House Foreign Affairs Committee
The Administration’s FY23 Budget Request for the Peace Corps, Development Finance Corporation, and Millennium Challenge Corporation
The budget request includes $431 million for the Peace Corps, a $20 million (5%) increase compared to the FY22 enacted level.
The Administration proposes a modest $18 million (2%) increase for the Millennium Challenge Corporation (MCC) compared to the FY22 enacted level. Resources would support two new compacts with Indonesia and Mozambique expected to be signed in FY23 and threshold programs in five countries.
The request includes $220 million for administrative expenses for the U.S. International Development Finance Corporation (DFC), a $22 million (11%) increase from the FY22 enacted level, and $780 million for programs, a $280 million (56%) increase compared to the FY22 enacted level. These new resources will bolster the DFC to deliver on its mission by hiring additional staff and substantially expanding its portfolio in areas such as climate change, health, and information technology through a range of tools including credit subsidy, equity, technical assistance, and grants. In addition, the request anticipates an additional $50 million in transfers to the DFC from the State Department and USAID to support greater interagency program coordination.