U.S. International Development Finance Corporation approves more than $1.4 billion in new investments for COVID-19 response, global health, gender equity, technology and renewable energy

The U.S. International Development Finance Corporation (DFC) Board of Directors has approved nine investments totaling $925 million this quarter, advancing the agency’s development mission and bolstering President Biden’s Build Back Better  World (B3W) Initiative.

The agency has also approved 32 smaller investments totaling more than $500 million since the last quarterly Board meeting in June 2021. These approvals bring total DFC investments approved over the last quarter to more than $1.4 billion across 40 distinct projects, DFC’s largest number of project approvals within a single quarter to-date.

“DFC’s newly approved investments will help us tackle the developing world’s most pressing challenges,” said Acting CEO and President Dev Jagadesan. “Our diligent, hardworking team has driven an incredible number of highly developmental investments this quarter – a remarkable feat at any time, but even more so in the context of the ongoing COVID-19 pandemic.”

Today’s Board meeting included votes to approve new investments, including projects that will combat climate change; boost distributed renewable energy in Ghana, Nigeria, Senegal, and Togo; improve financial inclusion, healthcare, food security and agriculture throughout Sub-Saharan Africa, Latin America, and the Indo-Pacific; and expand public lighting and smart city infrastructure in Brazil. For a full summary of today’s meeting of the Board of Directors, please visit www.dfc.gov/who-we-are/board-directors.

This quarter, DFC’s Board of Directors also approved five additional projects that will advance technology startups in Africa: grow affordable housing throughout West Africa; support businesses in healthcare, technology, and renewable energy in Nepal; boost MSMEs that support financial inclusion globally, and more. The investments approved this quarter advance DFC’s development strategy Roadmap for Impact and are part of U.S. government and DFC priority initiatives including B3W, DFC’s 2X Women’s Initiative, and Global Health and Prosperity Initiative.

DFC continues to focus on highly developmental transactions in countries where the agency can provide the greatest impact. Many of the investments approved this quarter were developed jointly with USAID mission teams on the ground to provide maximum development impact. 57.5 percent of DFC’s projects approved this quarter will benefit low and lower-middle income countries across Africa, Latin America, the Indo-Pacific, and the Middle East.

Investments approved by the Board of Directors this quarter include:

  • Supporting smart city infrastructure in Rio de Janeiro:* With a $267 million investment guaranty, Smart Rio will modernize, maintain, and operate public lighting and install smart city infrastructure in Rio de Janeiro, Brazil.
  • Investing in a women-led, impact-oriented credit fund:* DFC’s $25 million investment in PG Impact Credit Strategies aims to improve the lives of the underserved in sub-Saharan Africa, Latin America, South Asia and South East Asia by providing credit to small and medium-sized companies with impact-oriented operations.
  • Expanding renewable energy in West Africa: A direct equity investment into Daystar Power Group, a Nigeria-based company that offers solar and hybrid power solutions to commercial and industrial clients will help reduce the cost of power, increase reliability of supply, and reduce pollution in Nigeria, Ghana, Senegal and Togo.
  • Bolstering emerging technology in Africa: A $10 million equity investment in Atlantica Ventures Fund I, CV will help new and emerging technology start ups in

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