The Development Loan Fund (DLF) was the lending

Loan

A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....

 arm of the United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 International Cooperation Administration

International Cooperation Administration

The International Cooperation Administration was established by the U.S. State Department Delegation of Authority 85, June 30, 1955, pursuant to EO 10610, May 9, 1955. The predecessor to this administration was the Foreign Operations Administration . Both oganizations coordinated foreign...

. It was established in 1957 as part of a revision of the Mutual Security Act

Mutual Security Act

The Mutual Security Act of 1951 is a United States federal law, signed on October 10, 1951 by President Harry S. Truman, which authorized nearly $7.5 billion for foreign military, economic, and technical foreign aid to American allies; the aid was aimed primarily at shoring up Western Europe, as...

. Its main purpose was to extend loans to foreign nations, repayable in the local currency

Currency

In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 of the borrower, mostly for capital projects. In 1961 it was merged into the United States Agency for International Development

United States Agency for International Development

The United States Agency for International Development is the United States federal government agency primarily responsible for administering civilian foreign aid. President John F. Kennedy created USAID in 1961 by executive order to implement development assistance programs in the areas...

When it was created in 1957, its legislative mandate ordered that it not "compete" with "private investment capital

Financial capital

Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e. retail, corporate, investment banking, etc....

", the Export-Import Bank, or the International Bank for Reconstruction and Development

International Bank for Reconstruction and Development

The International Bank for Reconstruction and Development is one of five institutions that compose the World Bank Group. The IBRD is an international organization whose original mission was to finance the reconstruction of nations devastated by World War II. Now, its mission has expanded to fight...

.

See also

• Foreign Assistance Act
  Foreign Assistance Act
  The Foreign Assistance Act is a United States Act of Congress. The Act reorganized the structure of existing U.S. foreign assistance programs, separated military from non-military aid, and created a new agency, the United States Agency for International Development to administer those...
  
  
• Development aid
  Development aid
  Development aid or development cooperation is aid given by governments and other agencies to support the economic, environmental, social and political development of developing countries.It is distinguished...
  
  
• Overseas Private Investment Corporation
  Overseas Private Investment Corporation
  The Overseas Private Investment Corporation is an independent agency of the United States Government that mobilizes U.S. private sector investment in new and emerging markets overseas in order to support both the sustainable economic development of those markets and the creation of American jobs...
  
  
• Foreign policy of the United States

Further resources

• Google Books search for: "Development Loan Fund"