DFC approves 21 new investments, mobilizing more than $1.1 billion to tackle development challenges worldwide
DFC’s Board of Directors voted to approve landmark renewable energy, supply chain logistics, gender equity, and food security transactions this quarter
U.S. International Development Finance Corporation (DFC) Board of Directors has approved four investments totaling $875 million this quarter, accelerating the agency’s progress in tackling key development challenges including food security and filling logistics gaps, as well as Biden Administration priorities including climate change, gender equity, and advancing the President’s Build Back Better World (B3W) Initiative.
The agency also approved 17 other investments totaling nearly $254 million since the last quarterly board meeting in September 2021. The project approvals this quarter total more than $1.1 billion that DFC will invest toward innovative and promising development projects around the world.
“Thanks to the leadership of our terrific Board of Directors, DFC approved key projects this quarter that will help advance global efforts to tackle the climate crisis, support inclusive growth and gender equity in developing countries, and more,” said Dev Jagadesan, DFC’s Acting Chief Executive Officer. “As DFC marks is two-year anniversary, I am proud to see the agency continue to grow and adapt to provide new development finance tools, embark on innovative and challenging new transactions, and expand our client base in order to advance our mission.”
The quarter’s work builds upon the most productive year for the agency in 25 years, including record levels of new commitments; vaccine manufacturing investments expanding capacity for 2 billion doses of COVID-19 vaccines; a 5x increase in health care investments; and transformational climate investments including the largest debt for marine preservation transaction ever. In addition, DFC made its largest debt investment ever, driving alternative supply chains for solar manufacturing. The agency also increased staffing to support mission priorities.
In advance of the Board meeting, DFC held a public hearing, where representatives from the public had the opportunity to share their views on DFC’s work. The Board meeting included votes to approve a new equity investment in LCP Fund II Cooperatief U.A., an investment fund providing growth capital for medium-sized companies in Egypt focusing on health, food and agriculture, and logistics. The Board also welcomed new leadership in DFC’s Equity Office, received a management report from agency leadership, and presented an Audit Committee Report.
Simon Ateba is Chief White House Correspondent for Today News Africa. Simon covers President Joe Biden, Vice President Kamala Harris, the U.S. government, the United Nations, the International Monetary Fund, the World Bank and other financial and international institutions in Washington D.C. and New York City.
