“USAID has been very catalytic with its grant resources... but I don’t think organisations like the Gates or Rockefeller Foundations are really able to fill the void left by the huge footprint of USAID.” - Elizabeth Boggs Davidsen, CEO, GSG Impact, in the Pioneers Post interview.

The U.S. withdrawal from international development creates a major funding gap, threatening progress in impact investing, sustainable development, and global governance. Who will step in to sustain critical initiatives?

• Philanthropy alone won’t be enough – while private sector funding is increasing, major foundations like Gates and Rockefeller cannot fully replace USAID’s catalytic capital, which has been instrumental in mobilising private investment.

• China’s expanding role in impact investing – as the newest GSG Impact National Partner, China is rapidly scaling impact investing efforts, positioning itself to fill the gap left by the U.S. in global development finance.

• U.S. risks losing influence in global markets – scaling back international development funding weakens the U.S.'s leadership in governance, democracy, and economic stability, allowing other nations to shape the future of sustainable finance.

The impact investing ecosystem needs urgent solutions to replace lost USAID capital.

Read the full interview to understand the stakes and what’s next for global impact finance.