ANNUAL 

REPORT 

2022
Table of Contents

Foreword from CEO Scott Nathan.....................................................................................................................2

Impact Through Investment.................................................................................................................................3

Growing DFC’s Capacity for High-Impact Transactions.............................................................................12

A Sustained Commitment to Ukraine.............................................................................................................14

Our Impact Results .............................................................................................................................................16

2022 Investment Activities...............................................................................................................................24

2022 Portfolio Company Investments ...........................................................................................................36

Financial Statements ..........................................................................................................................................40

Data and Transparency ......................................................................................................................................77

2022 Annual Report dfc.gov  1
Foreword from 

CEO Scott Nathan

In Fiscal Year (FY) 2022, DFC increased the size, scale, and impact 

of its investments in support of critical U.S. developmental priorities 

and foreign policy objectives. DFC set a record with commitments 

totaling more than $7.4 billion across 183 transactions, during the course of the year. 

All of this activity was in pursuit of our mission of cultivating a robust private sector to 

achieve sustainable developmental outcomes and strengthen the strategic position of 

the United States.

Meeting with clients in every region where DFC is active, I saw firsthand the outsized 

impact that DFC’s investments can have on communities around the world. By providing 

reliable energy for people who have never had it, bolstering supply chains across sectors 

including agriculture and health, supporting the small businesses that are the engines of 

growth for local economies, and so many of the other projects DFC financed, we continue 

to unleash the power of the private sector to improve people’s lives. 

DFC brings more than private capital to the markets where we invest. We carry with us 

our values of openness and transparency, respect for local laws and conditions, and high 

environmental, labor, and integrity standards. With active exposure in more than 110 

countries in FY 2022, it is clear the demand for the types of products our organization 

provides is growing. 

Working with the private sector to meet the need for affordable and accessible power, 

DFC is bolstering the diversity of regional energy markets, helping to diminish the 

influence of authoritarian governments. DFC is also investing to secure supply chains 

for critical minerals essential to the development of clean energy technologies, a sector 

where our strategic competitors have a significant interest. Whether in the financing DFC 

provided to small farmers in Zambia so they can bring more produce to market, or the 

support we provided to banks in Vietnam to bolster underserved communities, DFC is 

investing in the well-being of communities for the long term. At the same time, in response 

to Russia’s brutal and illegal invasion of Ukraine, DFC provided support so that small 

businesses could continue contributing to the economy and young people could continue 

their education during a time of war.

This report details some of the many strategic investments we have made over the past 

year to achieve greater developmental impact and advance the foreign policy goals of the 

United States. We look forward to expanding upon this work in 2023 as we grow DFC’s 

capacity, engage new clients, and continue to invest in people to create more stable, 

prosperous communities.

2022 Annual Report dfc.gov  2
Impact Through Investment 

DFC offers an array of products that are increasingly important in sectors with urgent 

investment needs, including agriculture, energy, information and communications 

technology (ICT), and infrastructure. In FY 2022, DFC committed more than $7.4 billion in 

investments providing solutions that respond to ongoing development challenges around the 

world and support national security objectives. 

Bolstering Food Supply

DFC prioritized making investments in 2022 that help 

reduce food insecurity. This work became even more 

critical following Russia’s illegal and devastating war in 

Ukraine. To address the dire situation, DFC surged efforts 

and committed a total of $625 million to 38 transactions 

to promote food security in Fiscal Year 2022 (FY22), 

more than double the $262 million committed to this 

area during Fiscal Year 2021 (FY21). These investments 

are supporting smallholder farmers, expanding food 

processing facilities, and securing supply chains to provide 

immediate relief, while alleviating global food insecurity 

for the long-term. 

A DFC loan to One Acre Fund will help hundreds of 

thousands of smallholder farmers across Africa—about half 

of them women—to access fertilizer and other resources 

that allow them to improve harvests. And in more than 20 

countries in Africa, Asia, and Latin America, a DFC loan 

portfolio guaranty to Root Capital will help support small 

and medium-sized agribusinesses, as well as provide greater 

financing for climate adaptation and mitigation projects. 

dfc.gov  3
In Sri Lanka, where recent political turmoil resulted 

in severe food shortages, a DFC loan will support the 

expansion of a sustainable and fairtrade food business, 

Ma’s Tropical Food Processing. The investment will help 

the business purchase more raw materials from local 

suppliers to expand food supply, boost farmer incomes, 

and support sustainable manufacturing practices.

Building Long-Term Health Resilience

In the immediate aftermath of the COVID-19 pandemic’s 

onset, DFC established the Global Health and Prosperity 

Initiative. Since its launch in May 2020, the Initiative 

has had two goals: address the immediate challenges 

posed by the pandemic and strengthen long-term health 

system resilience to improve healthcare outcomes across 

the board over time. DFC has approved more than $2.6 

billion in projects since the Initiative’s launch. The diverse 

portfolio of investments approved under the Initiative 

includes projects that are strengthening health services, 

infrastructure, commodity manufacturing and supply chain 

resilience, as well as investing in digital health, clean water, 

improved sanitation, and nutrition. These investments 

in the well-being of people and stability of communities 

provide a necessary foundation for economic growth and 

the creation of jobs and opportunity in the private sector. 

DFC’s Global Health and 

Prosperity Initiative has 

approved more than $2.6 

billion in transactions since 

its inception in May 2020.

Improving Health Outcomes with Clean 

Water

Approximately two billion people, or one-quarter of the 

world’s population, lack a safe and reliable source of 

potable water in their homes. Unsafe drinking water is a 

major cause of illnesses like diarrhea, cholera, and 

dysentery—diseases that cause almost half a million 

deaths every year, according to the World Health 

Organization. DFC’s $10 million equity investment in the 

Water Access Acceleration Fund will support businesses 

expanding access to affordable drinking water to 

underserved populations in low and lower-middle income 

countries primarily in Sub-Saharan Africa and South and 

Southeast Asia.

Photo credit: Catholic Relief Services

2022 Annual Report dfc.gov  4
Addressing a Healthcare Shortage in Asia

DFC financing is helping Quadria Capital Fund III invest 

across the healthcare value chain, including in hospitals, 

laboratories, and device manufacturers in India, Indonesia, 

the Philippines, Thailand, and Vietnam and other countries 

in South and Southeast Asia. This focus on emerging 

economies of Asia will help address a large and growing 

demand for health services. Emerging Asian economies 

account for 60 percent of the world’s population and 

half the global disease burden, but many countries in 

the region spend less than three percent of GDP on 

healthcare, a fraction of typical spending in developed 

countries. At the same time, growing middle-class 

populations have increased demand for health services. 

Quadria’s investments are a direct effort to right this 

imbalance.

Helping Women in Brazil Access Affordable 

Healthcare

Brazil has one of the highest rates of preventable death 

of any OECD (Organization for Economic Co-operation 

and Development) country, partly due to high rates of 

breast and cervical cancer. A DFC loan is helping GIP

Medicina Diagnóstica S.A. expand its chain of women’s 

health diagnostic centers that provide diagnostic testing, 

imaging, blood work, and pathology testing services. The 

company, known as Femme in the local market, currently 

operates 12 centers in São Paulo and will use the DFC 

financing to add more than 27 centers over the next six 

years, serving low and middle-income women. 

dfc.gov  5
Access to Sustainable, Reliable, and 

Affordable Energy 

Expanding access to affordable and reliable power 

is essential to improving lives and strengthening the 

economies of developing nations. Equally important is 

DFC’s work to secure supply chains for technologies that 

will deliver the sustainable energy solutions of the future. 

Providing Reliable Power in Sub-Saharan Africa 

In Malawi, where less than half the population has access 

to a reliable source of electricity, DFC announced a 

commitment in support of the 20 MW Golomoti Solar

photovoltaic power project and 5MWh/10MWh battery 

energy storage system. The plant is one of the first in SubSaharan Africa to include a grid-connected battery energy 

storage system that will help ensure a dependable supply 

and reduce frequent blackouts. 

Innovating Financing for Solar Power in Egypt 

DFC purchased $50 million of certified climate bonds, or 

“green notes,” from Virtuo Finance S.A.R.L. to support six 

solar photovoltaic plants, with a combined capacity of 300 

MW. The initiative was Egypt’s first certified green bonds 

issuance by a private entity and catalyzed private sector 

participation, including investment from institutional 

investors and pension funds.

Promoting Conservation in Latin America 

A DFC loan portfolio guaranty will support Conservation 

International Ventures in providing loans to micro, small 

and medium enterprises in the agriculture, forestry, 

ecotourism, and wild fishery sectors of Colombia, Mexico, 

and Peru. At least 50 percent of the loans under coverage 

will focus on underserved regions in these countries, 

identified in collaboration with local U.S. Agency for 

International Development (USAID) missions for their 

vulnerability to environmental degradation.

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Securing Critical Minerals for Global Supply 

Chains 

In Brazil, a DFC equity investment in TechMet Limited

will support the retrieval of minerals including cobalt and 

nickel, essential to the production of electric vehicles, solar 

panels, and other clean energy technologies. With the 

People’s Republic of China controlling the largest share of 

the market in critical mineral production and processing, 

these vital resources are especially vulnerable to supply 

chain bottlenecks and geopolitical risks. DFC’s investment 

will also support the development of new technologies 

and processes that will advance more efficient and 

environmentally benign mining practices, while bolstering 

supply chains to support the renewable energy transition. 

The mining facility in Piaui, Brazil is also expected to be 

an important source of formal employment in a rural area 

with limited income opportunities. 

Bolstering Energy Diversification and Reliable 

Access to Power 

In FY 2022, DFC financed non-Russian gas supplies for 

Moldova with $400 million of risk insurance, enabled the 

construction of a new solar panel manufacturing plant in 

India outside of Chinese supply chains with a $500 million 

loan, and expanded support to more than $267 million 

for a new gas-fired electricity plant in electricity-starved 

Sierra Leone. 

dfc.gov 

 7
Providing Technical Assistance for Green 

Hydrogen 

As a country comprised of more than 17,000 islands, 

Indonesia is particularly vulnerable to the effects 

of climate change and has committed to reducing 

dependence on fossil fuels, which currently provide more 

than 90 percent of the country’s energy. DFC funded 

technical assistance to a firm developing a portfolio of 

green hydrogen projects, Hydrogène De France (HDF),

allowing them to perform environmental and social impact 

assessments as well as technical and feasibility studies. As 

a pioneer in the hydrogen field, HDF developed the power 

plant that combines renewable energy generation with 

storage. 

Financing High-Quality Infrastructure

Infrastructure in the developing world is underfunded by 

an estimated $40 trillion, and this massive gap is expected 

to grow with the climate crisis and population growth.

DFC’s investments in high quality infrastructure are 

helping to connect communities to the global economy 

and secure global supply chains.

DFC committed $80 million in financing to The Urban 

Resilience Fund (TURF) which is investing in infrastructure 

projects to help countries in Africa and the Middle East 

address the resource strains of growing urban populations. 

TURF, which is managed by Meridiam Group, will invest 

in projects such as bus rapid transit, light rail, and smart 

city solutions such as smart street lighting across multiple 

countries including Cote d’Ivoire, Egypt, Jordan, Senegal, 

and South Africa.

DFC is also supporting Smart Rio, a climate-friendly 

infrastructure initiative underway in Rio de Janeiro, 

Brazil that will reduce electricity consumption. By 

retrofitting and adding new lighting units with LED lighting 

technology, Smart Rio expects to reduce carbon emissions 

by at least 70,000 tons per year. The project is also adding 

5,000 public Wi-Fi access points, connecting 6,000 smart 

traffic lights, and modernizing outdated and inefficient 

infrastructure.

Reducing Emissions Across DFC’s 

Portfolio

Since 2008, DFC has significantly decarbonized 

its portfolio and met reductions outlined in a 

Congressional mandate that required portfoliolevel greenhouse gas (GHG) emissions to decrease 

by at least 30 percent by Fiscal Year 2018 and 50 

percent by Fiscal Year 2023. Through increasing 

clean energy investments and reducing its carbonintensive projects, DFC has:

• Reduced portfolio GHG emissions by 85 

percent between 2008 to 2018, exceeding the 

goal set by Congress.

• Reduced DFC’s portfolio carbon intensity—or 

the tons of GHGs emitted for every dollar 

invested—by 92 percent.

dfc.gov  8
In Georgia, DFC has lent $48 million to help expand 

the Poti New Sea Port on the Black Sea, increasing its 

ability to move grain, fertilizer, and goods at a crucial 

time, in light of Russia’s ongoing war on Ukraine. The 

new port is helping facilitate investment in Georgia while 

strengthening economic integration throughout the region 

and creating jobs in a rural part of Georgia that suffers 

from high unemployment.

Early in FY 2023, DFC committed $150 million to finance 

the expansion of Puerto Bolivar, a container port in 

Ecuador, which will grow its capacity by more than a 

third. As a result of the port’s modernization and use of 

cold storage and standardized shipping containers, the 

investment is expected to reduce costs and increase 

revenues for exporters.

Supporting Small Business and Access to 

Financial Tools 

Many of DFC’s commitments in 2022 reflect an 

understanding that communities traditionally excluded 

from financial opportunities are critical to the 

transformation of their economies and the achievement of 

developmental goals. 

In Nepal, DFC worked with USAID to commit a $45 million 

direct loan and a $2.5 million loan portfolio guaranty to

Laxmi Bank that will provide capital for on-lending to 

micro, small, and medium enterprises (MSMEs) engaged 

in agribusiness. The loan will serve more than 2,500 

smallholder farmers and small businesses, some of whom 

serve areas vulnerable to food insecurity in Nepal. 

DFC is also supporting rural and migrant borrowers in 

Colombia in collaboration with USAID through a $17.5 

million loan to increase lending to migrants and rural 

borrowers. And in Vietnam, DFC is helping to broaden 

credit access with a $200 million loan to Southeast Asia 

Commercial Joint Stock Bank to address the credit gap in 

the country for underserved populations and communities 

under stress from climate impacts.

dfc.gov  9
Investing in Women

DFC’s 2X Women’s Initiative was created in 2018 to help ensure that investments are made with an understanding 

of how they will address the needs of women and support them in leadership positions. One of the most effective 

ways DFC can expand its impact is by increasing its investment in projects that support women’s increased 

participation in the marketplace. 

When women earn more income, they tend to save and invest more in areas such as housing, healthcare, 

education, and in small businesses, bringing benefits to their own households and communities and contributing 

significantly to national economies. In FY 2022, DFC supported projects to help female entrepreneurs and business 

owners access the financing necessary to start and grow businesses. For example:

• In Nigeria, where small and medium enterprises (SMEs) account for more than 80 percent of employment, 

DFC committed financing to the country’s largest bank by number of borrowers, Access Bank Nigeria, to 

support lending to small and medium enterprises, with 30 percent of all loans for women-owned or women-led 

enterprises. 

• In El Salvador, where women head about 37 percent of all households, a DFC loan portfolio guaranty 

to Banco Azul will also expand lending to small and medium enterprises, with more than a third of the 

guaranty amount targeted to qualifying women-owned, -led or -supporting enterprises.

• DFC’s loan to Mongolia’s Bogd Bank JSC will expand lending to small and medium enterprises in the 

country with approximately 70 percent of loans for women-owned or women-led businesses and 

approximately 30 percent for green loans. As part of its commitment to support women entrepreneurs and 

business leaders, the bank will provide regular reporting on loan recipients and the management teams, 

disaggregated by gender. 

Funding Women’s Livelihood Bonds

A DFC loan to the Women’s Catalyst Fund provided first loss capital into the Impact Investment Exchange’s (IIX’s) 

Women’s Livelihood Bond Series (WLBs), launching the world’s first Orange Bond, a new asset class based on 

gender equality. These WLBs will support lending to financial intermediaries and impact enterprises benefiting 

women, girls, and underserved communities in up to 25 countries. The loan to the Women’s Catalyst Fund builds 

on DFC’s longstanding support for IIX’s Women’s Livelihood Bonds. DFC expects its $10 million loan will mobilize a 

minimum of $270 million in private capital over ten years. 

As a member of the Orange Bond Initiative Steering Committee, DFC worked with other sustainable investing 

dfc.gov  10
institutions to create a guiding document to help establish 

Orange Bond financing criteria, and bolster both the 

impact and sustainability of the Orange Bond asset class.

Expanding Secure Digital Access to 

Technology 

Affordable internet access is essential to improving quality 

of life, expanding the availability of critical services from 

education to banking, strengthening local economies, and 

attracting new investment. DFC’s investments in internet 

and communications technology are building stronger 

connections within countries and across borders and 

advancing the G7’s Partnership for Global Infrastructure 

and Investment (PGII) initiative. (See “Financing 

High-Quality Infrastructure,” p. 8.)

Connectivity in the South Pacific

DFC has committed to provide a $50 million guaranty 

alongside its Australian and Japanese counterparts in 

support of Telstra Corporation Ltd.’s acquisition of Digicel 

Pacific’s telecom assets, helping to provide secure, highquality mobile service to Papua New Guinea and several 

Pacific Islands. 

The project will support network 5G upgrades to improve 

security and performance and expanded access to 

affordable, high-quality mobile voice and data services in 

these markets. Mobile connectivity in Papua New Guinea, 

Digicel’s largest market, is among the lowest in the Pacific 

region with overall coverage for 3G and 4G connections at 

less than 70 percent.

The transaction supports U.S. foreign policy priorities 

by addressing concerns of state acquisition of 

telecommunications assets and minimizing the use of 

equipment from untrustworthy suppliers within a network. 

Under the terms of the acquisition, Telstra will be required 

to comply with regulations ensuring that 5G upgrades do 

not involve equipment purchases from high-risk vendors.

