WASHINGTON Andrew M. Herscowitz was approved by the Board of Directors of U.S. International Development Finance Corporation (DFC) to serve as the agency’s first Chief Development Officer (CDO). As CDO, Herscowitz will be responsible for focusing the entire agency on driving measurable impact and ensuring that DFC’s portfolio meets its development mandate at the strategic level.
Andy’s many years of experience in international development demonstrate his passion for improving the lives of those most in need as well as his exceptional qualification for the new and critical role of CDO, said DFC Chief Executive Officer Adam Boehler. His expertise and dedication will help to effectively assess DFC’s portfolio and footprint to ensure we are best utilizing our enhanced tools, resources, and flexibility. His proven track record of working within the U.S. Government will help us bring as many resources as we can to tackle urgent development challenges.
When Congress established DFC, it intentionally included the word ‘development’ in the title to reinforce the gravity of our core mission. I am extraordinarily honored to play a role in advancing this effort by serving as DFC’s first CDO, said Herscowitz. DFC will stand side-by-side with the private sector to demonstrate how together our capital can take on and reverse some of the most daunting development challenges globally. By expanding this model across the world and ensuring that our first rate of return remains development impact, DFC and the private sector can lift millions out of poverty.
The CDO position was established in the Better Utilization of Investments Leading to Development (BUILD) Act of 2018, the legislation which created DFC. Herscowitz was appointed to serve as CDO by Boehler, with the concurrence of USAID Administrator Mark Green, and will report to DFC’s Board of Directors. In this role, Herscowitz will provide leadership on the agency’s development policies and coordinate interagency partnerships in support of the U.S. Government’s broader international development policy.
Herscowitz brings extensive experience in international development. Prior to DFC, he served as Coordinator of Power Africa, where he led the U.S. Government initiative’s efforts to double access to electricity in Sub-Saharan Africa.
Previously, Herscowitz served as a USAID Regional Legal Advisor and Mission Director for various countries in Latin America and the Caribbean. He also served as an attorney for USAID’s Development Credit Authority (DCA) and worked on the legal team that designed the original framework for the nonprofit Global Fund to Fight AIDS, Tuberculosis, and Malaria.
Prior to his government service, Herscowitz worked for several Washington law firms. Herscowitz earned a B.S.F.S. from the Georgetown University School of Foreign Service and a J.D. from the Georgetown University Law Center.
DFC is a new U.S. Government agency that modernized the Overseas Private Investment Corporation (OPIC) and USAID’s DCA with a more than doubled investment cap of $60 billion and new financial tools in order to multiply its impact in the developing world. In addition to establishing the position of CDO, the BUILD Act which created DFC bolsters the agency’s development mandate by directing the agency to prioritize investments in low-income and lower middle-income countries; equipping the agency with new tools to more proactively support highly impactful projects; and strengthening coordination with key partners like USAID.
Source: U.S. International Development Finance Corporation