Stay Informed
of New Reports
Twitter
Where To Report Waste
Fraud, Abuse, Or Retaliation
Where To Report Waste Fraud, Abuse, Or Retaliation

DFC Can Improve Oversight of Renewable Energy and Financing Projects in India

Submitting OIG: 
U.S. Development Finance Corporation OIG
Report Description: 
The U.S. International Development Finance Corporation (DFC), Office of Inspector General (OIG) contracted with an independent public accounting firm to conduct a congressionally requested audit of DFC’s renewable energy and financing projects. The U.S. House of Representatives Committee on Appropriations requested DFC OIG to complete a follow-up audit similar to U.S. Agency for International Development (USAID) OIG’s audit of Overseas Private Investment Corporation’s (OPIC) Chile Energy Sector Portfolio completed in 2019. With congressional approval, this audit focused on DFC’s renewable energy and financing projects in India, which is the Corporation’s largest country investment partner at approximately $3.6 billion.
Date Issued: 
Monday, November 13, 2023
Agency Reviewed / Investigated: 
U.S. International Development Finance Corporation
Submitting OIG-Specific Report Number: 
DFC-24-002-C
Location(s): 
Agency-Wide
Type of Report: 
Audit
Questioned Costs: 
$54,910,000
Funds for Better Use: 
$0
Number of Recommendations: 
13
Report updated under NDAA 5274: 
No
View Document: 
AttachmentSize
PDF icon DFC-Can-Improve-Oversight-Renewable-Energy-and-Financing-Projects-India-DFC-24-002-C.pdf5.45 MB
Additional Details Link: 
https://www.dfc.gov/sites/default/files/media/documents/DFC%20Can%20Improve%20Ov…

Related Open Recommendations

Recommendation Number Recommendation Status Significant Recommendation Additional Details
7 Open No DFC Can Improve Oversight of Renewable Energy and Financing Projects in India
DFC Chief Executive Officer direct DFC’s Chief Development Officer and Chief Risk Officer, in coordination with the Office of Accountability, to advise the Office of Development Policy and the Office of Financial and Portfolio Management on strategic goals for annual site visit monitoring. This should include a process for publicly reporting plans, goals, and actual performance.
8 Open No DFC Can Improve Oversight of Renewable Energy and Financing Projects in India
DFC Chief Executive Officer ensure all divisions update and finalize site visit monitoring policies and procedures to align with the agency’s strategic goals.
9 Open No DFC Can Improve Oversight of Renewable Energy and Financing Projects in India
DFC Chief Executive Officer ensure a system is developed that centrally tracks site visit report results that are accessible to staff for cross-monitoring purposes. The system should facilitate the formal sharing of lessons learned and trends identified during site visits for all phases of DFC’s investment decision-making.
Displaying 3 of 3 Recommendations