Strengthening Jordan’s ICT infrastructure

DFC is financing in collaboration with USAID/Jordan the 

Al-Nayi for Information and Communicational Consulting 

Company and affiliated company Al-Mirnaah Investment 

and Business Development Company to support the 

development of the Aqaba Digital Hub data center. The 

Aqaba Digital Hub will serve as a critical connection point 

for an internet cable system connecting Europe and Asia, 

while bolstering broadband speeds and reducing costs 

within the country. The additional capacity will enhance 

internet access for existing businesses and enable larger 

corporations with data-intensive operations to expand 

operations in Jordan. 

Promoting Digital Logistics

As global supply chains become increasingly complex, 

insufficient logistics infrastructure can impede a country’s 

ability to compete and access essential goods, and poverty 

is often concentrated in poorly connected or unconnected 

areas. DFC supported multiple Information and 

Communications Technology (ICT) investments to advance 

digital security, including a partial loan guaranty to the U.S. 

lender Almavest Ltd. to support lending to help the online 

logistics platform Trella Holdings BV strengthen supply 

chains in Egypt and Pakistan. Trella will use the financing 

to match small business freight carriers with importers and 

exporters by providing a transparent and affordable way to 

move, track, and improve overall efficiency in cargo shipping. 

Advancing Health Security

DFC equity financing will help the Transform Health Fund, 

a women-led blended finance fund, invest in high-growth, 

high-impact healthcare companies operating in healthcare 

delivery, medical supply chain transformation, and digital 

healthcare services across Africa. With DFC’s equity 

contribution, the Fund is expected to invest primarily in 

low and lower-middle income African countries. 

dfc.gov  11
Growing DFC’s Capacity for

High-Impact Transactions 

Congress provided DFC a dual mandate to pursue development impact with a focus on the 

world’s poorest communities, and to further the foreign policy goals of the United States. 

The BUILD Act of 2018 also provided DFC new tools, including the ability to make equity 

investments and provide technical assistance grants to complement debt financing, risk 

insurance, and other traditional instruments employed by DFC’s predecessor agencies. 

Expanded Use of Equity

In FY 2022, DFC committed $528 million in equity 

investments that support DFC’s development and foreign 

policy objectives. These included an investment in 

TechMet Limited to diversify supply chains and support 

the production of critical minerals including cobalt and 

nickel, necessary components in electric batteries and a 

variety of next-generation technologies. 

Enhanced Monitoring 

Last year, DFC established the Impact, Management, 

Monitoring, and Learning division in the Office of 

Development Policy. The Division assesses the anticipated 

and actual impact of all projects from the time they are 

initially screened through the investment lifecycle. 

DFC also strengthened its Impact Quotient (IQ) framework 

to incorporate the lessons learned from scoring more than 

200 projects between 2020 and 2022. Following internal 

and external consultation, DFC expanded the number 

of tiers in the system and added new metrics to more 

accurately measure impact to people, communities, and 

the environment.

dfc.gov  12
Expanded Transparency

DFC is committed to being a leader on transparency. In 

2022, DFC worked with the DFI Transparency Initiative 

led by Publish What You Fund (PWYF) to improve the 

volume, quality, and accessibility of information on project 

data and lending. As a result of these ongoing efforts, DFC 

was the top-rated bilateral DFI for its public disclosure on 

PWYF’s inaugural PWYF Transparency Index 2023. 

Workforce and Organizational 

Investment

In order to meet the expanded mandate provided by the 

BUILD Act, DFC expanded its staff in FY 2022 by nearly 

15 percent and implemented new processes to improve 

our capability to identify, evaluate, and execute more 

impactful transactions. DFC is committed to developing 

the talent that has joined the organization and seeks 

to attract more of the dedicated professionals who will 

enable it to pursue transactions that advance the interests 

of the United States and the well-being of communities 

across the world. 

As DFC continued to bring in new capabilities, DFC also 

began a comprehensive strategy review to anchor its 

mission in a clear set of priorities and ensure that the 

organization’s growth directly supports its mandate. 

dfc.gov  13
A Sustained Commitment to 

Ukraine 

DFC has worked with partners across the United States Government to stand in strong 

support of Ukraine as its people resist Russia’s further invasion of their country. “We are 

committed to supporting the private sector in Ukraine,” DFC CEO Scott Nathan said in a visit 

to the country in late 2022. 

Russia’s illegal invasion has come at a high cost in both 

human lives and human potential. Economic activity has 

dropped significantly, with the World Bank estimating that 

the Ukrainian economy shrank by more than a third in 2022. 

Global supply chains, particularly in vital food supplies, have 

been threatened. DFC is working to support economic 

activity across the country, and to help bolster food security 

in communities well beyond Ukraine’s borders. 

Support for Ukrainian Small Business 

and Higher Education

DFC is providing support for Ukrainian small businesses, 

particularly in the country’s hard-hit agricultural sector, 

through a $15 million commitment to bolster lending 

at Bank Lviv. DFC’s support will mean that farmers, 

mechanics, and shop owners have the financing they 

need to continue working, paying their employees, and 

contributing to Ukraine’s economy. DFC’s support, in 

turn, will help alleviate food insecurity more broadly for 

countries that are dependent on Ukrainian farms and 

agribusinesses. 

On the same visit to Ukraine where DFC CEO Nathan 

announced the organization’s commitment to Bank Lviv, 

he also unveiled a technical assistance grant to Ukrainian 

Catholic University (UCU) to bolster course offerings 

in subjects important to the country’s recovery and 

resilience. DFC’s grant will further the modernization of 

UCU’s operating systems and support online instruction, 

allowing students to continue receiving a high-quality 

education even during the conflict. 

dfc.gov  14
Investments in European Energy 

Security and Diversification 

Earlier in FY 2022, DFC committed $300 million in 

financing to support investments from the Three Seas 

Investment Fund that will promote energy infrastructure 

and connectivity across Central and Eastern Europe. DFC 

also agreed to provide up to $400 million in political risk 

insurance for ERU Group to support energy diversification 

efforts in Moldova, which has previously imported 100 

percent of its gas from Russia. 

Support for Displaced Families 

DFC provided a technical assistance grant that will enable 

American Hospital in Tbilisi, a state-of-the-art facility built 

with DFC support, to offer outpatient care and surgical 

services to Ukrainians temporarily living in Georgia. DFC 

also provided a technical assistance facility to Gazelle 

Finance to direct support to small businesses led by 

displaced Ukrainians living in Georgia. 

“We were here before the war. 

We are here now. And we will be 

here after this horrible and illegal 

war ends.”

DFC CEO Scott Nathan

Mobilizing the Private Sector to Support 

Ukraine’s Recovery 

The commitments DFC initiated in 2022 are the first of 

many from the organization to support the Ukrainian 

people and their economy for the long term. The private 

sector will play an indispensable role in supporting Ukraine 

and DFC is committed to galvanizing those efforts every 

step of the way. 

dfc.gov  15
Our Impact Results

Impact Results From Previous Years’ Investments

DFC is committed to supporting projects that deliver a significant 

and sustained positive impact in the developing world. To better 

understand and manage impact, DFC has established a new division 

focused on Impact Management, Monitoring, and Learning (IMML) 

within the Office of Development Policy (ODP). IMML assesses 

projects’ impact potential from screening and due diligence, then 

monitors, manages and tracks impact results throughout the 

investment lifecycle.

As is common practice, DFC clients participate in an annual survey 

designed to understand the development outcomes achieved during 

the prior reporting year. Clients are eligible for the survey one year 

from the time of disbursement. In 2022, a significant share of DFC’s 

portfolio—35 percent of clients—was eligible for impact analysis. 

Looking forward, as additional clients become eligible for the survey, 

DFC will grow the body of information on its impact results.

150

DFC 

Disbursements

52

DFC Clients 

Reporting Impact

Key Development 

Sectors

Energy Global Health & 

Health Security 

Food Security & 

Agriculture

Financial 

Inclusion

Strategic Priorities

Gender Equity 

/ 2X

Climate

dfc.gov  16
IMPACT RESULTS

Featuring DFC Projects’ 2021 Impact Results, as Reported in FY 2022

Energy

Globally, 770 million people do not have access to access to electricity. This 

divide is especially pronounced among rural populations and in less developed 

countries. Two-thirds of Sub-Saharan Africa, for example, has no access to power 

while the remaining third faces chronic blackouts and brownouts. Renewable 

energy represents only 29 percent of global power generated, and thus may play a 

significant role in closing this access gap.

To address this challenge, DFC provides equity, project finance, political risk 

insurance, and technical assistance to:

1. Promote energy security

2. Increase reliable electricity access and end energy poverty

3. Build infrastructure to support new and renewable sources of energy

Our Impact Results

10 ENERGY Transactions

 among 52 DFC projects reporting results

SDG 7. Affordable and 

clean energy

SDG 9. Industry, 

innovation, and 

infrastructure

SDG 13. Climate 

action

CLEAN ENERGY

Produced 3,645 GWh of renewable energy

Number of 

Transactions

Volume of Energy 

Produced

Country Income Levels

Low- or Middle-Income

Upper-Middle-Income

INCREASED ENERGY ACCESS

for an estimated 13 million people around the 

world through off- and on-grid solutions:

OFF-GRID ENERGY: Over 2.7 million

lighting devices sold

ON-GRID ENERGY:209 new on-grid connections

dfc.gov  17
IMPACT RESULTS

Featuring DFC Projects’ 2021 Impact Results, as Reported in FY 2022

Global Health and Health Security

About half of the world’s population lacks access to essential health services, a 

gap further exacerbated by the COVID-19 pandemic. The challenge is particularly 

pronounced in low- and lower-middle income countries, which lack funding for 

medical product development and distribution. The gap is intensified by supply 

chain challenges that impede access to healthcare resources. Vulnerable and rural 

populations, women, and children are disproportionately affected.

To address this challenge, DFC provides equity, project finance, political risk insurance, and technical assistance to:

1. Support resilient health systems, including by expanding vaccine manufacturing capacity in developing countries

2. Increase consistent supply of essential services and products

3. Increase access to essential medicines, medical supplies, and devices

Our Impact Results

6 HEALTHCARE Transactions

 among 52 DFC projects reporting results

SDG 3. Good health 

and well-being

SDG 5. Gender equity

EXPANDING HEALTHCARE ACCESS – AMONG UNDERSERVED POPULATIONS

Made 1,306 patient beds available

Provided healthcare 

consultations to 

2,418,708

patients 

On average, 51% of patients are

low-income individuals

Low-Income

Other Income Levels

dfc.gov  18
IMPACT RESULTS

Featuring DFC Projects’ 2021 Impact Results, as Reported in FY 2022

Food Security and Agriculture

To meet growing food demand, global food production must increase by at least 60 

percent by 2050. Access to quality inputs and financing is most constrained among 

women, who comprise 43 percent of all smallholder farmers. At the same time, 

supply chains must get stronger to process, handle, and distribute commodities. 

Food insecurity is most pronounced among low-income households. 

To address this challenge, DFC provides equity, project finance, political risk insurance, and technical assistance to:

1. Increase food production, primarily through smallholder farms or inclusive businesses

2. Increase agriculture infrastructure including storage, processing, and irrigation

3. Increase access to quality agricultural inputs

Our Impact Results

12 FOOD SECURITY AND AGRICULTURE Transactions

among 52 DFC projects reporting results

SDG 1. No poverty

SDG 2. End hunger

SMALLHOLDER FARMERS FINANCED

Provided 37,362 loans to smallholders totaling

$113.7 million

Microfinance

Consumer

SME

Number of

Loans

Value of Loans

Outstanding

ECONOMIC GROWTH

Catalyzed $671 million in local sales from

the agriculture sector

Local Sales

Exports

$671 million

$63 million

dfc.gov  19
Financial Inclusion

Globally, 1.7 billion individuals are unbanked. Overwhelmingly, these individuals are 

low-income, women, minorities, or from historically disadvantaged backgrounds. At 

the same time, Micro, Small, and Medium Enterprises (MSMEs)—which account for 

over half of global employment—face chronic financing gaps. Strengthening access 

to finance and financial resilience is crucial to fostering economic development and 

stability.

To address this challenge, DFC provides equity, project finance, political risk 

insurance, and technical assistance to:

1. Improve access to financial services to underserved populations

2. Support decent jobs and foster economic development by supporting

MSMEs

3. Mobilize sustainable sources of capital to underserved markets

Our Impact Results

37 FINANCIAL SERVICES Transactions

among 52 DFC projects reporting results

Women $2.29 billion

$653 million

$390 million

Rural

LowIncome

Provided 6,074,673 loans to support individuals

and enterprises, totaling

$8.95 billion

Number of Loans Outstanding

Microfinance

Housing Finance

Consumer Finance

SME Finance

IMPACT RESULTS

Featuring DFC Projects’ 2021 Impact Results, as Reported in FY 2022

ACCESS TO FINANCE FINANCIAL RESILIENCE

Expanding access to credit to underserved populations

Value of Loans Outstanding (USD)

dfc.gov  20

SDG 1. No poverty

SDG 5. Gender 

equality

SDG 8. Decent work 

and economic growth

SDG 10. Reduced 

inequality
IMPACT RESULTS

Featuring DFC Projects’ 2021 Impact Results, as Reported in FY 2022

Gender Lens Investing

As noted throughout the BUILD Act, investing to advance gender equity and 

mitigate gender gaps is a core focus of DFC. Globally, women are routinely limited 

from full participation in society, including the formal economy and core institutions. 

Helping close the gender gap in the global workforce could unleash an additional 

$5.3 trillion to global GDP.

To address the challenge of participation, DFC provides equity, project finance, 

political risk insurance, and technical assistance to:

1. Support tools that promote gender-inclusive investments

2. Promote economic empowerment and gender equity

3. Mobilize investment in projects that are owned or led by women, or which deliver a strong benefit to women

Our Impact Results

29 2X Projects

 among 52 DFC projects reporting results

SDG 5. Gender equity

SDG 8. Decent work 

and economic growth

SDG 10. Reduced 

inequality

WOMEN CONSUMERS

Serving 7,782,866 women globally with 

a range of critical products and services, including 

healthcare, education, energy access, and others

FINANCIAL EMPOWERMENT

Fostering women’s economic empowerment through

$1.9 billion in loans outstanding to women or

women-owned and women-led enterprises, including...

8,355

SME women-owned/led businesses

3,941,284

women microfinance clients

GENDER PARITY

On average, among 2X projects*, women comprise...

50% 

of qualifying DFC clients’ full-time 

employees

48%

of qualifying DFC clients’ senior 

management teams

56% 

of the value of outstanding loans 

provided by financial institutions

dfc.gov  21
IMPACT RESULTS

Featuring DFC Projects’ 2021 Impact Results, as Reported in FY 2022

Climate Action

Developing countries are generally the most severely impacted by climate change 

yet the least able to manage the consequences given insufficient infrastructure 

and resourcing. The UN estimates that over 3.3 billion people live in contexts 

highly vulnerable to climate change. Further, an estimated 100 million people 

are projected to fall into extreme poverty by 2030 and millions more still to be 

displaced by severe weather events such as fires, floods, and droughts.

Currently to address these challenges, DFC provides equity, project finance, political 

risk insurance, and technical assistance to:

1. Mitigate and sequester emissions of greenhouse gases contributing to

climate change

2. Support adaptation and build resilience in climate-vulnerable communities

Our Impact Results

ACROSS DFC’S PORTFOLIO

SDG 13. Climate 

action

SDG 8. Decent work 

and economic growth

SDG 14. Life below 

water

SDG 15. Life on land

REDUCED CARBON INTENSITY

Carbon Intensity

13% reduction in carbon intensity across DFC’s

portfolio since 2020, representing ongoing momentum 

toward decarbonization

dfc.gov  22

...driven through investments in clean energy and 

divestment from carbon-intensive projects

REDUCED GHG EMISSIONS

Decrease in GHG emissions inventory from 7.5 million to 

7.2 millionshort tons of CO2e since 2020,

driving carbon intensity reductions...

7.5 million

7.6 million

7.5 million

7.4 million

7.3 million

7.2 million

7.1 million

7 million

2020 2021

7.2 million
IMPACT RESULTS BY REGION

Featuring DFC Projects’ 2021 Impact Results, as Reported in FY 2022

52 DFC projects reported impact results, including...

9 projects in Africa

18 projects in Asia

 31 

SPOTLIGHT ON INDIA (14 projects)

Local employment: 5,158 employees

Knowledge sharing: 11,000 technical assistance beneficiaries

Access to finance: 2.7 million loans provided

Export markets: $32.1 million in export revenues

15 projects in Latin America

NOTE: An additional twelve projects operate across regions and are therefore excluded from this analysis. Projects are not required to submit results information for each 

metric. Therefore, the number of projects varies from one data point to the next.

1 An additional 192 jobs were reported in Latin America that did not include family-friendly benefits. The share of jobs held by women reflects the average share among 

projects reporting both total job numbers as well as women’s employment. Some projects did not report both metrics.

2 Some projects operate in multiple regions: among these, women comprise 42% of senior managers.

3 Figures reflect technical assistance (TA) provided by DFC clients to end beneficiaries and do not include TA provided by DFC to its clients. Among multi-regional projects, an 

additional 89 individuals were offered technical assistance or training.

4 An additional 2.3 million loans were reported by projects operating in multiple regions. The share of loans provided to women reflects the average share among projects 

reporting both total loans as well as loans to women. Some projects did not report both metrics.

dfc.gov  23
2022 Investment Activities

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

2X TA Pilot Worldwide Multiple 

Countries

Technical 

Assistance

Targeted gender-focused 

training and advisory services to 

promote gender equality.

