U.S. International Development Finance Corporation Approves More Than $ 1.4 Billion In New Investments For COVID-19 Response, Global Health, Gender, Technology and Renewable Energy
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The board of directors of the American International Development Finance Corporation (DFC) approved nine investments totaling $ 925 million this quarter, furthering the agency’s development mission and strengthening the Build Back Better World (B3W) initiative. ) of President Biden.
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The agency has also approved 32 small investments totaling over $ 500 million since the last quarterly board meeting in June 2021. These approvals bring the total DFC investments approved in the last quarter to over $ 1. $ 4 billion in 40 separate projects, the highest number of CFD project approvals. in a single quarter to date.
“DFC’s newly approved investments will help us address the most pressing challenges of the developing world,” said the CEO and interim president. Dev Jagadesan. “Our diligent and hardworking team has made an incredible number of highly structuring investments this quarter – a remarkable achievement at all times, 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 tackle climate change; stimulate renewable energies distributed in Ghana, Nigeria, Senegal and Togo; improve financial inclusion, health care, food security and agriculture across 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 board meeting, please visit www.dfc.gov/who-we-are/board-directors.
This quarter, DFC’s board of directors also approved five other projects that will advance tech startups in Africa: developing affordable housing across West Africa; supporting businesses in the fields of health, technology and renewable energy in Nepal; boost MSMEs that support financial inclusion globally, and more. Investments Approved This Quarter Advance DFC’s Development Strategy Roadmap for impact and are among the U.S. government and DFC priority initiatives, including B3W, DFC’s 2X Women’s Initiative, and the Global Health and Prosperity Initiative.
DFC continues to focus on high growth transactions in countries where the agency can have the greatest impact. Many of the investments approved this quarter were developed in conjunction with USAID mission teams in the field to provide maximum development impact. 57.5% of the CFD projects approved this quarter will benefit low and lower middle income countries in Africa, Latin America, the Indo-Pacific and the Middle East.
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Investments approved by the Board of Directors this quarter include:
- Support smart city infrastructure in Rio de Janeiro: * With an investment guarantee of $ 267 million, Smart Rio will modernize, maintain and operate street lighting and install smart city infrastructure in Rio de Janeiro, Brazil.
- Invest in an impact-driven, women-led credit fund: * DFC’s $ 25 million investment in PG Impact Credit Strategies aims to improve the lives of underserved people in sub-Saharan Africa, Latin America, South Asia and Southeast Asia by providing credit to small and medium-sized enterprises with impact-oriented operations.
- Develop renewable energies in West Africa: A direct stake in Daystar Power Group, a Nigeria-based company that provides solar and hybrid energy solutions to commercial and industrial customers, will help reduce the cost of electricity, increase reliability of supply and reduce pollution in Nigeria, Ghana, Senegal and Togo. .
- Strengthen emerging technologies in Africa: $ 10 million equity investment in Atlantica Ventures Fund I, CV will help new and emerging tech start-ups in
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