WASHINGTON D.C. – U.S. International Development Finance Corporation (DFC) CEO Ben Black delivered the opening keynote at the Atlantic Council’s “Investing in Africa Forum” yesterday on the margins of the 2026 International Monetary Fund-World Bank Spring Meetings.
CEO Black underscored how Africa will be central to the success of future global economic growth and supply chains, driven by its rapidly expanding markets and vast reserves of critical minerals, energy resources, and industrial potential.
On Africa’s Future and Global Growth:
“…[T]he future of global growth and supply chains will run through Africa. Indeed, in many ways, Africa is ground zero for our shared economic future. Africa’s population, workforce, and consumer markets are expanding faster than any other region in the world. We see opportunities across the continent to invest in key sectors, energy, technology, infrastructure and logistics, critical minerals, health care, and financial services.”
On Africa’s Reserves of Critical Minerals:
“Africa is home to vast reserves of the world’s critical minerals, rich deposits of cobalt, lithium, titanium, and graphite. Indispensable materials for batteries, semiconductors, jet engines, and night vision goggles position Africa to shape the future of supply chains, central to advanced manufacturing, and how we live our modern lives. Developing Africa’s stores of active pharmaceutical ingredients would help diversify critical medical supply chains. Energy and transmission infrastructure, would dramatically expand energy capacity and provide a power supply that could support midstream refining outside of China.”
On Geopolitical Competitors:
“Our geopolitical competitors have invested heavily across the continent. But too often, these projects have relied on opaque financing, tied procurement, and infrastructure designed primarily to serve external interests. In many cases, the outcome has been high and coercive debt burdens, and limited benefits to the workers and local economies. This is not a good deal for any nation…”
“…President Trump recognized this threat when he created DFC to encounter the Chinese Belt and Road Initiative. We serve as the international investment arm of the U.S. government, and we are America’s international deal team.”
On DFC’s Partnerships across Africa:
“We are investing in our partner countries’ economic futures and their people. Africa is a critical market of the future, and a vital partner in this effort.”
“We want to structure investments that can transform and improve economic trajectories for entire regions while advancing the U.S.’s strategic interests abroad. It’s time to stop talking about Africa’s potential and time to start delivering on its promise. By investing in infrastructure, fostering private sector lead growth, and advancing regional stability; we can build a future of shared prosperity for Africa’s continued growth and success.”
These remarks have been lightly edited for clarity.
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The U.S. International Development Finance Corporation (DFC) is the international investment arm of the United States Government and central to U.S. economic statecraft. DFC mobilizes private capital to advance U.S. foreign policy and economic development. Our investments deliver strong returns for American taxpayers, drive meaningful economic development for our allies and partners, and secure supply chains to counter and outcompete our adversaries.