5,000,000 

AB Microfinance 

Bank Nigeria

Sub-Saharan 

Africa Nigeria

Third Party 

Lender 

Investment 

Guaranty 

Loan portfolio guaranty for 

2X-eligible SMEs. 250,000 

Absa Bank Zambia 

PLC

Sub-Saharan 

Africa Zambia

Third Party 

Lender 

Investment 

Guaranty 

Expanded credit in agriculture, 

manufacturing, tourism, and 

clean energy sectors.

10,000,000 

Access Bank Plc Sub-Saharan 

Africa Nigeria Direct Investment

Loans for SMEs and womenowned businesses. 280,000,000 

Accial Capital Fund 

1, LLC Worldwide Multiple Countries

Direct 

Investment

Debt fund supporting greater 

access to financial services 

for underserved SMEs and 

consumers.

10,000,000 

Addiko Bank AD 

Beograd Europe Serbia

Third Party 

Lender 

Investment 

Guaranty 

COVID-19 recovery support for 

SMEs. 30,000,000 

Adenia Capital V LP Sub-Saharan 

Africa

Africa 

Regional Equity

Growth capital for mediumsized companies in a range of 

developmentally-significant 

sectors.

40,000,000 

ADM Capital 

Sustainable 

Landscape

Asia Indonesia

Third Party 

Lender 

Investment 

Guaranty 

Sustainable landscape fund 

providing financing to SMEs 

in sustainable agriculture 

production, land regeneration, 

and forest protection.

100,000,000 

Advans Tunisia TA

Middle East 

and North 

Africa 

Tunisia Technical 

Assistance

Remote coaching program 

for borrowers in marginalized 

regions.

382,500 

Advans Tunisie

Middle East 

and North 

Africa 

Tunisia

Third Party 

Lender 

Investment 

Guaranty 

Lending to micro-enterprises in 

regions and sectors impacted by 

COVID-19.

13,000,000 

dfc.gov  24
PROJECT NAME REGION COUNTRY

PROJECT PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

Africa Renewable Energy Sub-Saharan Africa Africa Regional Equity 

Africa Renewable Sub-Saharan Africa Fund II Equity Energy Fund II Africa Regional

Investment in renewable energy project 40,000,000 Investment in renewable energy fund. 40,000,000 project fund. 

AgDevCo 

AgDevCo

Sub-Saharan Africa Africa Regional Direct Investment Capital and expert assistance for agricultural 20,000,000 Sub-Saharan Africa Direct Capital and expert assistance for SMEs. 20,000,000 Africa Regional Investment agricultural SMEs.

Agri Exim Global Philippines, AsiaAgri Exim Global 

Inc. Asia Philippines, Inc.

Philippines 

Philippines

Direct Investment Expansion of organic coconut processing 20,000,000 Direct Expansion of organic coconut operations. 20,000,000 Investment processing operations.

AgroMoney TA 

AgroMoney TA

Western Hemisphere Honduras 

Western Honduras Hemisphere

Technical Assistance Operational development for lender to small 181,500 Operational development for Technical agricultural producers. lender to small agricultural 181,500 Assistance producers.

Almavest Ltd. - Trella Holding Mddle East and North Egypt 

B.V. Africa Middle East Almavest Ltd. - Trella and North Egypt Holding B.V. Africa 

Third Party Lender 70 percent loan guaranty to support a digital 4,200,000 Third Party 70 percent loan guaranty Investment logistics company operating in Pakistan Lender to support a digital logistics Guaranty and Egypt. 4,200,000 Investment company operating in Pakistan 

Guaranty and Egypt.

Al-Nayi for Information and Middle East and North Jdan Al-Nayi for 

Communicational Consulting Africa Middle East Information and 

Company and North Jordan Communicational Africa Consulting Company

Direct Investment Development of infrastructure for internet 14,000,000 

cable system connecting Europe Development of infrastructure Direct for internet cable system 14,000,000 and Asia. Investment connecting Europe and Asia.

American Hospital Tbilisi Europe American Hospital 

TA Europe Tbilisi TA

Georgia 

Georgia

Technical Assistance Mdical care for Ukranian refugees. Technical Medical care for Ukranian 

Assistance refugees.

1,218,571 

1,218,571 

American Medical Investment Middle East and North Oman American Medical Middle East 

Company LLC Africa Investment Company and North Oman

LLC Africa 

Direct Investment Construction of a 150-bed general hospital 50,000,000 Construction of a 150-bed Direct and nursing training institute. general hospital and nursing 50,000,000 Investment training institute.

Aqua Capital Fund III 

Aqua Capital Fund III

Western Hemisphere Latin America Regional Equity Latin Western America Equity Hemisphere RegionalFund supporting agriculture and food value 50,000,000 

chain. Fund supporting agriculture and 50,000,000 food value chain.

Arab Tunisian Bank Guaranty Middle East and North Tunisia 

Africa Middle East Arab Tunisian Bank and North Tunisia Guaranty Africa 

Third Party Lender Support MSMEs with a focus on inland Third Party Investment regions. Lender Support MSMEs with a focus on Guaranty Investment inland regions.

Guaranty 

22,750,000 

22,750,000 

Integrated fishery company Integrated fishery company 

streamlining the supply chain of 

Aruna Asia Indonesia Equity fishery products by connecting 20,000,000 

small-scale fishers to global 

markets through technology.

Ashmore Avenida 

LatAm Energy 

Efficient Affordable 

Housing Fund III

Western 

Hemisphere

Latin 

America 

Regional

Equity

Fund focused on sustainable 

affordable housing especially for 

women heads of household.

22,500,000 

Averda Holdings 

International Limited

Sub-Saharan 

Africa

Africa 

Regional

Direct 

Investment

Development of five 

polyethylene recycling facilities. 45,000,000 

dfc.gov  25
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

Bamboo Capital 

Partners BUILD 

Fund- LPG

Worldwide Multiple 

Countries

Third Party 

Lender 

Investment 

Guaranty 

Loan portfolio guarany to 

support SMEs in low-income 

countries with a focus on 

renewable energy.

5,000,000 

Banca Intesa ad 

Beograd Europe Serbia

Third Party 

Lender 

Investment 

Guaranty 

Lending to MSMEs to advance 

COVID-19 recovery. 41,000,000 

Banco Azul Western 

Hemisphere El Salvador

Third Party 

Lender 

Investment 

Guaranty 

Lending to SMEs with a focus on 

women borrowers. 18,200,000 

Banco Covalto S.A. Western 

Hemisphere Mexico Direct Investment

Expansion of an SME lending 

portfolio. 10,000,000 

Banco de America 

Central S.A. LPG

Western 

Hemisphere El Salvador

Third Party 

Lender 

Investment 

Guaranty 

Loans to SMEs with a focus on 

women borrowers. 17,500,000 

Banco Lafise 

Honduras 2X LPG

Western 

Hemisphere Honduras

Third Party 

Lender 

Investment 

Guaranty 

Lending to SMEs supporting 

healthcare response to 

COVID-19 or gender equity and 

inclusion.

3,500,000 

Banco Pichincha 

DPR 2022

Western 

Hemisphere Ecuador Direct Investment

Expansion of women-led, 

owned, and supported micro, 

SME loan portfolio.

200,000,000 

Banyan Sustainable 

Waste Management 

Private Limite

Asia India Direct 

Investment

Loan to plastic recycling 

company that converts waste 

sourced through informal sector.

9,000,000 

Bogd Bank LLC Asia Mongolia Direct 

Investment

Expansion of onlending to SMEs 

with a focus on 2X-eligible 

and environmentally-friendly 

enterprises.

15,000,000 

BPPL Holdings PLC Asia Sri Lanka Direct 

Investment

Expansion of fiber production 

using recycled plastic bottles. 15,000,000 

Brighter Life Kenya 2 Sub-Saharan 

Africa Kenya Direct Investment

Receivables financing facility for 

purchasing off-grid solar home 

systems and mobile phones.

20,000,000 

Caisse Regionale 

de Refinancement 

Hypothecaire

Sub-Saharan 

Africa

Africa 

Regional

Third Party 

Lender 

Investment 

Guaranty 

Euro bond appreciation cover 

for mortgage lender. 356,000,000 

dfc.gov  26
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

CEC Africa Limited Sub-Saharan 

Africa Sierra Leone Insurance Development of 83.5 MW power plant. 50,000,000 

Chancen 

International TA

Sub-Saharan 

Africa Rwanda Technical Assistance

Development of portfolio 

management architecture and 

automation.

975,000 

Chicoa Fish Farm Sub-Saharan 

Africa Mozambique Technical Assistance

Post-investment activities to 

advance sustainable tilapia 

farming.

168,657 

Coltefinanciera 

S.A. Compañía de 

Financiamiento

Western 

Hemisphere Colombia

Third Party 

Lender 

Investment 

Guaranty 

Lending to Venezuelan migrants 

and host communities. 4,800,000 

Commercial Bank of 

Ceylon PLC Asia Sri Lanka Direct Investment

Lending to MSMEs and 

2X-qualifying MSMEs. 100,000,000 

Conservation 

International 

Foundation

Western 

Hemisphere Mexico

Third Party 

Lender 

Investment 

Guaranty 

Investments designed to 

reinforce conservation, 

restoration, and sustainable 

management of critical 

ecosystems.

5,000,000 

Cooperativa de 

Ahorro y Credito 

Abaco

Western 

Hemisphere Peru

Third Party 

Lender 

Investment 

Guaranty 

Lending to small- and mediumscale agricultural producers, 

producer associations, and 

small merchants in the Peruvian 

Amazon.

5,000,000 

Copia Global Sub-Saharan 

Africa

Africa 

Regional Equity

Mobile commerce company 

delivering essential goods 

to low- and middle-income 

consumers in rural/peri-urban 

areas.

4,999,998 

CRDB Bank Plc Sub-Saharan 

Africa Tanzania

Third Party 

Lender 

Investment 

Guaranty 

Lending to SMEs, including 

those in the education and 

informal sectors.

20,000,000 

DAI Global, LLC Worldwide Multiple 

Countries1 Insurance International development consulting. 8,000,000 

DFC-MASSIF TAF Worldwide Multiple 

Countries

Technical 

Assistance

Capacity building with a focus 

on digital transformation and 

client protection services across 

emerging economies.

5,000,000 

Eco Farm 

Mocambique 

Limitada

Sub-Saharan 

Africa Mozambique Direct Investment

Integrated, rural, organic 

sugarcane farm and cattle herd 

with modern processing.

10,000,000 

dfc.gov  27
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

EDGE Certification 

Pilot Worldwide Multiple Countries

Technical 

Assistance

Incentivization for IFC 

Excellence in Design and 

Greater Efficiencies (EDGE) 

certification.

500,000 

EFA - Telstra PM Pty 

Ltd Asia Papua New Guinea

Third Party 

Lender 

Investment 

Guaranty 

Guaranty to support acquisition 

of telecom assets. 50,000,000 

Equity Banque 

Commerciale du 

Congo SA (Equity 

BCDC)

Sub-Saharan 

Africa

Democratic 

Republic of 

Congo

Third Party 

Lender 

Investment 

Guaranty 

Loan portfolio guaranty to 

support lending to agriculture 

SMEs.

5,000,000 

ERU Management 

Services LLC Europe Moldova Insurance Natural gas sales to advance energy security. 400,000,000 

Evergreen Viento 

Tamil Nadu 

Windfarm

Asia India Technical 

Assistance

Development of a 150 MW 

wind project. 595,896 

Eye-Q Vision Private 

Limited Asia India

Third Party 

Lender 

Investment 

Guaranty 

Chain of clinics conducting 

corrective surgery. 9,900,000 

Fairtrade Access 

Fund SICAV FIS Worldwide Multiple Countries

Direct 

Investment

Debt fund providing loans 

to smallholder farmers and 

cooperatives in Latin America 

and Africa.

10,000,000 

Finanzauto S.A. BIC Western 

Hemisphere Colombia Direct Investment

Expansion of vehicle financing 

loan portfolio to MSMEs, 

including 2X and rural MSMEs.

55,000,000 

First Housing 

Finance (Tanzania) 

Ltd

Sub-Saharan 

Africa Tanzania Direct Investment

Expansion of mortgage lending 

to non-traditional and female 

homebuyers.

10,000,000 

FS India Solar 

Ventures Private 

Limited

Asia India Direct 

Investment

Development of a 3.3 GW solar 

module manufacturing facility. 500,000,000 

Fusion Micro 

Finance Limited Asia India Direct Investment

Expansion of microfinance 

portfolio serving rural women 

using joint liability group 

methodology.

25,000,000 

Gavi Alliance 

(COVAX Accelerator) Worldwide Multiple 

Countries

Direct 

Investment

Financing to support COVID-19 

vaccines for low- and lowermiddle income countries.1,000,000,000 

dfc.gov  28
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

Gazelle Ukraine to 

Caucasus Bridge 

Facility

Europe Europe 

Regional

Technical 

Assistance

Support for displaced Ukrainian 

businesses. 1,500,000 

GEF LatAm Climate 

Solutions Fund III

Western 

Hemisphere

Latin 

America 

Regional

Equity Investments in climate action 

and environmental sustainability. 25,000,000 

GEF South Asia 

Growth Fund III Asia India Equity Investments in climate action and environmental sustainability. 50,000,000 

GIFF-MFI-ASA 

Philippines Asia Philippines

Third Party 

Lender 

Investment 

Guaranty 

Microfinance institution focused 

on assisting low-income 

entrepreneurial women.

15,554,000 

Gigaton 

Empowerment Fund

Sub-Saharan 

Africa

Africa 

Regional

Direct 

Investment

Debt fund for downstream 

loans to off-grid solar and clean 

energy transition companies 

primarily in Africa and Asia.

100,000,000 

GIP Medicina 

Diagnóstica S.A. 

(Femme)

Western 

Hemisphere Brazil Direct Investment

Expansion of affordable 

women's healthcare diagnostic 

centers.

31,000,000 

Golomoti JCM Solar 

Corporation Limited

Sub-Saharan 

Africa Malawi Direct Investment

Development of photovoltaic 

plant and lithium-ion battery 

energy storage system.

25,000,000 

Greater Pacific 

Capital Private 

Investing India LP

Asia India Direct 

Investment

Investment fund promoting 

development and diversification 

with focus on healthcare, 

technology, and services sectors.

50,000,000 

HDF Energy 

Indonesia Asia Indonesia Technical Assistance

Development of green hydrogen 

solar/wind, hydrogen fuel cells, 

and energy storage projects.

600,000 

IIFL Home Finance 

Limited Asia India Direct Investment

Long-term financing for lowincome and affordable ecofriendly mortgages.

50,000,000 

IndusInd Bank 

Limited Asia India Direct Investment

Expansion of microfinance to 

low income, rural women in the 

three poorest states.

150,000,000 

Information 

Communications 

Systems LLC

Europe Georgia Direct 

Investment

Development of regional 

logistics center. 4,000,000 

INI Farms Private 

Limited Asia India

Third Party 

Lender 

Investment 

Guaranty 

Loan guaranty to support 

expansion of a fruit distribution 

business.

10,000,000 

dfc.gov  29
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

International 

Community School

Sub-Saharan 

Africa Ghana Direct Investment

Expansion of K-12th grade 

school campus. 8,000,000 

JSC TBC Bank Europe Georgia

Third Party 

Lender 

Investment 

Guaranty 

Lending to MSMEs with a 

focus on 2x-eligible and rural 

borrowers.

15,000,000 

Khmer Water Supply 

Holding Co., Ltd. Asia Cambodia Direct Investment

Direct loan to provide piped 

water to rural and semi-rural 

areas.

7,000,000 

Khushhali BankMSME-KP-NMDs Central Asia Pakistan

Third Party 

Lender 

Investment 

Guaranty 

Loans for the Khyber 

Pakhtunkhwa regions. 15,000,000 

Khushhali 

Microfinance 

Bank_2X MSMEs

Central Asia Pakistan

Third Party 

Lender 

Investment 

Guaranty 

Lending to 2X-qualified MSMEs. 10,000,000 

Kosovo Credit 

Guarantee Fund Europe Kosovo

Third Party 

Lender 

Investment 

Guaranty 

Loans to renewable energy 

independent power producers. 7,500,000 

LAAD Americas N.V. Western 

Hemisphere

Latin 

America 

Regional

Direct 

Investment Agricultural loans. 30,000,000 

Laxmi Bank Asia Nepal Direct 

Investment

Supporting on-lending to the 

MSME agribusiness sector. 45,000,000 

Laxmi Bank Asia Nepal

Third Party 

Lender 

Investment 

Guaranty 

Loan portfolio guaranty to 

support the agribusiness sector. 2,500,000 

LCP Fund II

Middle East 

and North 

Africa 

Egypt Equity

Investments in medium-sized 

companies across a range of 

developmentally-significant 

sectors.

20,750,000 

Leap Agri Logistics 

(Balurghat) Asia India Direct Investment

Construction of grain silos to 

reduce post-harvest losses and 

promote food security.

7,930,000 

Leap Agri Logistics 

(Baroda) Asia India Direct Investment

Construction of grain silos to 

reduce post-harvest losses and 

promote food security.

6,700,000 

dfc.gov  30
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

Livelihoods Carbon 

Fund SICAV-RAIF Worldwide Multiple Countries

Third Party 

Lender 

Investment 

Guaranty 

Loan portfolio guaranty 

for projects in ecosystem 

restoration, agroforestry, & rural 

energy primarily in low-income 

countries.

12,500,000 

LocFund Next TSF Western 

Hemisphere

Latin 

America 

Regional

Technical 

Assistance

Capacity building for portfolio of 

microfinance institutions. 280,000 

Lok Capital IV LLC Asia Asia Regional Equity

Equity investment platform in 

financial services, healthcare, 

agriculture, and climate sectors.

30,000,000 

Loowatt TA Sub-Saharan 

Africa South Africa Technical Assistance

Support for proof of concept 

machine for hygienic waterless 

toilets.

