Last week, the U.S. Agency for International Development's (USAID) Mission in Uganda and the USAID Development Credit Authority released a video that will make you rethink development. The video tells the story of a private infrastructure project on a remote island in Uganda, where a USAID co-guarantee spurred private sector investment.
In the 1960s, during USAID's founding decade, official development assistance represented 70 percent of all capital flows to developing countries. Today, foreign aid makes up just 13 percent, having been replaced over time by trade, investment, and other sources of private capital.
This changing landscape means our impact can be even greater. Rather than using our development dollars to substitute for missing private capital, we can use them to attract it. Even better, we can unlock existing local wealth and put it to work for development.
That's what we do at the Development Credit Authority (DCA). Watch the above video to see how effective private sector partnerships can positively impact people's lives, and visit our website to learn more about our work.