USAID works with a diverse array of partners. Among these partners, the private sector—global and local businesses, financial institutions, investors, and entrepreneurs—has a unique and growing role to play in global problem solving.
USAID partners with the private sector where there is strong alignment between development objectives and business interests. Today, there is increasing overlap between these aims, and more opportunities to work together promoting sustainable agricultural development, providing employment opportunities for youth, and increasing access to essential services like healthcare, power, banking, and sanitation and hygiene.
As highlighted in a new report, we are engaging the private sector in increasingly diverse ways to deliver cost-effective and results-oriented development solutions:
As market-based solutions to development challenges gain prominence, the Agency and its partners are sharing best practices, and contributing to a growing field of knowledge of public-private partnerships that advance market-based solutions to development challenges. It is an Agency priority to make partnering more efficient and effective—reducing the transaction costs of building and maintaining public-private partnerships and accelerating their ability to realize progress. Together, we must do a better job of measuring and understanding the impact of partnerships, replicating successes, and acknowledging and learning from failures and mistakes.
We will continue to pursue partnerships with local and global corporations, and boost investments in business-related reforms in partner countries around the world. This approach will accelerate the ability of the Agency and its partners to deliver results, and to do so with greater efficiency and long-term sustainability.