200,000 

Manibhavnam Home 

Finance India Pvt Ltd Asia India Direct Investment

Expansion of mortgage finance 

focusing on women and 

renovating affordable homes in 

Tier II-IV cities.

5,170,000 

Marou Chocolate 

Company Limited Asia Vietnam Direct Investment

Construction of chocolate 

production facility, central 

kitchen, and new headquarters.

4,000,000 

MA's Tropical Food 

Processing (Pvt) Ltd. Asia Sri Lanka Direct Investment Food processor enterprise. 5,000,000 

MCE Empowering 

Sustainable 

Agriculture Fund LLC

Worldwide Multiple 

Countries

Direct 

Investment

Debt fund financing 

agribusinesses and rural farmers 

with a climate lens.

10,000,000 

MEII 3 - Palestine 

Investment Bank 2

Middle East 

and North 

Africa 

West Bank 

And Gaza

Third Party 

Lender 

Investment 

Guaranty 

Lending for SMEs. 2,000,000 

MHV Fund III Asia Asia Regional Equity

Investments in early-stage 

and high-impact technology 

companies in Southeast Asia.

25,000,000 

Mibanco - Banco de 

la Microempresa de 

Colombia S.A.

Western 

Hemisphere Colombia

Third Party 

Lender 

Investment 

Guaranty 

Loan portfolio guaranty to 

support lending to migrants and 

rural borrowers.

17,500,000 

MSM Group LLC Asia Mongolia Direct 

Investment

Expansion of industrial, 

agricultural, and commercial 

vehicle capacity for distribution 

and logistics company.

10,000,000 

dfc.gov  31
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

Mvuvi Holdings Sub-Saharan 

Africa Mozambique Direct Investment

Expansion of drought-resilient 

aquaculture facilities, reducing 

pressure on wild-capture 

fisheries.

3,750,000 

NBS Bank Sub-Saharan 

Africa Malawi

Third Party 

Lender 

Investment 

Guaranty 

Loan portfolio guaranty in 

agriculture, education, energy, 

and health sectors.

5,000,000 

NMB Bank Ltd. Asia Nepal Direct 

Investment

Expansion of onlending to 

SMEs. 100,000,000 

Norrsken22 Fund Sub-Saharan 

Africa

Africa 

Regional Equity

Investments in tech-enabled 

businesses across Sub-Saharan 

Africa.

15,000,000 

Oceans Finance 

Company

Western 

Hemisphere Ecuador Insurance

Debt conversion for marine 

conservation and biodiversity 

protection.

800,000,000 

Omnivore 

Agritech & Climate 

Sustainability Fund 3

Asia Asia Regional Equity Investments in agriculture and 

food systems. 30,000,000 

One Acre Fund Sub-Saharan 

Africa

Africa 

Regional

Direct 

Investment

Financing for agricultural input 

purchases supporting smallholder farms in Sub-Saharan 

Africa.

20,000,000 

One Acre Fund TA Sub-Saharan 

Africa

Africa 

Regional

Technical 

Assistance

Developing climate adaptation 

activities for smallholder farms 

in Sub-Saharan Africa.

5,000,000 

Operadora para la 

Mejores Opticas de 

Mexico SA de

Western 

Hemisphere Mexico Direct Investment

Inclusive optical care to lowand lower- middle income 

communities in Mexico.

4,000,000 

Orb Energy II Asia India Direct 

Investment

Commercial and industrial solar 

photovoltaic systems. 20,000,000 

Phatisa Food Fund 2 

L.L.C.

Sub-Saharan 

Africa

Africa 

Regional

Direct 

Investment

Fund focusing on investments 

in food value chain to improve 

food security in the Sub-Saharan 

region.

75,000,000 

PJSC JSB Lviv Europe Ukraine

Third Party 

Lender 

Investment 

Guaranty 

Lending to MSMEs in western 

Ukraine. 15,000,000 

Poa Internet Kenya 

Limited

Sub-Saharan 

Africa Kenya Direct Investment

Providing low cost internet 

access to low- and middleincome households.5,000,000 

dfc.gov  32
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

ProCredit Bank a.d. 

Beograd Europe Serbia

Third Party 

Lender 

Investment 

Guaranty 

Lending to MSMEs recovering 

from the COVID-19 pandemic. 36,000,000 

Quadria Capital Fund 

III L.P. Asia Asia Regional Equity

Healthcare-focused investments 

in high growth market leaders 

with a strong ESG impact thesis.

75,000,000 

RBL Bank Asia India Direct 

Investment

Loan for Tier II capital to a 

bank supporting a portfolio of 

underserved demographics.

100,000,000 

Resort Abastumani 

Sanatorium Arazindo 

LLC

Europe Georgia Direct 

Investment

Locally-branded hotel chain 

expansion. 8,600,000 

responsAbility 

Climate Smart 

Agriculture Fund TA 

Facility

Worldwide Multiple 

Countries

Technical 

Assistance

Facility support for portfolio 

companies and fund manager 

operations investing in global 

SMEs operating across the food 

system.

1,000,000 

responsAbility 

Climate-Smart 

Agriculture and Food 

Systems Fund SICAV 

RAIF

Worldwide Multiple 

Countries

Third Party 

Lender 

Investment 

Guaranty 

Fund supporting climate-smart 

investments for global SMEs 

operating across the food 

system.

19,000,000 

responsAbility 

Financial Inclusion 

Investments 202

Worldwide Multiple 

Countries

Direct 

Investment

Microfinance/SME impact CLO 

in all DFC-eligible countries. 146,100,000 

Root Capital TA Worldwide Multiple 

Countries

Technical 

Assistance

Advisory services to help 

agriculture SMEs with financing 

opportunities.

5,000,000 

Root Capital, Inc. Worldwide Multiple 

Countries

Third Party 

Lender 

Investment 

Guaranty 

Partial loan guaranty for 

agricultural SMEs, including 

climate adaptation and 

mitigation loans.

35,000,000 

SCALE-MSME-Red 

Amigo Dal, S.A.P.I. 

de C.V., SOFOM,

Western 

Hemisphere Mexico

Third Party 

Lender 

Investment 

Guaranty 

Expansion of digital lending and 

financial solution portfolio to 

SMEs.

9,999,000 

SDG Investment 

Fund S.A., SICAVRAIF (Junior)

Sub-Saharan 

Africa

Africa 

Regional

Direct 

Investment

Investments in companies 

providing renewable energy 

solutions.

20,000,000 

SDG Investment 

Fund S.A., SICAVRAIF (Senior)

Sub-Saharan 

Africa

Africa 

Regional

Direct 

Investment

Investments in companies 

providing renewable energy 

solutions.

20,000,000 

dfc.gov  33
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

SDG Investment 

Fund S.A., SICAVRAIF (Senior)Worldwide Multiple 

Countries Equity

Global Development Impact 

Bond (DIB) Fund to support 

healthcare, education, job 

creation, and gender equity 

DIBs.

15,000,000 

SEF International 

UCO LLC Central Asia Armenia

Third Party 

Lender 

Investment 

Guaranty 

Lending to MSMEs across 

various sectors, including 

agriculture.

4,000,000 

Shriram Transport 

Finance Company Asia India Direct Investment

Onlending to support MSME 

commercial vehicle financing. 250,000,000 

Soothe Healthcare Asia India

Third Party 

Lender 

Investment 

Guaranty 

Support for production of 

women's hygiene products for 

underserved women in nonmetro areas.

7,700,000 

Southeast Asia 

Commercial Joint 

Stock Bank

Asia Vietnam Direct 

Investment

Lending portfolio expansion 

to SMEs in renewable energy, 

green finance, and womenowned enterprises.

200,000,000 

SunFunder 

Solar Energy 

Transformation Fund

Sub-Saharan 

Africa Nigeria Insurance Solar power production for telecommunications towers. 9,750,000 

TechMet Western 

Hemisphere Brazil Equity Critical minerals mining platform for green energy transition. 30,000,000 

Terra Payment 

Services (Mauritius) Worldwide Multiple Countries

Direct 

Investment

Working capital debt facility 

for settlement of cross-border 

remittances.

10,000,000 

The Nature 

Conservancy

Western 

Hemisphere Belize Insurance Debt for nature swap to expand Biodiversity Protection Zones. 184,893,736 

The Urban Resilience 

Fund

Sub-Saharan 

Africa

Africa 

Regional

Direct 

Investment

Essential infrastructure 

development for growing urban 

areas in Africa and the Middle 

East.

79,800,000 

The Water Access 

Acceleration Fund (in 

formation)

Sub-Saharan 

Africa Kenya Equity

Investments in affordable and 

innovative drinking water 

enterprises in Africa and Asia.

10,000,000 

Three Seas Initiative 

Investment Fund Europe Europe Regional

Direct 

Investment

Fund targeting infrastructure 

projects in Central and Eastern 

Europe to promote greater 

regional connectivity.

300,000,000 

dfc.gov  34
PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT

UCCMS TA Sub-Saharan 

Africa Senegal Technical Assistance

Suporting underwriting and 

marketing of WASH portfolio to 

MSMEs.

426,100 

Uhuru Growth Fund 

I-A, SCSp

Sub-Saharan 

Africa

Africa 

Regional Equity

Investments in middle-market, 

high-growth companies in 

consumer and financial services.

25,000,000 

Virtuo Finance SARL

Middle East 

and North 

Africa 

Egypt Direct 

Investment

Green note purchase to onlend 

to six solar projects. 50,000,000 

WBC - Cooperativa 

de Ahorro y Credito 

Alianza del

Western 

Hemisphere Ecuador

Third Party 

Lender 

Investment 

Guaranty 

Expansion of Alianza's 

microfinance business in 

Ecuador

13,500,000 

WBC - Satin 

Creditcare Network 

Limited

Asia India

Third Party 

Lender 

Investment 

Guaranty 

Expansion of microfinance 

portfolio. 14,625,000 

WBC -Multi 

Inversiones Banco 

Cooperativo de los Tr

Western 

Hemisphere El Salvador

Third Party 

Lender 

Investment 

Guaranty 

Expansion of the bank's 

consumer loan portfolio 

specified for microbusinesses, 

home improvement, education 

expenses, and healthcare 

expenses.

9,000,000 

WBC-Financiera 

Finexpar S.A.E.C.A.

Western 

Hemisphere Paraguay

Third Party 

Lender 

Investment 

Guaranty 

Expansion of lending to SMEs in 

Paraguay. 7,312,500 

Women's Catalyst 

Fund Worldwide Multiple Countries

Direct 

Investment

Investment into future Women’s 

Livelihood Bonds. 10,000,000 

Yulu Bikes Pvt Ltd Asia India Direct 

Investment

Expansion of electric bike 

delivery fleet. 9,000,000 

Zambia Lusaka 

Market Ltd

Sub-Saharan 

Africa Zambia Direct Investment

Produce market aiming to 

reduce post-harvest losses, 

replace unhygienic open air 

markets, and increase farmer 

incomes.

7,500,000 

dfc.gov  35
2022 Portfolio Company Investments

FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

AfricInvest Fund IV LLC AutoXpress International, 

Ltd.

Kenya, Uganda, 

Tanzania, Rwanda

Automotive aftermarket parts and services 

business

BluePeak Private Capital 

Fund SCSp

Africure Pharmaceuticals, 

Ltd.

East & West Africa Generic medicine manufacturer and 

exporter

Grit Real Estate Income 

Group, Ltd.

Africa Regional Acquisition and management of 

commercial real estate assets

i engineering Group Africa Regional End-to-end engineering infrastructure 

solutions

Chiratae Ventures 

International Fund IV LLC

Emitrr, Inc. India Fullstack customer engagement product 

focused on healthcare practices 

Keploy, Inc. India Open source API testing platform

Kiarmy Technologies Pvt. 

Ltd. 

India Player card trading platform

MyScoot Tech Pvt. Ltd. India Marketplace for home-hosted social 

events

Netbook (Anatinus) India Machine learning infrastructure 

management platform

Quaking Aspen, Inc. India Logistics SaaS platform for large 

enterprises

Redcliffe Lifetech

Pvt. Ltd.

India Diagnostic lab chain

Tower 22 (Clientell) India No-code customer intelligence platform

Searchstack Inc (Withub) India Unified search platform across all 

applications at a company

Dolma Impact Fund II Upaya City Cargo Pvt. Ltd. Nepal Third party logisitics provider that 

connects businesses, SMEs, and 

individuals to drivers

Dragon Capital New 

Ukraine Fun LP

Treeum Holdings Ukraine Online financial marketplace that acts 

as a lead-generation engine for financial 

products

Gazelle Fund LP Camex Airlines, Ltd. Georgia Air cargo carrier, freight forwarder

Gurmania Retail LLC Georgia Retail grocery store

Geoplast LLC Georgia Production of plastic and aluminum 

packaging products

dfc.gov  36
FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

Sunny Home Armenia Construction

Greater Pacific Capital 

Private Investing India L.P.

Muthoot Microfin Ltd. India Microfinance lending to low-income 

borrowers, primarily women

Integra Partners Fund II, 

L.P.

GIMO Vietnam Earned wage access platform offering 

employees instant access to wages

MedznMore Pakistan B2B and B2C e-pharmacy platform

NalagGenetics Indonesia Precision medicine through 

pharmacogenomics

Graas India End-to-end e-commerce platform for 

consumer brands

Udhaar Book Pakistan Smartphone bookkeeping system for 

MSMEs

XLD Finance Philippines Payroll and HR SaaS solution built on its 

own stablecoin ecosystem

LCP Fund II Cooperatief 

U.A.

ECC Group Egypt Manufacturer of cosmeceuticals and 

personal care products 

Mylerz Egypt Last mile delivery and logistics solutions

LeapFrog Emerging 

Consumer Fund III

CarDekho India A leading Indian auto-tech platform 

offering a wide variety of services

HD Bank Vietnam Vietnamese retail and SME bank

Interswitch, Ltd. Nigeria Transaction switching and payment 

processor

Shubham Housing 

Development Finance Co.

India Affordable housing lender

Meridiam Infrastructure 

Africa Fund, FIPS

Biovea Ivory Coast Design, financing, building, operation, 

and maintenance of a 46MW power plant 

using biomass fuel 

MHV Fund III, L.P. Credi Technology Group Pte 

Ltd.

Indonesia Digital debt logbook application 

supporting retail wholesalers 

Lumina Industries, Inc. Indonesia Career discovery and planning app 

platform, focusing on blue and gray collar 

workers

Ordinary Folk Group Pte Ltd Asia Direct to consumer fullstack telehealth 

platform 

PT Crowde Membangun 

Bangsa

Indonesia Agriculture-focused fintech startup 

empowering farmers with technology and 

capital

dfc.gov  37
FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

Questdev Pte Ltd (Upmesh) Southeast Asia E-commerce platform for independent 

small merchants with live commerce on 

social media

Rainforest Asia Consumer brand platform 

Starboard Corporate Pte 

Ltd.

Global Platform that automates workflows 

for corporate entity management and 

governance

Urbanmetry Sdn Bhd Southeast Asia Data analytics providing real estate 

market intelligence insights to enable 

transparency in mortgage financing

Navis Asia Fund VIII, L.P. Ambassador Education 

Group, Ltd.

Thailand K–12 affordable education

CIA First International 

School

Cambodia K–12 affordable education

Openspace Ventures Plus, 

L.P.

KumuMedia Technologies, 

Inc.

Philippines Livestreaming and social commerce

PT Bumi Santosa Cemerlang 

(Pluang)

Indonesia Investments and wealthtech

PT Luna Boga Narayan 

(Jiwa)

Indonesia Omnichannel tech-enabled food and 

beverage chain

Patamar Fund II, LP Bunker Technologies Pte 

Ltd.

