Total annual commitments more than doubled since agency's launch five years ago
Driving global development with more than 180 strategic transactions
WASHINGTON, Oct. 24, 2024 /PRNewswire/ -- The U.S. International Development Finance Corporation today announced that it committed a record $12 billion in investments in Fiscal Year 2024 [https://c212.net/c/link/?t=0&l=en&o=4286395-1&h=2590195132&u=https%3A%2F%2Fdfcgov.my.canva.site%2Ffy24&a=committed+a+record+%2412+billion+in+investments+in+Fiscal+Year+2024] to projects that are improving lives and promoting economic growth across the developing world by expanding access to food, energy, healthcare, critical infrastructure, and financial services.
https://mma.prnewswire.com/media/2514418/DFC_Horizontal_Logo.jpg [https://mma.prnewswire.com/media/2514418/DFC_Horizontal_Logo.jpg]
In Fiscal Year 2024, DFC tackled some of the world's greatest challenges by supporting transactions in 44 countries, with a total portfolio spanning over 110 countries across Africa, the Middle East, Latin America, Europe, and the Indo-Pacific. DFC's new commitments are expected to finance 450,000 smallholder farmers, generate 4,600GWh of renewable energy, improve healthcare for more than 11 million patients, and fuel growth for 380,000 micro, small, and medium-sized businesses.
"Fiscal Year 2024 was a remarkable year for DFC, both in terms of volume of investment and our impact on some of the world's most pressing challenges. In just five years since its creation, DFC's private-sector-led approach has established DFC as a pivotal instrument in U.S. foreign policy and a key player in the development finance space," said DFC CEO Scott Nathan. "The new investments made this year will provide badly needed financing to entrepreneurs and businesses, driving economic growth and stability in the countries where we work. I'm proud of the hard work and accomplishments of the DFC team to support development and bolster U.S. national security."
In Fiscal Year 2024, DFC committed to over 180 transactions. Activity included:
Invested where American values and interests intersect. DFC's dual focus on global development and American national security helps ensure its investments benefit both the United States and the host countries.
-- In Angola, DFC's board approved a loan of up to $553 million to the
Lobito Atlantic Railway to support the upgrade and rehabilitation of
more than 800 miles of rail and a mineral port to help ensure the
reliable transport of minerals that are critical to the clean energy
transition. In a related transaction, DFC also committed a $3.4 million
technical assistance grant to Pensana to conduct feasibility studies to
advance development of a rare earth mine and refining facility in the
Lobito Corridor.
-- In Indonesia, an up to $126 million DFC loan to PT Medco Cahaya
Geothermal will finance the development of approximately 31.4MW of
geothermal power generation capacity in East Java.
-- In South Africa, a $50 million equity investment in TechMet will support
the development of the Phalaborwa Rare Earths project, a rare earth
element processing facility that will develop a more diverse, resilient,
and sustainable critical mineral supply chain, drive the clean energy
transition, and create economic opportunity for local communities.
Provided critical support to the people and businesses impacted by the war in Ukraine. DFC continued its support for Ukraine, committing more than $580 million to a wide range of sectors crucial to the country's recovery and stability amid the conflict. This included one of its signature tools to address the most urgent Ukrainian economic needs and lay a foundation for long-term resilience: political risk insurance.
-- $10 million in political risk insurance will support the rebuilding of a
water treatment and water filtration equipment manufacturing facility
destroyed during Russia's invasion.
-- $50 million in political risk insurance will support a reinsurance
facility brokered by Aon and distributed by ARX to build a portfolio of
war risk insurance policies for companies operating in Ukraine and to
support ARX in expanding its war risk insurance offering in the country.
-- $150 million in political risk insurance will help maintain the
country's agriculture operations and alleviate food insecurity.
Strengthened global supply chains. DFC invested in infrastructure to bolster access to essential goods and services including food, energy, healthcare, technology, and critical minerals.
-- In South Africa, a EUR110 million DFC loan will help Aspen Pharmacare
expand its capacity to deliver medicines, diabetes insulin, and
pediatric vaccines, increasing local access to life-saving medicines and
vaccines across Africa.
-- In Zambia, a $10 million loan to Seba Foods Zambia Ltd. will support the
expansion of the company's storage and production capacity and provide
affordable, soy-based consumer food products, strengthening the food
value chain in Zambia.
-- In Türkiye, a $350 million loan to Enerjisa Enerji Üretim A.Ş. will
finance the development, construction, and operation of nine onshore
wind power plants in Western Türkiye that are expected to generate
approximately 2.51 terawatt-hours per year.
Advanced high-standard, transparent investing to achieve sustained impact. DFC adheres to the highest standards on worker rights and the environment and works to ensure its investments deliver a sustained positive impact.
-- In India, DFC committed a $10 million loan to Nepra Resource Management
for construction of material recovery facilities for the recycling and
sustainable disposal of material waste that will reduce waste in
landfills.
-- Across Africa, a $250 million tier 2 capital loan to Africa Finance
Corporation will strengthen the capital position of a key pan-African
multilateral development finance institution to support its operating
activities, including investment activities consisting of infrastructure
projects critical to economic growth and development.
-- In the Western Hemisphere, a $50 million equity investment in PI Fund V
(Ontario), L.P. will increase investments in Latin American
infrastructure and address financing gaps to develop critical projects,
with a primary focus on Brazil, Colombia, Peru, and Mexico.
Supported the world's low-income countries and underserved communities. DFC focuses a majority of its transactions in low- and lower-middle-income countries and prioritizes investments that benefit women and other underserved populations.
-- In India, a $50 million loan to InCred Financial Services Ltd. will
support lending to women and women-owned businesses using a
technology-enabled lending approach designed to expand access to
underserved entrepreneurs and individuals.
-- In the Dominican Republic, where nearly one quarter of the population
lives below the poverty line, DFC committed $200 million in financing to
Banco Popular Dominicano, S.A. to support lending to small businesses,
with a focus on women entrepreneurs.
-- In the Philippines, DFC committed a $20 million loan to Lhoopa Singapore
Pte. Ltd. that will support a digital platform focused on the
development of affordable housing for low-income families throughout the
country.
Learn more about DFC's record-breaking year. [https://c212.net/c/link/?t=0&l=en&o=4286395-1&h=2937188624&u=https%3A%2F%2Fdfcgov.my.canva.site%2Ffy24&a=Learn+more+about+DFC%27s+record-breaking+year.]
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
Logo - https://mma.prnewswire.com/media/2514418/DFC_Horizontal_Logo.jpg [https://c212.net/c/link/?t=0&l=en&o=4286395-1&h=2827597813&u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F2514418%2FDFC_Horizontal_Logo.jpg&a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F2514418%2FDFC_Horizontal_Logo.jpg]
View original content:https://www.prnewswire.co.uk/news-releases/dfc-expands-global-impact-with-record-breaking-investments-in-fiscal-year-2024-302286349.html [https://www.prnewswire.co.uk/news-releases/dfc-expands-global-impact-with-record-breaking-investments-in-fiscal-year-2024-302286349.html]
Photo: https://mma.prnewswire.com/media/2514418/DFC_Horizontal_Logo.jpg U.S. International Development Finance CorporationCONTACT: press@dfc.gov
