 

the Congressional Budget Act of 1974 (2 U.S.C. 661a), of loans made by the Secretary of the 

Treasury to the Poverty Reduction and Growth Trust (PRGT) or to the Resilience and 

Sustainability Trust (RST) of the IMF: Provided, That these funds shall be available to subsidize 

gross obligations for the principal amount of direct loans not to exceed $21,000,000,000 in the 

aggregate, and the Secretary of the Treasury is authorized to make such loans: Provided further, 

That the Exchange Stabilization Fund (ESF) and the financing account corresponding to 

transactions with the IMF are authorized to enter into such transactions as necessary to 

effectuate loans from resources held in the ESF to the PRGT or to the RST of the IMF. 
 

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Quality Infrastructure

GLOBAL INFRASTRUCTURE FACILITY

For payment to the Global Infrastructure Facility by the Secretary of the Treasury,

$40,000,000, to remain available until expended. 

Energy and Environment

CLEAN TECHNOLOGY FUND

For contribution to the Clean Technology Fund, [$125,000,000] $425,000,000, to remain 

available until expended: Provided, That up to [$125,000,000] $425,000,000 of such amount 

shall be available to cover the costs, as defined in section 502 of the Congressional Budget Act 

of 1974, of direct loans issued to the Clean Technology Fund: Provided further, That such funds 

are available to subsidize gross obligations for the principal amount of direct loans without 

limitation. 

GREEN CLIMATE FUND

For contribution to the Green Climate Fund by the Secretary of the Treasury, [$1,600,000,000] 

$800,000,000, to remain available until expended. 

GLOBAL ENVIRONMENT FACILITY

For payment to the International Bank for Reconstruction and Development as trustee for the 

Global Environment Facility by the Secretary of the Treasury, [$150,200,000] $168,700,000, to 

remain available until expended. 

MULTILATERAL DEVELOPMENT BANKS TRUST FUNDS

For contributions by the Secretary of the Treasury to trust funds maintained by the multilateral 

development banks of which the United States is a shareholder that support infrastructure 

investment and development, energy security, diversification and innovation, or resilience, 

$27,000,000, to remain available until expended. 

Food Security

CONTRIBUTION TO THE INTERNATIONAL FUND FOR AGRICULTURAL 

DEVELOPMENT

For payment to the International Fund for Agricultural Development by the Secretary of the 

Treasury, [$43,000,000] $81,833,000, to remain available until expended[.]: Provided, That of 

this amount, $35,000,000 shall be available for contribution to the Enhanced Adaptation for 

Smallholder Agriculture Programme.

GLOBAL AGRICULTURE AND FOOD SECURITY PROGRAM

For payment to the Global Agriculture and Food Security Program by the Secretary of the 

Treasury, [$10,000,000] $40,000,000, to remain available until expended. 
 

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Office of Technical Assistance

INTERNATIONAL AFFAIRS TECHNICAL ASSISTANCE

For necessary expenses to carry out the provisions of section 129 of the Foreign Assistance Act 

of 1961, [$38,000,000] $45,000,000, to remain available until expended[, of which not more than 

$9,500,000 may be used for administrative expenses]: Provided, that amounts made available under 

this heading may be made available to contract for services as described in section 129(d)(3)(A) 

of the Foreign Assistance Act of 1961, without regard to the location in which such services are 

performed. 

Debt Restructuring and Debt Relief

DEBT RESTRUCTURING

For “Bilateral Economic Assistance—Department of the Treasury—Debt Restructuring” there is 

appropriated $52,000,000, to remain available until September 30, [2026] 2027, for the costs, as 

defined in section 502 of the Congressional Budget Act of 1974, of modifying loans and loan 

guarantees for, or credits extended to, such countries as the President may determine, including 

the costs of selling, reducing, or cancelling amounts owed to the United States, pursuant to 

multilateral debt restructurings, including Paris Club debt restructurings or the “Common 

Framework for Debt Treatments beyond the Debt Service Suspension Initiative”: Provided, that 

such amounts may be used notwithstanding any other provision of law.

TROPICAL FOREST AND CORAL REEF CONSERVATION ACT

For the costs, as defined in section 502 of the Congressional Budget Act of 1974, of modifying 

loans and loan guarantees, as the President may determine, for which funds have been 

appropriated or otherwise made available for programs within the International Affairs Budget 

Function 150, including the cost of selling, reducing, or canceling amounts owed to the United 

States as a result of concessional loans [made] or credits extended to eligible countries, pursuant 

to part V of the Foreign Assistance Act of 1961, [$20,000,000] $15,000,000, to remain available 

until [September 30, 2026] expended. 