Indonesia Business-planning platform for chief 

financial officers

Fishlog Indonesia B2B e-commerce company for fisheries

Lhoopa Holdings Pte Ltd. Philippines Tech-enabled affordable housing company 

Peddlr, Inc. Philippines Business intelligence tools for mom-andpop shops in the Philippines

Rain Technologies, Inc. India Global payroll and banking system

Saladin Vietnam One-touch digital insurance offerings 

Vigo Ventures Vietnam B2B distribution platform for fast-moving 

consumer goods

Kim An Vietnam Fintech platform that connects banks and 

financial institutions with MSMEs

Kinara India Working capital loans for SMEs

ModusBox Global Payments infrastructure company

dfc.gov  38
FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

Ayo Connect Indonesia Financial API platform 

Taptap Send Global Mobile-first remittance and financial 

wellness platform serving migrant workers

Mapan Indonesia Social commerce platform serving nontraditional e-commerce businesses

Mio Vietnam Support for micro-entrepreneurs in 

suburban regions

Quadria Capital Fund II ConCung Vietnam Mother and baby retail chain

Medibuddy India Digital healthcare platform

Somerset Indus 

Healthcare Fund II

Globela Pharma India Accredited formulations manufacturing 

company

SP Fund 2019 Card91 India Card-issuing platform to help companies 

build and manage payment programs

Ekincare India B2B health benefits platform

SPE AIF I, LP Chari Co. Morocco Distributor of fast-moving consumer 

goods

Holged Morocco K–12 education 

Outsourcia Morocco Outsourcing businesses, digital services, 

and marketing studies

GlobalCorp Financial 

Services S.A.E

Egypt Non-bank financial services company 

providing operating leases and factoring 

solutions 

WWB Pezesha Africa, Ltd. Kenya Digital lender serving MSMEs 

Tienda Pago Holdings, Ltd. Mexico, Peru Mobile digital platform providing shortterm inventory loans to merchants 

Tugende, Ltd. Uganda, Kenya Financial technology company specializing 

in vehicle finance

Ugafode Microfinance, Ltd. Uganda Microfinance services to rural 

communities

Bike Bazaar India Two-wheeler lifecycle services player 

Unreasonable Capital Frontier Markets India Facilitator of “offline” commerce using 

technology solutions to reach rural 

populations

dfc.gov  39
Financial Statements

Consolidated Balance Sheets

(dollars in thousands) (Reclassified) 

As of September 30, 2022 2021

Assets

Intragovernmental:

Fund Balance with Treasury (Note 2) $ 2,631,003 $ 2,208,571

Investments, Net (Note 3) 6,206,042 6,156,487

Accounts Receivable, Net (Note 4) 609 -

Total Intragovernmental 8,837,654 8,365,058

With the Public:

Accounts Receivable, Net (Note 4) 121,155 107,932

Loans Receivable, Net (Note 5) 7,523,771 6,730,788

General Property, Plant and Equipment, Net (Note 6) 155 311

Investments, Net (Note 3) 174,937 95,318

Advances and Prepayments (Note 7) 1,247 3,794

Other Assets:

Negative Loan Guaranty Liabilities (Note 5) 91,366 -

Total With the Public 7,912,631 6,938,143

Total Assets $ 16,750,285 $ 15,303,201

Liabilities (Note 8)

Intragovernmental:

Debt (Note 9) $ 8,964,971 $ 7,723,761

Advances from Others and Deferred Revenue (Note 10) 3,561 5,053

Other Liabilities:

Liability to the General Fund of the U.S. Government for Other Non-Entity Assets (Note 11) 392,542 415,130

Liability for Capital Transfers to the General Fund of the Treasury (Note 12) - 656,763

Other Liabilities (Note 13) 431 1,025

Total Intragovernmental 9,361,505 8,801,732

With the Public:

Accounts Payable (Note 14) 7,045 1

Federal Employee Benefits Payable (Note 15) 6,247 7,487

Loan Guaranty Liabilities (Note 5) - 246,081

Insurance and Guaranty Program Liabilities (Note 16) 56,192 13,727

Advances from Others and Deferred Revenue (Note 10) 141,514 140,541

Other Liabilities (Note 13) 4,359 6,063

Total With the Public 215,357 413,900

Total Liabilities 9,576,862 9,215,632

Commitments and Contingencies (Note 1)

Net Position

Unexpended Appropriations – Funds Other than Dedicated Collections 400,785 171,177

Cumulative Results of Operations – Funds Other than Dedicated Collections 6,772,638 5,916,392

Total Net Position 7,173,423 6,087,569

Total Liabilities and Net Position $ 16,750,285 $ 15,303,201

he accompanying notes are an integral part of these principal financial statements. 

dfc.gov  40
Consolidated Statement of Net Costs

(dollars in thousands)

For the Years Ended September 30, 2022 2021

Insurance Program

Gross Costs

Operating Costs $ 54,989 $ 8,862

Total Gross Costs 54,989 8,862

Less: Earned Revenue (160,236) (157,335)

Net Insurance Program Costs (105,247) (148,473)

Financing Program

Gross Costs

Operating Costs 320,233 264,347

Subsidy Costs/(Reduction) (Note 5) (159,960) (234,711)

Net Reestimates (Note 5) 221,211 166,838

Total Gross Costs 381,484 196,474

Less: Earned Revenue (271,853) (225,855)

Net Financing Program Costs 109,631 (29,381)

Equity Program

Gross Costs

Operating Costs 18,790 15,236

Total Gross Costs 18,790 15,236

Less: Unrealized Gains (6,723) -

Less: Earned Revenue (10,112) (1,642)

Net Equity Program Costs 1,955 13,594

Technical Assistance Program

Gross Costs

Operating Costs 10,136 2,594

Total Gross Costs 10,136 2,594

Net Technical Assistance Program Costs 10,136 2,594

Net Cost of Operations $ 16,475 $ (161,666)

The accompanying notes are an integral part of these principal financial statements. 

dfc.gov  41
Consolidated Statements of Changes in Net Position

(dollars in thousands)

For the Years Ended September 30, 2022 2021

Unexpended Appropriations

Beginning Balance $ 171,177 $ 105,992

Appropriations Received 928,884 594,494

Appropriations Transferred-In 9,322 30,000

Appropriations Used (708,598) (559,309)

Net Change in Unexpended Appropriations 229,608 65,185

Total Unexpended Appropriations $ 400,785 $ 171,177

Cumulative Results of Operations

Beginning Balance 5,916,392 6,066,286

Adjustments:

Changes in Accounting Principles (Note 12) 656,763 -

Beginning Balance as Adjusted 6,573,155 6,066,286

Other Adjustments - (116)

Appropriations Used 708,598 559,309

Transfers In/Out Without Reimbursement - 14

Imputed Financing 3,520 3,069

Offset to Non-entity Collections (496,160) (873,836)

Net Cost of Operations (16,475) 161,666

Net Change in Cumulative Results of Operations 199,483 (149,894)

Total Cumulative Results of Operations $ 6,772,638 $ 5,916,392

Net Position $ 7,173,423 $ 6,087,569

The accompanying notes are an integral part of these principal financial statements. 

dfc.gov  42
Combined Statement of Budgetary Resources

(dollars in thousands)

For the Year Ended September 30, 2022 Budgetary 

 Non-Budgetary 

Credit Reform 

Financing 

Accounts 

Budgetary Resources

Unobligated Balance from Prior Year Budget Authority, Net $ 6,547,244 $ 816,078

Appropriations 928,884 -

Borrowing Authority - 5,521,406

Spending Authority from Offsetting Collections 465,749 935,253

Total Budgetary Resources $ 7,941,877 $ 7,272,737

Status of Budgetary Resources

New obligations and upward adjustments $ 1,472,116 $ 5,975,518

Unobligated Balance, end of year

Apportioned, unexpired accounts 230,510 6,608

Unapportioned, unexpired accounts 6,207,094 1,290,611

Unexpired unobligated balance, end of year 6,437,604 1,297,219

Expired unobligated balance, end of year 32,157 -

Unobligated Balance, end of year (total) 6,469,761 1,297,219

Total Budgetary Resources $ 7,941,877 $ 7,272,737

Outlays, Net and Disbursements, Net

Outlays, Net $ 410,126

Distributed Offsetting Receipts (426,222)

Agency Outlays, Net $ (16,096)

Disbursements, Net $ 1,195,213

The accompanying notes are an integral part of these principal financial statements. 

dfc.gov  43
Combined Statement of Budgetary Resources

(dollars in thousands)

For the Year Ended September 30, 2021

(Restated) 

Budgetary 

 Non-Budgetary 

Credit Reform 

Financing 

Accounts 

Budgetary Resources

Unobligated Balance from Prior Year Budget Authority, Net $ 6,336,812 $ 443,540

Appropriations 594,494 -

Borrowing Authority - 4,409,313

Spending Authority from Offsetting Collections 555,705 726,817

Total Budgetary Resources $ 7,487,011 $ 5,579,670

Status of Budgetary Resources

New obligations and upward adjustments (total) $ 965,36 $ 4,262,794

Unobligated Balance, end of year

Apportioned, unexpired accounts 273,204 157,512

Unapportioned, unexpired accounts 6,214,921 1,159,364

Unexpired unobligated balance, end of year 6,488,125 1,316,876

Expired unobligated balance, end of year 33,523 -

Unobligated Balance, end of year (total) 6,521,648 1,316,876

Total Budgetary Resources $ 7,487,011 $ 5,579,670

Outlays (Net) and Disbursements (Net)

Outlays, Net $ 24,442

Distributed Offsetting Receipts (322,808)

Agency Outlays, Net $ (298,366)

Disbursements, Net $ 2,633,100

he accompanying notes are an integral part of these principal financial statements. 

dfc.gov  44
Note 1: Summary of Significant Accounting Policies

A. REPORTING ENTITY

The U.S. International Development Finance Corporation (DFC) is a United States (U.S.) Government corporation created 

under the Better Utilization of Investments Leading to Development (BUILD) Act (Public Law 115-254, Division F) which 

combined the assets, liabilities, and functions of the Overseas Private Investment Corporation (OPIC) and certain functions 

of the United States Agency for International Development (USAID). DFC facilitates U.S. private investment in developing 

countries and emerging market economies, primarily by providing direct loans, loan guaranties, equity investments, 

technical assistance, and political risk insurance. 

B. BASIS OF PRESENTATION AND ACCOUNTING

Basis of Presentation

The accompanying principal financial statements account for all resources for which DFC is responsible and present the 

financial position, results of operations, changes in net position, and the combined budgetary resources of DFC, as required 

by the Government Corporation Control Act title 31 United States Code §9106. The principal financial statements are 

prepared from the books and records of DFC activities in accordance with U.S. Generally Accepted Accounting Principles 

(GAAP) promulgated by the Financial Accounting Standards Advisory Board (FASAB). FASAB is the official body for 

setting accounting standards of the U.S. Government. The format of the financial statements and notes are presented in 

accordance with the form and content guidance provided in Office of Management and Budget (OMB) Circular No. A-136, 

Financial Reporting Requirements (A-136). Significant intra-agency transactions and balances have been eliminated from the 

principal statements for presentation on a consolidated basis, except for the Combined Statements of Budgetary Resources, 

which are presented on a combined basis in accordance with A-136. As such, intra-agency transactions have not been 

eliminated from the Combined Statements of Budgetary Resources. 

Basis of Accounting

DFC’s transactions are recorded on an accrual and a budgetary basis of accounting. Under the accrual basis, revenue 

is recognized when earned, and expenses are recognized when incurred, regardless of when cash is exchanged. The 

accompanying Consolidated Balance Sheets, Consolidated Statements of Net Cost, and Consolidated Statements of 

Changes in Net Position are prepared on an accrual basis.

Budgetary accounting is based on concepts set forth by OMB Circular A-11, Preparation, Submission, and Execution of the 

Budget, as amended, which provides instructions on budget execution. Budgetary accounting is designed to recognize 

the budgetary resources and the related status of those budgetary resources, including the obligation and outlay of funds 

according to legal requirements, which in many cases is made prior to the occurrence of an accrual-based transaction. 

Budgetary accounting is essential for compliance with legal constraints and controls over the use of Federal funds. 

Combined Statements of Budgetary Resources

The Combined Statements of Budgetary Resources have been prepared in accordance with budgetary accounting concepts 

and definitions. The Combined Statements of Budgetary Resources present:

• Budgetary Resources: Budgetary resources are amounts available to incur obligations in a fiscal year (FY). DFC’s 

budgetary resources include unobligated balances of resources from prior years and new resources, consisting of 

appropriations, borrowing authority, and spending authority from offsetting collections. DFC’s budgetary resources 

are from both mandatory and discretionary spending authority. Mandatory spending authority is controlled by laws 

dfc.gov  45
other than appropriations acts, such as authority provided under the BUILD Act. Discretionary spending authority is 

budgetary resources (except those provided to fund mandatory spending programs) provided in appropriations acts.

• Status of Budgetary Resources: Displays the status of the funding for the fiscal year, including whether the sources 

have been obligated for use, or if they were not obligated. Unobligated sources are displayed as funds that are 

apportioned for use, unapportioned for use, or expired. Obligations are legally binding agreements that will result in 

outlays in the future. Unobligated amount means the cumulative amount of budget authority that remains available for 

obligation under law in unexpired accounts.

• Outlays, Net: Outlays are payments to liquidate an obligation (other than the repayment to the Treasury of debt 

principal). Outlays are a measure of Government spending. Net outlays display budgetary outlays for DFC, reduced by 

actual offsetting collections, and distributed offsetting receipts. Offsetting collections are payments to the government 

that, by law, are credited directly to expenditure accounts and deducted from gross budget authority and outlays of 

the expenditure account, rather than added to receipts, and are authorized to be spent for the purposes of the account 

without further action by Congress. DFC’s offsetting collections include the receipt of interest, fees, and other revenue. 

Distributed offsetting receipts are collections credited to general fund receipt accounts that offset gross outlays. DFC’s 

distributed offsetting receipts include negative subsidy and downward reestimates that are transferred from DFC to 

general fund receipt accounts of the Treasury.

• Disbursements, Net: Non-budgetary disbursements are limited to the DFC’s non-budgetary credit reform financing 

accounts that account for DFC’s direct loans and loan guaranty programs under the Federal Credit Reform Act of 1990 

(FCRA). Disbursements include payments for loans, and loan guaranty claim payments, reduced offsetting collections of 

loan principal, loan interest, fees and subsidy amounts received.

Reclassification

The FY 2021 Consolidated Balance Sheet was reclassified to conform to the FY 2021 financial statement presentation 

requirements in accordance with OMB Circular No. A-136, as amended. The reclassification included a change in the 

presentation of Intragovernmental Other Liabilities to include a separate category for Liability for Capital Transfers to the 

General Fund of the Treasury, which was previously included in the line Liability to the General Fund of the US Government for 

Other Non-Entity Assets. New disclosures have been added to these Consolidated Balance Sheet lines to provide additional 

clarity to the reader of this report. The reclassifications had no effect on total assets, total liabilities, or net position.

Restatement

DFC restated the FY 2021 Statement of Budgetary Resources for a change in the amount reported on the line Distributed 

Offsetting Receipts. The amount has been corrected to agree to Treasury. See Note 19 for additional information.

Intragovernmental and With the Public Transactions

Statement of Federal Financial Accounting Standards (SFFAS) 1, Accounting for Selected Assets and Liabilities, distinguishes 

between intragovernmental and with the public assets and liabilities. Intragovernmental assets and liabilities arise 

from transactions among Federal entities. Intragovernmental assets are claims other Federal entities owe to DFC. 

Intragovernmental liabilities are claims DFC owes to other Federal entities, whereas with the public assets and liabilities 

arise from transactions with public entities. The term public entities encompasses domestic and foreign persons and 

organizations outside the U.S. Government. With the public assets are claims of DFC against public entities. With the public 

liabilities are amounts that DFC owes to public entities.

Use of Estimates:

DFC management has made certain estimates and assumptions when reporting assets, liabilities, revenue, and expenses 

and disclosures in the notes. Uncertainties associated with these estimates exist and actual results may differ from these 

dfc.gov  46
estimates; however, DFC estimates are based on historical experience, current events and other assumptions that are 

believed to be reasonable under the facts and circumstances. Significant estimates underlying the accompanying financial 

statements as of the date of these financial statements include allowances for loans receivable and loan guaranty liabilities 

(see Note 5 for additional information), liability for losses on remaining coverage of insurance programs, and recoveries on 

insurance claims (see Note 16 for additional information). 

Public Private Partnerships

SFFAS 49, Public-Private Partnerships, requires the disclosure of risk-sharing arrangements with expected lives greater than 

five years between public and private sector entities. The intent of SFFAS 49 is to capture and disclose off-balance sheet 

activity and potential risk-sharing arrangement or transactions the government is exposed to for these activities. Many of 

DFC’s transactions share many of the characteristics of public-private partnerships as defined by SFFAS 49. All of DFC’s 

services and products (insurance, credit, and equity investments) which are provided to the ‘private sector’ and expose DFC 

to risk-sharing transactional agreements are all captured on the Consolidated Balance Sheets, along with any estimated 

losses, and disclosed in the accompanying notes to the financial statements. See the principal financial statements and

Note 1, Note 3, Note 5, and Note 16. 

Changes in Accounting Principle

In FY 2022, DFC changed its accounting method for loans and loan guaranties made prior to FY 1992, as allowed under 

GAAP and Treasury guidance. In FY 2021 and prior, DFC reported a Liability for Capital Transfers to the General Fund of the 

Treasury. Loan and loan guaranties made prior to FY 1992 are not covered under FCRA, and excess funding not obligated 

is required to be transferred to Treasury in the form of a capital transfer. The accounting guidance for the year end closing 

entries for liquidating funds is set by Treasury. Treasury allows agencies to close activity to cumulative results of operations, 

or to a liability account for capital transfers due to Treasury. Either method is allowable. In FY 2021, DFC recorded a

liability for capital transfers due to Treasury, which represented a liability for future proceeds to be paid to Treasury. In

FY 2022, DFC changed its accounting method to close its annual revenues, activities, and transfers to cumulative results of 

operations, which resulted in reducing DFC’s liability to Treasury and increasing the cumulative results of operations. See 

Note 12 for additional information.

Accounting Standards Issued But Not Yet Effective

FASAB has issued the following pronouncements that will affect future financial presentation, as well as DFC’s financial 

management practices and operations upon implementation. DFC has not completed the process of evaluating the effects 

of adopting these accounting standards and is unable to determine the materiality of changes that adopting will have on its 

FY 2024 financial position, FY 2024 results of operations, and FY 2024 changes in net position. The accounting standards 

will not have any impact on the accounting for budgetary activity.

SFFAS 54, Leases: An Amendment of SFFAS 5, Accounting for Liabilities of the Federal Government, and SFFAS 6, Accounting for 

Property, Plant, and Equipment, revises the current Federal financial reporting standards for lease accounting and requires 

that Federal lessees recognize a lease liability and a leased asset at the commencement of the lease term, unless the lease 

agreement meets any of the scope exclusions or the definition/criteria of short term leases, or contracts or agreements that 

transfer ownership, or intragovernmental leases. SFFAS 54 has been modified by the following standards:

SFFAS 57, Omnibus Amendments 2019, amends certain references to leases affected by SFFAS 54, as well as other 

minor changes to improve the clarity of existing statements.

SFFAS 58, Deferral of the Effective Date of SFFAS 54, Leases, defers SFFAS 54, Leases: An Amendment of SFFAS 5, 

Accounting for Liabilities of the Federal Government, and SFFAS 6, Accounting for Property, Plant, and Equipment: SFFAS 

58 defers SFFAS 54 until FY 2024. Earlier implementation is not permitted.

