DoD Commits $100M to Help Finance Private COVID-19 Initiatives; Ellen Lord Quoted

DoD Commits $100M to Help Finance Private COVID-19 Initiatives; Ellen Lord Quoted
Hon. Ellen Lord DoD's Undersecretary for Acquisition and Sustainment

The Department of Defense has entered into an agreement with U.S. International Development Finance Corp. to earmark $100M in DoD funding to support DFC’s financing of COVID-19 response efforts.

Funding from DoD’s Coronavirus Aid, Relief, and Economic Security Act allocations will help DFC execute loans and invest in selected projects intended to meet requirements under the Defense Production Act, DoD said Monday.

In line with the memorandum of agreement, DFC issued a request for proposals to identify eligible private-sector initiatives with a focus on driving the production of pharmaceuticals, vaccines, testing supplies and personal protective equipment.

DFC will handle the review process for DPA funding while DoD will shoulder direct and indirect costs. The two agencies will also create working groups to streamline the MOA’s implementation, according to DoD.

“We both wholeheartedly believe it will provide new avenues to expand and support our domestic industrial base for medical resources in support of the nation’s COVID-19 response,” said Ellen Lord, undersecretary of defense for acquisition and sustainment and a 2020 Wash100 awardee.

DFC is an independent agency that works with entities in the energy, healthcare, critical infrastructure and technology sectors to finance projects focused on global development and emerging markets.

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