Treasury International Assistance Programs

TREASURY INTERNATIONAL ASSISTANCE PROGRAMS

For an additional amount for contributions to international financial institutions, financial 

intermediary funds and trust funds administered by the international financial institutions, and 

other international organizations, $50,000,000, to remain available until September 30, 2025: 

Provided, That funds appropriated under this heading may be made available notwithstanding 

any other provision of law that restricts assistance to foreign countries and may be made 

available as contributions: Provided further, That funds made available under this heading shall 

be subject to prior consultation with the appropriate congressional committees and the regular 

notification procedures of the Committees on Appropriations. 
 

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FY 2024 Authorizations and Other Legislative Requests 

AFRICAN DEVELOPMENT FUND SIXTEENTH REPLENISHMENT

AFRICAN DEVELOPMENT FUND—The African Development Fund Act (22 U.S.C. 290g et 

seq.), is amended by adding at the end thereof the following new section: 

"Sec. 22. Sixteenth Replenishment. 

"(a) IN GENERAL.—The United States Governor of the Fund is authorized to contribute on 

behalf of the United States $591,000,000 to the sixteenth replenishment of the resources of the 

Fund, subject to obtaining the necessary appropriations. 

"(b) AUTHORIZATION OF APPROPRIATIONS—In order to pay for the United States 

contribution provided for in subsection (a), there are authorized to be appropriated, without 

fiscal year limitation, $591,000,000 for payment by the Secretary of the Treasury."

INTERNATIONAL MONETARY FUND NEW ARRANGEMENTS TO BORROW

SEC. 7082. Section 17(a)(6) of the Bretton Woods Agreements Act (22 U.S.C. 286e-2(a)(6)) is 

amended by striking “December 31, 2025” and inserting “December 31, 2030” 

EXEMPTION OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION 

SECURITIES FROM SECURITIES AND EXCHANGE COMMISSION (SEC) 

REGULATION

SEC. 7066 (a) EXEMPTION FROM SECURITIES LAWS; REPORTS TO SECURITIES AND EXCHANGE 

COMMISSION. – Any securities issued by the Association (including any guaranty by the 

Association, whether or not limited in scope) and any securities guaranteed by the Association 

as to both principal and interest shall be deemed to be exempted securities within the meaning of 

section 3(a)(2) of the Securities Act of 1933 [15 USC § 77c(a)(2)] and section 3(a)(12) of the 

Securities Exchange Act of 1934 [15 USC § 78c(a)(12)]. The Association shall file with the 

Securities and Exchange Commission such annual and other reports with regard to such 

securities as the Commission shall determine to be appropriate in view of the special character 

of the Association and its operations and necessary in the public interest or for the protection of 

investors. 

(b) AUTHORITY OF SECURITIES AND EXCHANGE COMMISSION TO SUSPEND EXEMPTION; REPORTS TO 

CONGRESS – The Securities and Exchange Commission, acting in consultation with the National 

Advisory Council on International Monetary and Financial Policies, is authorized to suspend the 

provisions of subsection (a) of this section at any time as to any or all securities issued or 

guaranteed by the Association during the period of such suspension. The Commission shall 

include in its annual reports to the Congress such information as it shall deem advisable with 

regard to the operations and effect of this section.
 

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ADDITIONAL SUBSCRIPTION TO SHARES OF THE CAPITAL STOCK OF THE 

INTER-AMERICAN INVESTMENT CORPORATION

SEC. 7050. The Secretary of the Treasury is authorized to subscribe on behalf of the United 

States to up to an additional 58,942 shares of the capital stock of the Inter-American Investment 

Corporation: Provided, That any subscription to such additional shares shall be effective only to 

such extent or in such amounts as are provided in this or any other appropriations Act: Provided 

further, That, at the conclusion of negotiations for an increase in the authorized capital stock of 

the Inter-American Investment Corporation to which the United States subscribes, the Secretary 

of the Treasury shall report to the Senate Committee on Appropriations, Senate Committee on 

Foreign Relations, House Committee on Appropriations, and House Committee on Financial 

Services the full dollar amount of the United States subscription to additional shares of capital 

stock of the Inter-American Investment Corporation, and certify that the Inter-American 

Development Bank Group has made satisfactory progress toward reforms that increase the 

Inter-American Development Bank Group's responsiveness to the development needs of all 

borrowing countries in Latin America and the Caribbean, improve the effectiveness of the InterAmerican Development Bank Group's financing, foster the development of a vibrant private 

sector in the region, help address global and regional challenges, and promote more efficient 

use of the Inter-American Development Bank Group's financial resources.