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SFFAS 60, Omnibus Amendments 2021: Leases-Related Topics; SFFAS 60 provides clarifications and improves 

consistency throughout SFFAS 54, SFFAS 57, SFFAS 5, and SFFAS 6. SFFAS 60 also amends and rescinds certain 

requirements in SFFAS 54 that were determined to be less likely to yield meaningful information.

C. FUND BALANCE WITH TREASURY

Fund Balance with Treasury (FBWT) is the aggregate amount of funds in DFC’s accounts with the U.S. Department of 

Treasury (Treasury). Treasury processes cash receipts and disbursements on DFC’s behalf to pay liabilities and finance 

authorized purchases. DFC’s accounting records are reconciled with Treasury’s records on a regular basis. DFC’s FBWT 

includes all its general, revolving, and deposit funds. The general fund is used for subsidy and reestimates, revolving funds 

are used for operating expenses and DFC’s finance and insurance programs, and deposit funds are for taxes withheld on 

payments to contractors.

D. INVESTMENTS, NET

DFC has authority to make investments in Treasury securities and equity investments with the public in specific projects 

and emerging market investment funds. Investments in Treasury securities are carried at face value, net of unamortized 

discount or premium, and are held to maturity. Since fair value is not defined in Federal accounting standards, DFC follows 

the accounting and reporting in Financial Accounting Standards Codification (ASC) 321 Investments – Equity Securities to 

report fair value of equity investments with the public. Fair value is determined under ASC 820, which establishes a threelevel valuation hierarchy based upon observable and non-observable inputs.

• Level 1 reflects the unadjusted quoted prices in active markets for identical assets that the reporting entity can access 

at the measurement date.

• Level 2 reflects inputs other than quoted prices in Level 1 that are directly or indirectly observable for the asset.

• Level 3 reflects unobservable inputs for the asset. 

DFC’s equity investments with the public are often geographically concentrated in regions such as African, Asian, or Indian 

subcontinental regions. These foreign investments serve to develop and support the underfunded sectors of the region’s 

marketplace and are often in markets that do not have an established marketplace with the breadth and scope comparable 

to one of the U.S. markets. Because the investments are made in regions with less developed markets, there are no 

observable inputs to value the investments. Therefore, DFC is valuing the investments using unobservable inputs. As a 

practical expedient, ASC 820 allows DFC to value investments at net asset value when a readily determined fair value is not 

available, and the investment is providing a net asset value that is measured under appropriate standards. Net asset value is 

the amount of net assets in the investment attributable to each share of capital stock outstanding at the close of a period. 

Net asset value excludes the effects of assuming conversion of outstanding convertible securities, whether their conversion 

would have a diluting effect. When neither a fair value nor a net asset value is available, ASC 321 allows DFC to report 

equity investments at cost minus any impairment. DFC has the ability and intent to hold its investments until maturity or 

until the carrying cost can be otherwise recovered. 

E. DIRECT LOANS AND LOAN GUARANTIES

FCRA governs direct loans made after FY 1991. FCRA loans are valued at the present value of expected future cash flows, 

discounted at the interest rate of Treasury Marketable Securities. The subsidy allowance represents the difference between 

the outstanding loans receivable balance and the net present value of the estimated cash flows of the loans over their 

remaining term. The subsidy allowance is subtracted from the outstanding loans receivable balance to obtain the net loans 

receivable balance. DFC issues direct loans in U.S. dollars as well as in foreign currencies. FCRA also governs loan guaranties 

made after FY 1991. The liability is determined by calculating the net present value of expected future cash flows for 

dfc.gov  48
outstanding guaranties in a manner like that used to determine the subsidy allowance for direct loans. Loan guaranty liability 

can be positive or negative, and if negative, is reported as an asset on the Balance Sheet. Guarantied loans acquired by DFC 

upon borrower default are established as loans receivable and are valued in a similar manner as direct loans under FCRA.

DFC’s loans and loan guaranties made prior to FY 1992 are reported under the allowance-for-loss method. Under the 

allowance-for-loss method, the nominal amount of the direct loans is reduced by an allowance for uncollectible amounts 

and the liability for loan guarantees is the amount the entity estimates will more likely than not require a future cash 

outflow to pay default claims. 

Direct Loans With Foreign Governments 

DFC holds direct loans where the other party is a sovereign nation that were initially provided by USAID prior to 2015 and 

were transferred to DFC at its inception under the provisions of the BUILD Act.

Budgetary Accounting for Loan Programs

DFC’s loan disbursements under FCRA are financed by appropriation authority for long-term loan subsidy cost and 

borrowings from Treasury for the remaining non-subsidized portion of the loans. Congress may authorize one-year, multiyear, or no year appropriation authority to cover the estimated long-term costs of the loan programs. The non-subsidized 

portion of each loan disbursement, financed initially under permanent indefinite authority to borrow funds from Treasury, 

is repaid from collections of loan fees, loan repayments, and default recoveries. Permanent indefinite authority is available 

to fund any reestimated increase of subsidy costs that occurs after the year in which a loan is disbursed. Reestimated 

reductions of subsidy costs are returned to Treasury and are unavailable to DFC. As required by the FCRA, DFC uses 

budgetary “program accounts” to account for appropriation authority in its credit programs and non-budgetary “financing 

accounts” to account for credit program cash flow. Estimates and reestimates of credit program subsidy expenses are 

recorded in DFC’s program accounts.

Non-Budgetary Credit Reform Financing Accounts

Actual cash flows for direct loan and loan guaranty programs under FCRA are recorded in separate Credit Reform Financing 

Accounts within Treasury. These accounts borrow funds from Treasury; make direct loan disbursements; pay claims on 

guarantied loans; collect principal, interest, and fees from borrowers; earn interest from Treasury on any un-invested funds; 

pay interest expense on outstanding borrowings; and transfer negative subsidy to Treasury’s general fund receipt account. 

New subsidy funded from DFC’s non-credit spending authority and appropriated upward subsidy reestimates are received 

in program accounts and transferred to non-budgetary credit reform financing accounts. The budgetary resources and 

activities for these accounts are presented separately in the Combined Statements of Budgetary Resources and the Budget 

of the United States and are excluded from the determination of the budget deficit or surplus. 

Subsidy Funding Under FCRA

FCRA requires that the credit subsidy costs of direct loans and loan guaranties be expensed in the year loans are disbursed. 

The cost expressed as a percentage of loans disbursed is termed the subsidy rate. DFC receives an annual appropriation 

from Congress and transfers from USAID to fund its credit program subsidy. DFC records subsidy expenses when loans are 

disbursed. Subsidy for loans disbursed in foreign currencies is calculated in U.S. dollars and DFC does not change the subsidy 

amount for foreign currency fluctuations during the year. In accordance with FCRA, subsidy costs are reestimated annually.

Interest Receivable

Interest receivable is comprised of accrued interest on loans receivable (direct loans and defaulted loan guaranties). Initial 

unpaid interest on defaulted loan guaranties that DFC acquires with the loan is treated as part of the principal of the loan 

receivable. Interest income is accrued at the contractual rate on the outstanding principal. Purchased interest is carried at 

cost. DFC accrues interest on non-performing loans unless the loans are in litigation or in the process of being modified. 

DFC adjusts the allowances for interest receivable based on loan performance to reduce the net interest receivable.

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F. GENERAL PROPERTY, PLANT AND EQUIPMENT, NET 

DFC’s property, plant and equipment consists of general-purpose equipment used by the agency. DFC capitalizes property, 

plant, and equipment at historical cost for acquisitions that have an estimated useful life of two years or more. DFC has 

a capitalization threshold of $50,000 for equipment, furniture, vehicles, and leasehold improvements, and $250,000 

for internal use software. DFC expenses property, plant and equipment acquisitions that do not meet the capitalization 

criteria when purchased, as well as normal repairs and maintenance. Depreciation and amortization of property, plant and 

equipment are computed using the straight-line method over the estimated useful life of the asset with periods ranging 

from five to 10 years.

Leases

DFC follows SFFAS 5 Accounting for Liabilities of The Federal Government to determine whether leases meet the definition 

of a capital lease. Capital leases are recorded on the Consolidated Balance Sheets as assets under capital lease as part 

of General Property, Plant and Equipment. DFC’s capitalization threshold for capital leases is $50,000. The cost of 

property, plant and equipment acquired under a capital lease is the amount recognized as a liability for the capital lease 

at its inception. Payments for capital leases are recorded against the liability for capital lease, with an interest component 

expensed. Depreciation and amortization of capital leases are computed using the straight-line method over the estimated 

useful life of the asset or lease term, whichever is shorter. 

G. LIABILITIES

Liabilities represent probable and measurable future outflows of resources because of past transactions or events and are 

recognized when incurred, regardless of whether there are budgetary resources available to pay the liabilities. However, 

liabilities cannot be liquidated without legislation providing resources and legal authority.

Liabilities Covered and Not Covered by Budgetary Resources

Liabilities covered by budgetary resources include liabilities incurred that are covered by realized budgetary resources as 

of the Balance Sheet date. Budgetary resources include: (1) new budget authority, (2) unobligated balances of budgetary 

resources at the beginning of the year or net transfers of prior year balances during the year, (3) spending authority from 

offsetting collections, and (4) recoveries of unexpired budget authority through downward adjustments of prior year 

obligations. Liabilities covered by budgetary resources also includes liabilities that are to be funded by permanent indefinite 

appropriations and may be apportioned by OMB without further action by the Congress and without a contingency having 

to be met first, such as DFC’s downward reestimates payable to Treasury.

Liabilities not covered by budgetary resources are liabilities that will require budgetary resources to liquidate the liabilities.

Liabilities Not Requiring Budgetary Resources

Liabilities not requiring budgetary resources are liabilities that will not require the use of budgetary resources, such as 

unearned revenue which is reduced as the revenue is earned.

Current and Non-Current Liabilities

DFC discloses its other liabilities between current and noncurrent liabilities in accordance with SFFAS 1, Accounting for 

Selected Assets and Liabilities. The current liabilities represent liabilities that DFC expects to settle within the 12 months of 

the Consolidated Balance Sheet dates. Noncurrent liabilities represent liabilities that DFC does not expect to be settled 

within 12 months of the Consolidated Balance Sheet dates (see Note 13, Other Liabilities).

H. ACCOUNTS PAYABLE

Accounts Payable includes amounts owed but not yet paid to intragovernmental and with the public entities for goods and 

services received by DFC. DFC estimates and records accruals when services and goods are performed or received.

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I. FEDERAL EMPLOYEE BENEFITS PAYABLE

Leave 

Employee annual leave is accrued when earned and reduced as leave is taken. Each year the balance of accrued annual 

leave is adjusted to reflect current pay rates as well as forfeited “use or lose” leave. Amounts are reported as unfunded to 

the extent current or prior year appropriations are not available to fund annual leave earned but not taken. Funded and 

unfunded sick leave and other types of non-vested leave are expensed as taken. 

Employee Health and Life Insurance Benefits 

DFC employees may choose to participate in the contributory Federal Employees Health Benefit and the Federal 

Employees Group Life Insurance programs. DFC matches a portion of the employee contributions to each program. Such 

matching contributions are recognized as current operating expenses. 

Employee Pension Benefits 

DFC employees participate in either the Civil Service Retirement System or the Federal Employees Retirement System 

(FERS) and Social Security. These systems provide benefits upon retirement and in the event of death, disability, or other 

termination of employment, and may also provide pre-retirement benefits. They may also include benefits to survivors 

and their dependents, and they may contain early retirement or other special features. DFC’s contributions to both 

retirement plans, as well as to the government-wide Federal Insurance Contribution Act, administered by the Social 

Security Administration, are recognized as current operating expenses. Federal employee benefits also include the Thrift 

Savings Plan. For FERS employees, DFC matches employee contributions to the plan, subject to limitations. The matching 

contributions are recognized as current operating expenses. 

Federal Employees’ Compensation Act 

The Federal Employees’ Compensation Act (FECA) provides income and medical cost protection to covered Federal civilian 

employees injured on the job and to beneficiaries of employees whose deaths are attributable to job-related injury or 

disease. The FECA program is administered by the Department of Labor (DOL). DOL pays valid claims as they occur, which 

are billed to DFC annually and funded and paid approximately 15 months later. DOL also calculates an estimated actuarial 

liability for future benefits based upon historical experience and other economic variables.

J. INSURANCE AND GUARANTY PROGRAM LIABILITIES

In accordance with Statement of Federal Financial Accounting Standards (SFFAS) No. 51, Insurance Programs, the Insurance 

and Guaranty Program liability represents the liability for unearned premiums and fees, claims incurred but not reported, 

claims submitted but not yet paid, and estimated losses on remaining coverage. The losses on remaining coverage includes 

the estimated amounts to be paid to settle claims, including claim adjustment expenses for the remaining open arrangement 

period, net of unearned premiums as of the end of the fiscal year, and net of future premiums due after the end of the fiscal 

year that relate to the remaining open arrangement period.

K. COMMITMENTS AND CONTINGENCIES

In accordance with SFFAS 5, Accounting for Liabilities of the Federal Government, as amended by SFFAS 12, Recognition of 

Contingent Liabilities Arising from Litigation: An Amendment of SFFAS 5, Accounting for Liabilities of the Federal Government 

recognizes contingent liabilities in DFC’s Consolidated Balance Sheets and Consolidated Statements of Net Cost when the 

loss is determined to be probable and reasonably estimable. In the event of an adverse judgment against the Government, 

some of the liabilities may be payable from the U.S. Treasury. DFC evaluates all contingent liabilities based on three 

criteria: probable, reasonably possible, and remote. DFC recognizes that the estimated liability may be a specific amount 

or a range of amounts. If some amount within the range is a better estimate than any other amount within the range, that 

dfc.gov  51
amount is recorded. If no amount within the range is a better estimate than any other amount, the minimum amount of the 

range is recorded and the range and a description of the nature of the contingency are disclosed. DFC records an accrual 

for contingent liabilities if the liability is probable and reasonably estimable and discloses those contingencies that are 

reasonably possible. DFC does not disclose or record contingent liabilities when the loss is considered remote. For matters 

where DFC’s Counsel is unable to express an opinion regarding the likely outcome of the case and an estimate of the 

potential liability cannot be made, the total amount claimed against the government is classified as “Reasonably Possible” 

and disclosed if available. DFC is currently involved in certain legal claims and has received notifications of potential 

claims in the normal course of business. There are substantial factual and legal issues that might bar any recovery in these 

matters. It is not possible to evaluate the likelihood of any unfavorable outcome, nor is it possible to estimate the amount 

of compensation, if any, that may be determined to be owed in the context of a settlement. Management believes that the 

resolution of these claims will not have a material adverse impact on DFC. 

L. NET POSITION

Net position is the residual difference between assets and liabilities and consists of Unexpended Appropriations and 

Cumulative Results of Operations.

Unexpended Appropriations

Unexpended appropriations include the portion of the DFC’s appropriations represented by undelivered orders and 

unobligated balances. Delivered orders result in expended appropriations and reduce the total reported as Unexpended 

Appropriations. Undelivered orders are the value of orders of goods or services which have not been actually or 

constructively received. DFC receives annual appropriations that are reduced and repaid to Treasury during the fiscal year 

from DFC’s offsetting collections from programs other than the Insurance program, as well as negative subsidy. DFC also 

receives appropriations for subsidy to fund its direct loan and loan guaranty programs, as well as appropriations transferred 

in from other agencies for specific programs. DFC does not have funds from dedicated collections.

Cumulative Results of Operations

Cumulative results of operations consist of the net difference since inception between expenses and losses; revenue and 

gains; and other financing sources. DFC does not have funds from dedicated collections.

M. REVENUE AND OTHER FINANCING SOURCES AND USES

Exchange and Non-Exchange Revenue 

DFC classifies revenue as either exchange revenue or non-exchange revenue. Exchange revenue arises when DFC provides 

goods or services to intragovernmental or with the public entities in exchange for inflows of resources. Exchange revenue 

is presented in the Consolidated Statements of Net Cost and serves to offset the costs of these goods and services. 

DFC activities recognize exchange revenue primarily from fees earned from its direct loan and loan guaranty programs, 

insurance premiums, earnings from investments and from the reimbursements for goods and services provided other 

Federal Agencies. Non-exchange revenues are inflows of resources that the Government demands or receives by donation. 

Non-exchange revenue is considered to reduce the cost of operations and is reported in the Consolidated Statements of 

Changes in Net Position as a financing source. DFC’s does not have any non-exchange revenue. 

Other Financing Sources and Uses 

Other financing sources include additional inflows of resources that increase the results of operations during the reporting 

period. DFC’s other financing sources come from unexpended appropriation transfers-in and non-expenditure transfersin and are recognized as financing sources when used. Other financing sources also include: (1) Transfers-In/Out Without 

Reimbursement; and (2) imputed financing with respect to costs subsidized by another Federal entity. Transfers-In/Out 

Without Reimbursement include capital transfers of excess funding for direct loan and loan programs made prior to FY 

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1992, as well as negative subsidy and downward reestimates of direct loans and loan guaranties that are transferred to 

general fund receipt accounts of Treasury.

Imputed Financing and Imputed Costs

DFC recognizes the full cost of providing all employee benefits and future retirement benefits, including life and health 

insurance, at the time employee services are rendered. Eligible retired DFC employees, and retired OPIC employees, can 

continue to participate in health and life insurance plans. The cost of these benefits is funded through DFC contributions, 

employee compensation to the extent withheld from employee and retiree pay, from matching of employee withholding 

for Thrift Savings Plan and Federal Insurance Contributions Act, and by the Office of Personnel Management (OPM) which 

administers the retirement programs for DFC employees. OPM calculates imputed costs as the actuarial present value 

of future benefits attributed to services rendered by covered employees and eligible retired DFC employees during the 

accounting period, net of the amounts contributed by employees, retirees, and DFC. DFC recognizes these imputed costs in 

the Statements of Net Cost and imputed financing in the Statements of Changes in Net Position.

