US Government WASHINGTON Funding To Return Critical Supply Chains To The United States As Part Of Coronavirus Response Efforts Could Reach Tens Of Trillions Of Dollars And Customers Could Include Taiwanese Semi-Plant $ 12 billion drivers, the head of the agency managing the funds, told Reuters. .
The US International Development Finance Corp is talking to companies about outsourcing the manufacturing of personal protective equipment, generic drugs and pharmaceutical ingredients, DFC general manager Adam Boehler said on Monday.
Boehler said letters of agreement for some initial projects could be signed within the next month. The Trump administration pushed https://www.reuters.com/article/us-usa-china-supply-chains/us-mulls-paying-companies-tax-breaks-to-pull-supply-chains-from- china-idUSKBN22U0FH for American companies and importers who wish to outsource manufacturing outside of China.
The agency, which opened in January to spur overseas development finance efforts to counter the massive belt and road infrastructure campaign in China, has been put into operation. domestic service in May, after President Donald Trump signed an executive order: https: //www.whitehouse. gov / presidential actions / eo-delegation-authority-dpa-ceo-us-international-development-finance-corporation-respond-covid-19-epidemic under the Defense Production Act.
DFC and the Ministry of Defense have agreed https://www.defense.gov/Explore/News/Article/Article/2227560/dod-partners-with-dfc-to-protect-industrial-base-from-economic-effect -of- pandem Monday to jointly administer $ 100 million in supply chain relocation funds for the $ 2.3 billion coronavirus legislation passed in March.
Boehler said companies’ plans to outsource are already pouring in.
“The areas that got hot right away are on the side of PPE and within the pharmaceutical value chains,” said Boehler, adding that there was an interest in shifting some of the production from generic drugs – almost all imported – to the United States.
The $ 100 million can be converted into “tens of billions of dollars” in loans using it as a pool of capital similar to the US Treasury’s support of the Federal Reserve’s loan facilities, Boehler said. At this scale, the agency could participate in the financing of the planned factory of Taiwan Semiconductor Manufacturing Co Ltd in Arizona.
The project is a centerpiece of the push to tackle global technology supply chains returning from China. TSMC, the world’s largest contract chip maker, is a major supplier to Apple Inc., Qualcomm Inc., and other large U.S. technology companies.
“We are providing loans and investments, so could we be relevant there? Absolutely. We are talking about tens of billions of dollars of potential here, so this is a possibility, I would not rule that out,” said Boehler.
A financial package for TSMC would likely include private capital from the state of Arizona. It is too early to say whether the agency will be able to participate.
“FOOT ON THE GAS”
The DFC was created under 2018 legislation that combined the former Overseas Private Investment Corp (OPIC) and part of the United States Agency for International Development, which more than doubled the overall lending and d CIPO’s investment at $ 60 billion. Its launch scheduled for October 2019 was delayed until January by a budget fight in Congress which threatened the closure of the government.
Boehler said the DFC development mission would not be affected by Trump’s executive order and would keep his “foot on the gas” to speed up projects in poor countries.
The 337-employee DFC – small for a federal agency – adds about 15 people to focus solely on domestic relocation projects, he said, and funding for overseas development will be separated.
The agency approved https://www.dfc.gov/media/press-releases/dfc-approves-1-billion-investments-global-development for $ 1 billion in investments and loans at its meeting on June’s advice, including a $ 200 million loan to Banco Industrial, Guatemala, to extend its loans to small and medium-sized businesses. Boehler said the bank’s board of directors in September would consider a larger list of projects.
(Reporting by David Lawder; Editing by Nick Zieminski and Peter Cooney)
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