Andrea Mitchell Reports, 9/23/13, 1:35 PM ET

USAID faces new challenges

USAID – the U.S. Agency for international development provides U.S. foreign assistance to nations around the world but with Washington budgets being squeezed across the board, the USAID is facing new challenges. Rajiv Shah of USAID joins Andrea...

USAID looks to business for funding

Updated

With budgets being squeezed across the board in Washington, funds for international development overseas are facing challenges–something the U.S. Agency for International Development (USAID) is trying to circumvent by seeking corporate partnerships.

USAID administrator Rajiv Shah said businesses who contribute to U.S. development overseas are getting a head start in the global economy.

“When you look at the markets in which we work, from sub-Saharan Africa to parts of Asia to parts of Latin America, these are the markets of the future.”

USAID spends less than 1% of the federal budget, with staff working in more than 100 nations around the world.

To find out more about USAID’s work around the globe watch the rest of Rajiv Shah’s interview on Andrea Mitchell Reports, above.

USAID looks to business for funding

Updated