N. EXPENSES

Expenses are recognized when there are outflows, usage of assets, or incurrences of liabilities (or a combination) from 

carrying out functions related to DFC’s activity and related programs, for which benefits do not extend beyond the present 

operating period. For financial reporting purposes, operating expenses are recognized in the period incurred.

O. CLASSIFIED ACTIVITIES

Accounting standards require all reporting entities to disclose that accounting standards allow certain presentations and 

disclosures to be modified, if needed, to prevent the disclosure of classified information.

Note 2: Fund Balance With Treasury 

(dollars in thousands)

As of September 30, 2022 2021

Status of Fund Balance with Treasury

Unobligated Balance

Available $ 1,554,950 $ 560,084

Unavailable 32,157 33,523

Obligated Balance not yet Disbursed

Total Fund Balance With Treasury $ 

1,043,896 1,614,964

 2,631,003 $ 2,208,571

As of September 30, 2022 and 2021, there were no unreconciled differences between Treasury records and balances 

reported on DFC’s general ledger. DFC’S FBWT is classified as unobligated balance available, unobligated balance 

unavailable, and obligated balance not yet disbursed. Unobligated available balances represent amounts that are 

apportioned for obligation in the current fiscal year and unexpired appropriations available for incurring new obligations. 

Unobligated unavailable balances represent amounts that are in expired appropriations and not available for incurring new 

obligations. Obligated balances not yet disbursed include undelivered orders or delivered orders received but not yet paid. 

Obligated balances for loans and loan guaranties are supported by borrowing authority, and DFC borrows funds from the 

Treasury prior to making the disbursements. DFC does not have any non-budgetary FBWT balances. 

dfc.gov  53
NOTE 3: Investments, Net

DFC’s investments, net are comprised of Treasury non-marketable, market-based securities, consisting of:

Amortized 

(dollars in thousands) Acquisition (Premium)/ Interest Net Unrealized 

As of September 30, 2022 value Discount Receivable Investments Gain/(Loss) Market Value

Treasury Non-Marketable, 

Market-based Securities

Notes $ 5,838,033 $ 9,649 $ 26,539 $ 5,874,221 $ (461,854) $ 5,412,367

Bonds

Total Intragovernmental Investments, Net

329,984 356 1,481 331,821 (29,993) 301,828

$ 6,168,017 $ 10,005 $ 28,020 $ 6,206,042 $ (491,847) $ 5,714,195

Amortized 

(dollars in thousands)

As of September 30, 2021

Acquisition 

value

(Premium)/ 

Discount

Interest 

Receivable

Net 

Investments

Unrealized 

Gain/(Loss) Market Value

Treasury Non-Marketable, 

Market-based Securities

Notes $ 5,912,806 $ (132) $ 26,883 $ 5,939,557 $ 163,955 $ 6,103,512

Bonds

Total Intragovernmental Investments, Net

215,617 (374) 1,687 216,930 31,464 248,394

$ 6,128,423 $ (506) $ 28,570 $ 6,156,487 $ 195,419 $ 6,351,906

DFC’s securities and investments, net with the public consists of:

(dollars in thousands) 2022 2021

As of September 30, Other Other

Equity Securities Valued at Net Asset Value $ 128,934 $ -

Equity Securities Valued at Cost less Impairment

Total Securities and Investments, Net $ 

46,003 95,318

 174,937 $ 95,318

By statute, DFC is authorized to invest its corporate reserve funds in Treasury non-marketable, market-based securities. 

Corporate reserve funds are derived from fees and other revenues related to its insurance program and funds transferred 

into DFC from OPIC in FY 2020. Treasury market-based securities are carried at face value, net of unamortized discount or 

premium, and are held to maturity. Premiums or discounts are amortized using the effective yield method. Interest income 

is compounded semi-annually by Treasury and adjusted to include an accrual for interest earned to September 30. DFC has 

the ability and intent to hold its intragovernmental investments until maturity or until the carrying cost can be otherwise 

recovered.

DFC’s equity investments with the public consisted of investments in: 

• Limited partnerships in private equity funds which are managed by a General Partner. As a limited partner, DFC has a 

limited liability to the extent of the investment, no managerial authority, and invests into the fund to achieve returns 

from the fund’s portfolio of investments; and

• Direct investments into private companies that are not listed on a public exchange. Direct investments are generally 

illiquid and treated as long-term investments. 

DFC began making equity investments with the public in FY 2021. DFC is statutorily limited in making investments that are 

currently traded in active markets. DFC is required to seek to exit investment positions as soon as such exit is commercially 

feasible, and DFC limits its active market participation to avoid any actual or perceived market distortion. 

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The investments where no net asset value is available are valued at cost minus any impairment. As of September 30, 2022 

and 2021, the investments with the public had no impairment.

DFC’s investment with the public activity is as follows:

(dollars in thousands) 

Other Securities and Investments 2022 2021

Beginning Balance as of October 1 $ 95,318 $ -

Valuation Adjustments 6,723 -

Return of Investments (5,276)

Acquisitions of Investments

Ending Balance as of September 30 $ 

78,172 95,318

174,937 $ 95,318

DFC also has hybrid investments that are constructed as loans that may convert to equity investments. These hybrid 

investments are accounted for under FCRA and are therefore not reported in the above schedules of investments.

Note 4: Accounts Receivable, Net

(dollars in thousands) (Reclassified) 

As of September 30, 2022 2021

Intragovernmental Accounts Receivable

 Subsidy Receivable from Treasury $ 609 $ -

Total Intragovernmental Accounts Receivable, Net 609 -

With the Public Accounts Receivable

 Fees Receivable 111,400 98,637

 Insurance Premiums Receivable 1,866 1,719

 Insurance Settlements Receivable 21,071 20,804

 Other Receivables 128 128

 Allowance for Uncollectible Amounts (13,310) (13,356)

Total With the Public Accounts Receivable, Net

Total Accounts Receivable, Net $ 

121,155 107,932

 121,764 $ 107,932

Intragovernmental accounts receivable consist of amounts due from Treasury for subsidy on a modified direct loan 

receivable in the Legacy loan program for a loan made prior to FY 1992. The amount is expected to be collected in full in

FY 2023. With the public accounts receivable are primarily amounts due to DFC for fees for insurance policies, fees from 

loan and loan guaranty agreements, premiums from insurance policies, and assets acquired in insurance claims settlements. 

With the public accounts receivable are reduced to net realizable value by an allowance for uncollectible amounts. 

Allowances are based on management’s periodic evaluations of the underlying assets. Direct loan and loan guaranty fees 

receivable allowances are based on the same percentage of the allowances for the underlying direct loan or loan guaranty. 

In its evaluation, management considers numerous factors, including, but not limited to, general economic conditions, asset 

composition, and prior loss experience.

dfc.gov  55

Valuation Adjustments 6,723 - 

Acquisitions of Investments 78,172 95,318 

DFC also has hybrid investments that are constructed as loans that may convert investments are accounted for under FCRA and are therefore 

not reported in the 

Fees Receivable 111,400 98,637 

Insurance Settlements Receivable 21,071 20,804 

Other Receivables 128 128 

Allowance for Uncollectible Amounts (13,310) (13,356) 

Total With the Public Accounts Receivable, Net 121,155 107,932 
Note 5: Loans Receivable, Net and Loan Guaranty Liabilities

A. DIRECT LOAN AND LOAN GUARANTY PROGRAMS

DFC administers the following direct loan and loan guaranty programs:

Name of Program Description

Direct Loan Program Direct loans by DFC, and loans transferred from OPIC and USAID’s Development Credit 

Authority (DCA) to DFC. Direct loans are disbursements to a borrower under a contract that 

requires repayment to DFC with interest. DFC’s direct loans invest across sectors including 

energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small 

businesses and women entrepreneurs in order to create jobs in emerging markets. All of the 

loans included in this program were made after FY 1991 and are accounted for under FCRA.

Loan Guaranties Loan Guaranties by DFC, and agreements transferred from OPIC and DCA to DFC. Loan 

guaranties are agreements where DFC provides guaranties with respect to the payment of 

all or a part of the principal or interest on a debt obligation of a borrower to a lender. DFC’s 

loan guaranties support investments across sectors including energy, healthcare, critical 

infrastructure, and technology. DFC also provides loan guaranties for small businesses and 

women entrepreneurs in order to create jobs in emerging markets. All of the loan guaranties 

included in this program were made after FY 1991 and are accounted for under FCRA.

Legacy Loans DFC administers loans that were previously initiated by USAID under the Debt Reduction 

Loan program, initiated after FY 1991, which are accounted for under FCRA. This program also 

includes loans under the Economic Assistance Loan program, which were initiated prior to

FY 1992, which are not accounted for under FCRA.

Legacy Loan Guaranties DFC administers loan guaranties that were previously administered by USAID under the 

Microenterprise and Small Enterprise Development Guarantied Loan program, the Urban and 

Environmental Credit Guarantied Loan programs, and the Housing and Other Credit Guaranty 

programs. These programs include loans that were initiated before FY 1992 and after FY 1991. 

The loans made before FY 1992 are not accounting for under FCRA. The loans made after

FY 1991 are accounted for under FCRA. 

Valuation Methodology for Direct Loans and Loan Guaranties

The valuation methodology of direct loans and loan guaranties made after FY 1991 is based on the net present value of 

their expected future cash flows. DFC estimates future cash flows for direct loans and loan guaranties using economic 

and financial credit subsidy models. DFC’s models vary in the specific methodologies employed to forecast future program 

cash flows. In general, however, models for all major credit programs use historical data as the basis for assumptions about 

future program performance and then translate these assumptions into nominal cash flow estimates by applying rules 

about program structure. Nominal cash flow forecasts are discounted using OMB’s Credit Subsidy Calculator that has both 

forecasted and actual Treasury interest rates. Loans have been made in both U.S. dollars and foreign currencies and the 

DFC’s subsidy models incorporate the exchange risk. Loans extended in foreign currencies that were originated by USAID 

and transferred into DFC were made with or without “Maintenance of Value” (MOV). Foreign currency exchange gain or loss 

is recognized upon receipt of loan repayments on loans extended without MOV and reflected in the net credit programs 

receivable balance. The net loans receivable or the value of assets related to direct loans is not the same as expected 

proceeds from selling the loans.

Historical data is used as the basis for program performance assumptions. The historical data undergoes quality review and 

analysis prior to its use in developing model assumptions. Key input to the subsidy models varies by program and includes 

items such as:

dfc.gov  56
• Contractual terms of the loan or guaranty such as loan amount, interest rate, maturity, and grace period

• Borrower characteristics

• Estimated changes in foreign currency valuations

• Loan performance assumptions, such as default and recovery rates

• Loan fee rates

DFC’s rating methodology for its FCRA reestimates is based on industry best practices and the expert judgment of a core 

panel of officers from origination, monitoring, credit policy and risk management who worked in conjunction with Moody’s 

Analytics. The methodology rates the portfolio risk with a consistent and standardized approach.

DFC’s total net subsidy reestimates for direct loan and loan guaranties for FY 2022 is $221 million. Some of the key drivers 

of the increase include global economic unsteadiness resulting from COVID, the war in Ukraine, and the resurgence in the 

value of the US dollar. These factors as well as individual project drivers resulted in several risk rating downgrades and 

downgrades in estimated recovery ratings, which increase the reestimates. DFC has several loans denominated in foreign 

currencies. The increase in value of the US dollar resulted in projected losses in value of the foreign currencies against the 

dollar, which increased the upward reestimates. Additionally, two direct loans experienced significant full prepayments in 

FY 2022, leading to a loss of future fees and interest spread, resulting in a higher net upward reestimates. The increases in 

interest rates, with projects disbursing into higher interest rates than those assumed at the time of obligation, resulted in 

downward reestimates that help offset the upward reestimates.

B. DIRECT LOANS, NET

(dollars in thousands)

As of September 30, 2022

Loans 

Receivable, 

Gross

Fees & Interest 

Receivable

Allowance for 

Loan Loss

Allowance for 

Subsidy Cost 

(Present Value)

Value of Assets 

Related to Direct 

Loans, Net

Loans Obligated Prior to FY 1992

Legacy Loans $ 353,569 $ 421,356 $ (510,361) $ - $ 264,564

Loans Obligated After FY 1991

Direct Loans 7,199,422 96,671 - (129,364) 7,166,729

Legacy Loans 650,895 29,145 - (907,279) (227,239)

Total Direct Loans Receivable 8,203,886 547,172 (510,361) (1,036,643) 7,204,054

Defaulted Loan Guaranties Receivable

(Table F)

Total Loans Receivable, Net

1,265,125 112,991 (56,658) (1,001,741) 319,717

$ 9,469,011 $ 660,163 $ (567,019) $ (2,038,384) $ 7,523,771

(dollars in thousands)

As of September 30, 2021

Loans 

Receivable, 

Gross

Fees & Interest 

Receivable

Allowance for 

Loan Loss

Allowance for 

Subsidy Cost 

(Present Value)

Value of Assets 

Related to Direct 

Loans, Net

Loans Obligated Prior to FY 1992

Legacy Loans $ 394,226 $ 403,303 $ (535,868) - $ 261,661

Loans Obligated After FY 1991

Direct Loans 6,197,890 83,511 - (83,567) 6,197,834

Legacy Loans 655,894 38,540 - (865,467) (171,033)

Total Direct Loans Receivable 7,248,010 525,354 (535,868) (949,034) 6,288,462

Defaulted Loan Guaranties Receivable

(Table F) 739,233 97,147 $ (40,581) $ (353,473) $ 442,326

Total Loans Receivable, Net $ 7,987,243 $ 622,501 $ (576,449) $ (1,302,507) $ 6,730,788 

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C. TOTAL AMOUNT OF DIRECT LOANS DISBURSED

(dollars in thousands)

As of September 30, 2022 2021

Direct Loan Disbursements $ 1,953,927 $ 3,140,075

D. SUBSIDY EXPENSE AND REESTIMATES FOR DIRECT LOAN PROGRAMS BY COMPONENT

(dollars in thousands)

As of September 30, 2022 2021

Subsidy Expense for New Direct Loans Disbursed

Interest Differential $ (7,852) $ (4,744)

Defaults 156,636 96,633

Fees and Other Collections (275,013) (212,563)

Other 13,639 (36,484)

Total Subsidy Expense for New Direct Loans Disbursed (112,590) (157,158)

Modifications and Reestimates

Total Modifications 637 (967)

Net Interest Rate Reestimates 23,582 (45,493)

Net Technical Reestimates 49,304 79,423

Total Net Reestimates 72,886 33,930

Total Direct Loan Subsidy Expense $ (39,067) $ (124,195)

E. SCHEDULE FOR RECONCILING DIRECT LOAN SUBSIDY COST ALLOWANCE

(dollars in thousands)

As of September 30, 2022 2021

Beginning Balance of the Subsidy Cost Allowance $ (949,034) $ (1,076,525)

Add: Subsidy Expense for Direct Loans Disbursed During the Year 112,590 157,158

Adjustments:

Loan Modifications (637) 967

Fees Accrued (5,090) (2,829)

Loans Written Off 66,195 109,099

Subsidy Allowance Amortization (187,759) (102,964)

Other (22) (10)

Total Adjustments (127,313) 4,263

Ending Balance of the Subsidy Cost Allowance Before Reestimates (963,757) (915,104)

Add or Subtract Subsidy Net Reestimates (72,886) (33,930)

Ending Balance of the Subsidy Cost Allowance $ (1,036,643) $ (949,034)

dfc.gov  58
F. DEFAULTED LOAN GUARANTIES

(dollars in thousands)

As of September 30, 2022

Defaulted Loan 

Guaranties 

Receivable, 

Gross

Interest 

Receivable

Allowance for 

Loan Loss

Allowance for 

Subsidy Cost 

(Present Value)

Value of Assets 

Related to 

Defaulted Loan 

Guaranties 

Receivable, Net

Loans Obligated Prior to FY 1992

Legacy Loan Guaranties $ 90,490 $ 13,344 $ (56,658) $ - $ 47,176

Loans Obligated After FY 1991

Loan Guaranties 1,089,137 34,080 - (994,690) 128,527

Legacy Loan Guaranties 85,498 65,567 - (7,051) 144,014

Total $ 1,265,125 $ 112,991 $ (56,658) $ (1,001,741) $ 319,717

(dollars in thousands)

As of September 30, 2021

Defaulted Loan 

Guaranties 

Receivable, 

Gross

Interest 

Receivable

Allowance for 

Loan Loss

Allowance for 

Subsidy Cost 

(Present Value)

Value of Assets 

Related to 

Defaulted Loan 

Guaranties 

Receivable, Net

Loans Obligated Prior to FY 1992

Legacy Loan Guaranties $ 82,624 $ 13,865 $ (40,581) $ - $ 55,908

Loans Obligated After FY 1991

Loan Guaranties 578,162 26,510 - (353,473) 251,199

Legacy Loan Guaranties 78,447 56,772 - - 135,219

Total $ 739,233 $ 97,147 $ (40,581) $ (353,473) $ 442,326

G. GUARANTIED LOANS OUTSTANDING 

Guarantied Loans Outstanding

(dollars in thousands)

As of September 30, 2022

Outstanding Principal of 

Guarantied Loans, Face Value

Amount of Outstanding 

Principal Guarantied

Loan Guaranties $ 9,768,556 $ 9,454,989

Legacy Loan Guaranties 102,933 102,933

Total $ 9,871,489 $ 9,557,922

(dollars in thousands)

