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                    Speeches & Testimony
 DFC Reaffirms Commitment to Scaling Investment in African Infrastructure and Critical Minerals
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            February 12, 2024
      
            **WASHINGTON, D.C.**– The U.S. International Development Finance Corporation (DFC) Deputy Chief Executive Officer (DCEO) Nisha Biswal traveled to South Africa and Zambia from January 31 through February 9 as part of the largest U.S. government delegation to Mining Indaba and the first Lobito Corridor Investors Forum and to deepen DFC’s investments on the continent.In South Africa, DCEO Biswal attended Mining Indaba where she underscored DFC’s commitment to expanding investment in sustainably sourced and produced critical minerals in Africa and beyond. She emphasized that DFC is growing its robust portfolio of critical mineral investments to deliver stronger development impact and contribute to strategic goals for expanded and diversified supply chains. DCEO Biswal also met with DFC clients in Cape Town and Johannesburg, including Africa Data Centres, which is expanding critical information and communications technology infrastructure across Africa, and Tetra4, the first onshore producer of helium in South Africa.DCEO Biswal and U.S. Ambassador to South Africa Reuben Brigety also visited Mintek, a key technology partner to Rainbow Rare Earths, which DFC is supporting through $50 million in equity through investment platform TechMet. The visit showcased the innovative pilot plant for the Phalaborwa Rare Earths processing project, which will convert industrial waste from a decommissioned mine into rare earth oxides that will be used in high-tech manufacturing.In Zambia, DCEO Biswal attended the Partnership for Global Infrastructure and Investment’s (PGI) Lobito Corridor Investor Forum where she announced a $10 million loan for Seba Foods, a family-owned soya and maize consumer goods manufacturer, and celebrated DFC’s growing partnership with the Africa Finance Corporation. The PGI forum, which brought together hundreds of investors, companies, and government officials, including Zambian President Hakainde Hichilema, focused on the vision of a new economic corridor linking Angola, the Democratic Republic of the Congo, and Zambia – through interconnected infrastructure, agricultural and energy markets, and commerce of all kinds – that will deepen intra-regional trade, create local jobs, and connect communities to new markets.###*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.*
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