As of September 30, 2021

Outstanding Principal of 

Guarantied Loans, Face Value

Amount of Outstanding 

Principal Guarantied

Loan Guaranties $ 10,397,305 $ 10,064,675

Legacy Loan Guaranties 134,600 134,600

Total $ 10,531,905 $ 10,199,275

New Loan Guaranties Disbursed 

(dollars in thousands)

As of September 30, 2022

Principal of Guarantied Loans, 

Face Value

Amount of Principal 

Guarantied

Loan Guaranties $ 1,561,172 $ 1,401,109 

Total $ 1,561,172 $ 1,401,109

(dollars in thousands)

As of September 30, 2021

Principal of Guarantied Loans, 

Face Value

Amount of Principal 

Guarantied

Loan Guaranties $ 1,353,910 $ 1,082,922

Total $ 1,353,910 $ 1,082,922

dfc.gov  59
H. LIABILITY FOR LOAN GUARANTIES

(dollars in thousands)

As of September 30, 2022

Liabilities for Losses on 

Pre-1992 Guaranties, 

Present Value

Liabilities for Post1991 Guaranties, 

Present Value

Loan Guaranties 

Liabilities for Loan 

Guaranties

Loans Obligated Prior to FY 1992

Legacy Loan Guaranties $ - $ - $ - 

Loans Obligated After FY 1991

Loan Guaranties - (275,134) (275,134)

Legacy Loan Guaranties - 183,768 183,768

Total Liability for Loan Guaranties $ - $ (91,366) $ (91,366)

(dollars in thousands)

As of September 30, 2021

Liabilities for Losses on 

Pre-1992 Guaranties, 

Present Value

Liabilities for Post1991 Guaranties, 

Present Value

Loan Guaranties 

Liabilities for Loan 

Guaranties

Loans Obligated Prior to FY 1992

Legacy Loan Guaranties $ (4,681) $ - $ (4,681)

Loans Obligated After FY 1991

Loan Guaranties - 84,028 84,028

Legacy Loan Guaranties - 166,734 166,734

Total Liability for Loan Guaranties $ (4,681) $ 250,762 $ 246,081

I. SUBSIDY EXPENSE FOR LOAN GUARANTIES BY PROGRAM AND COMPONENT

(dollars in thousands)

As of September 30, 2022 Loan Guaranties

Legacy Loan 

Guaranties Total

Subsidy Expense for New Loan Guaranties Disbursed

Defaults $ 48,017 $ - $ 48,017

Fees and Other Collections (99,704) - (99,704)

Other 6,505 - 6,505

Total Subsidy Expense for New Loan Guaranties Disbursed (45,182) - (45,182)

Modifications and Reestimates

Total Modifications (2,824) - (2,824)

Net Interest Rate Reestimates 23,118 10,881 33,999

Net Technical Reestimates 112,082 2,244 114,326

Total Net Reestimates 135,200 13,125 148,325

Total Loan Guaranty Subsidy Expense $ 87,194 $ 13,125 $ 100,319

(dollars in thousands)

As of September 30, 2021 Loan Guaranties

Legacy Loan 

Guaranties Total

Subsidy Expense for New Loan Guaranties Disbursed

Defaults $ 68,833 $ - $ 68,833

Fees and Other Collections (193,895) - (193,895)

Other 47,577 - 47,577

Total Subsidy Expense for New Loan Guaranties Disbursed (77,485) - (77,485)

Modifications and Reestimates

Total Modifications 899 - 899

Interest Rate Reestimates 19,836 34,012 53,848

Technical Reestimates 115,256 (36,196) 79,060

Total Net Reestimates 135,092 (2,184) 132,908

Total Loan Guaranty Subsidy Expense $ 58,506 $ (2,184) $ 56,322

dfc.gov  60
J. SCHEDULE FOR RECONCILING THE LOAN GUARANTY LIABILITY

(dollars in thousands)

As of September 30 2022 2021

Beginning Balance of the Loan Guaranty Liabilities $ 250,762 $ 14,976

Less: Claims Paid to Lenders (721,173) (265,904)

Add: Fees Accrued 249,006 281,183

Add: Loans Acquired - 159,121

Add: Subsidy Expense for Guarantied Loans Disbursed During the Year 22,387 25,900

Less: Negative Subsidy Payments (67,569) (103,385)

Add: Upward Reestimates 344,533 371,740

Less: Downward Reestimates (196,209) (238,832)

Subsidy Allowance Amortized 29,745 5,064

Loan Guaranty Modifications (2,824) 899

Other (24) -

Ending Balance of the Loan Guaranty Liability $ (91,366) $ 250,762

K. SUBSIDY RATES BY PROGRAM AND COMPONENT

As of September 30, 2022

Defaults, net of 

recoveries Interest Fees Other Total

Direct Loans

Direct Loans 10.17% - (18.23)% - (8.06)%

Direct Loan Investment Funds 19.02% (6.11)% (16.16)% - (3.25)%

Direct Loans in Foreign Currencies 39.75% (45.00)% (10.86)% 26.11% 10.00%

Loan Guaranties

USAID Mission-led Guaranties 6.11% - (0.74)% - 5.37%

Loan Guaranties 8.77% - (12.70)% - (3.93)%

Limited Arbitral Award Coverage 5.98% - (9.67)% - (3.69)%

The subsidy rates presented above are consistent with the estimated subsidy rates published in the Federal Credit 

Supplement to the Budget of the U.S. Government except for differences due to rounding. The published budget 

formulation subsidy rates are notional, for illustrative purposes only, as DFC estimates subsidy on a loan-by-loan basis at 

the time of obligation. These rates cannot be applied to the direct loans and loan guaranties disbursed during the current 

reporting year to yield the subsidy expense. The subsidy expense for new loans reported in the current year could result 

from the disbursements of loans obligated in the current and prior fiscal years. Subsidy expense reported in the current year 

also includes the cost of modifications and subsidy reestimates.

L. ADMINISTRATIVE EXPENSES

DFC incurs administrative expenses to carry out its credit reform programs. This amount is determined by annual 

appropriation legislation. The administrative expense for direct loan and loan guaranties is $108,597 thousand and $93,462 

thousand for the period ended September 30, 2022 and 2021, respectively.

M. LOANS RECEIVABLE 

Loans receivable, net, reported on the Balance Sheet for all direct loans and defaulted guaranteed loans receivable include 

the following.

dfc.gov  61
(dollars in thousands)

As of September 30, 2022

Beginning Balance of the Loans Receivable, Net $ 6,730,788

Add: Loan Disbursements 1,953,927

Less: Principal Payments Received (1,109,368)

Add: Loan Guaranty Claim Payments Converted to Loans Receivable 723,683

Add: Interest Accruals 61,576

Less: Fees Accrued (5,090)

Add: Capitalized Fees to Loan Principal 20,966

Less: Subsidy Expense (14,784)

Add: Negative Subsidy Payments 127,374

Less: Upward Reestimates (269,220)

Add: Downward Reestimates 196,334

Less: Subsidy Allowance Amortization (187,759)

Loan Modifications (637)

Allowance for Loan and Interest Loss Adjustments (704,019)

Ending Balance of Loans Receivable, Net $ 7,523,771 

Note 6: General Property, Plant and Equipment, Net

DFC’s general property, plant and equipment consist of the following:

(dollars in thousands)

As of September 30, 2022 Acquisition Cost 

 Accumulated 

Depreciation Net Book Value 

Equipment $ 3,925 $ (3,770) $ 155

Internal-Use Software 9,584 (9,584) -

Total Property and Equipment, Net $ 13,509 $ (13,354) $ 155

(dollars in thousands)

As of September 30, 2021 Acquisition Cost 

 Accumulated 

Depreciation Net Book Value 

Equipment $ 3,925 $ (3,614) $ 311

Internal-Use Software 9,584 (9,584) -

Total Property and Equipment, Net $ 13,509 $ (13,198) $ 311

Roll forward of general property, plant and equipment, net:

(dollars in thousands) Acquisition Cost 

 Accumulated 

Depreciation Net Book Value 

Balance as of October 1, 2021 $ 13,509 $ (13,198) $ 311

Depreciation Expense - (156) (156)

Balance as of September 30, 2022 $ 13,509 $ (13,354) $ 155

(dollars in thousands) Acquisition Cost 

 Accumulated 

Depreciation Net Book Value 

Balance as of October 1, 2020 $ 13,509 $ (13,027) $ 482

Depreciation Expense - (171) (171)

Balance as of September 30, 2021 $ 13,509 $ (13,198) $ 311

dfc.gov  62
Note 7: Advances and Prepayments

DFC’s advances and prepayments consist of the following:

(dollars in thousands)

 

 

As of September 30, 2022 2021

Advances for Claim Payments

Total Advances and Prepayments

$ 

$ 

1,247 $ 3,794

1,247 $ 3,794

DFC’s advances are related to the Legacy Loan Guaranty programs. The amounts represent advances that DFC has paid to 

the bank that processes the claims for the Legacy Loan Guaranties. Because claims need to be paid timely, estimates for 

claims are requested from DFC by the bank, in advance of the claim payment. When a claim payment request is received 

from the bank, DFC pays the request and records the advance. When the bank pays the claims and provides the claim 

payment information to DFC, DFC reduces the advance and recognizes the decrease to the loan guaranty liability. 

Note 8: Liabilities Covered and Not Covered by Budgetary Resources

(dollars in thousands)

As of September 30, 2022 2021

Intragovernmental

Unfunded FECA Liability $ 144 $ 386

Total Intragovernmental 144 386

With the Public

Federal Employee Benefits Payable 6,149 6,133

Insurance and Guaranty Program Liabilities 43,685 133

Total With the Public 49,834 6,266

Total Liabilities Not Covered by Budgetary Resources 49,978 6,652

Total Liabilities Covered by Budgetary Resources 9,369,303 9,049,701

Total Liabilities Not Requiring Budgetary Resources 157,581 159,279

Total Liabilities $ 9,576,862 $ 9,215,632

Liabilities covered by budgetary resources consist of liabilities incurred which are covered by realized budgetary resources 

as of the Balance Sheet date. Budgetary resources encompass not only new budget authority but also other resources 

available to cover liabilities for specified purposes in a given year. Liabilities are considered covered by budgetary resources 

if they are to be funded by permanent indefinite appropriations, which have been enacted and signed into law and are 

available for use as of the Balance Sheet date, provided that the resources may be apportioned by OMB without further 

action by the Congress and without a contingency having to be met first. DFC’s liabilities covered by budgetary resources 

primarily consist of borrowings payable to Treasury and downward reestimates payable to Treasury. The downward 

reestimates liability is considered a liability covered by budgetary resources because the balance is supported by permanent 

indefinite appropriations, to be apportioned by OMB without further action by the Congress and without a contingency 

having to be met first.

Liabilities not covered by budgetary resources require future congressional action whereas liabilities covered by budgetary 

resources reflect prior congressional action. Regardless of when the congressional action occurs, when the liabilities are 

liquidated, Treasury will finance the liquidation in the same way that Treasury finances all other disbursements, which is to 

borrow from the public if the Government has a budget deficit, and to use current receipts if the Government has a budget 

dfc.gov  63
surplus. DFC’s liabilities not covered by budgetary resources primarily consist of insurance claims payable and accrued 

unfunded annual leave in FY 2022. In FY 2021, DFC’s liabilities not covered by budgetary resources primarily consisted of 

unfunded annual leave. During FY 2022, DFC had increased liabilities for insurance primarily due to the wartime activities 

in Ukraine impacting insured energy projects.

Liabilities not requiring budgetary resources consist mostly of unearned revenues that will be earned by providing services 

by the passage of time.

Note 9: Debt

DFC’s debt comes from direct borrowings from the U.S. Treasury to fund the portion of direct loans not covered by subsidy 

appropriations, disbursements of downward subsidy reestimates, and pay claims in excess of the amount of subsidy 

and collections maintained in the non-budgetary financing funds. In FY 2022, DFC increased borrowings to finance the 

increased direct loans portfolio.

(dollars in thousands)

As of September 30, 2022 2021

Debt to the Treasury

Beginning Balance $ 7,723,761 $ 4,677,759

Net Borrowings 1,241,210 3,046,002

Ending Balance $ 8,964,971 $ 7,723,761

Note 10: Advances from Others and Deferred Revenue

DFC’s advances from others and deferred revenue consists of:

(dollars in thousands)

As of September 30, 2022 2021

Intragovernmental Advances from Others and Deferred Revenue

Advances from Other Federal Agencies $ 3,561 $ 5,053

Total Intragovernmental Advances from Others and Deferred Revenue 3,561 5,053

With the Public Advances from Others and Deferred Revenue

Finance Retainer Fees and Deferred Facility Fees 127,320 127,750

Rent Incentives 14,194 12,791

Total With the Public Advances from Others and Deferred Revenue 141,514 140,541

Total Advances from Others and Deferred Revenue $ 145,075 $ 145,594

DFC charges retainer and other fees in conjunction with each project. The fees are received in advance and earned over 

time. Facility fees collected exceeding $50,000 are amortized over the life of the project. DFC maintains fees for use in 

future years. Advances and deferred revenue also consist of unearned rent incentives that are amortized against rent 

expense, as well as advances from other Federal agencies for reimbursable agreements.

dfc.gov  64
Note 11: Non-Entity Reporting

Non-entity assets are assets held by DFC but not available to be used by DFC. These are funds that DFC has transferred or 

will transfer to Treasury general fund receipt accounts for downward reestimates and negative subsidy amounts for DFC’s 

direct loan and loan guaranties made under FCRA, as well as excess funds related to direct loan and loan guarantees made 

prior to FY 1992. During the year, DFC transfers funds to Treasury general fund receipt accounts, and at year-end Treasury 

sweeps the funds, reducing the balance of fund balance with Treasury in the general fund receipts accounts to zero. At 

year-end, DFC accrues current year reestimates. Loans and loan guaranties made after FY 1991 that are covered under 

FCRA are reestimated each year. The loans and loan guaranties where the reestimates indicate that the amount of subsidy 

needed will be less than the prior year, or where the present value of the cash flows is positive, is a downward reestimate, 

requiring funds to be transferred to Treasury. DFC cannot transfer these funds until they receive authority from OMB, 

which will occur in the succeeding fiscal year. When recording the downward reestimate accrual, DFC records a payable to 

the Treasury general fund receipt account for the downward reestimates payable in its financing funds. DFC also records 

an accounts receivable in the general fund receipt account for the receivable from DFC’s financing funds. For consolidated 

financial statements presentation, DFC eliminates the payables to the non-entity fund and the non-entity Treasury general 

fund receipt accounts receivable from the DFC entity funds, leaving a payable to the General Fund of the US Government 

for the downward reestimates. The downward reestimates payable is a current liability to be paid in the subsequent fiscal 

year. The downward reestimates liability is considered a liability covered by budgetary resources because the balance is 

supported by permanent indefinite appropriations, to be apportioned by OMB without further action by the Congress and 

without a contingency having to be met first. The table below shows the balance of the entity and non-entity assets and 

liabilities for the downward reestimate accrued as of September 30, 2022 and 2021. 

(dollars in thousands)

As of September 30, 2022 2021

Entity

Intragovernmental Liabilities

Financing Funds Payable to the General Fund Receipt Account $ (392,542) $ (415,130)

Non-Entity

Intragovernmental Assets

General Fund Receipt Accounts Receivable 392,542 415,130

Intragovernmental Liabilities

Liability to the General Fund of the US Government for Other Non-Entity Assets - 

 Downward Reestimate Payable to Treasury

Balance Sheet Reported Payable $ 

(392,542) (415,130)

 (392,542) $ (415,130)

Note 12: Liability for Capital Transfers to the General Fund of the Treasury 

The Liability for Capital Transfers to the General Fund of the Treasury had a balance of zero in FY 2022, and a balance 

of $656,763 thousand in FY 2021. The liability in FY 2021 represented future payments due to Treasury from future 

collections in the liquidating funds that account for the loans and loan guaranties made prior to FY 1992. Treasury guidance 

allows agencies to close revenue and expense activity in liquidating funds to a liability account for the future amounts to 

be paid to Treasury in the form of a capital transfer, or to cumulative results of operations. In FY 2022, DFC reduced the 

FY 2021 liability balance and increased the balance in cumulative results of operations through a change in accounting 

principle. The change in accounting principle is shown on DFC’s Consolidated Statements of Changes in Net Position as an 

adjustment to the FY 2022 beginning balance of Cumulative Results of Operations. 

dfc.gov  65
Note 13: Other Liabilities

DFC’s other liabilities consists of the following current liabilities:

(dollars in thousands)

As of September 30, 2022 2021

Intragovernmental:

Other Liabilities

Employer Contributions & Payroll Taxes Payable $ 287 $ 639

Unfunded FECA Liability 144 386

Total Intragovernmental 431 1,025

With the Public:

Accrued Funded Payroll and Benefits 4,359 5,972

Liability for Deposit Funds - 91

Total With the Public 4,359 6,063

Total Other Liabilities $ 4,790 $ 7,088

Note 14: Accounts Payable

DFC’s accounts payables consist of a direct loan disbursement in transit and other payables with the public for services as 

of September 30, 2022. In FY 2021, accounts payable consisted of other payables with the public for services. 

(dollars in thousands)

As of September 30, 2022 2021

Disbursements in transit $ 6,771 $ -

Other 274 1

Total Accounts Payable $ 7,045 $ 1

Note 15: Federal Employee Benefits Payable

Federal employee benefits payable consists of:

(dollars in thousands)

As of September 30, 2022 2021

Accrued Unfunded Annual Leave $ 6,149 $ 5,705

Employer Contributions and Payroll Taxes Payable 98 1,354

Unfunded Actuarial FECA Liability - 428

Total Federal Employee Benefits Payable $ 6,247 $ 7,487

DFC employees accrue annual leave, which DFC records as a liability to be funded in future years. FECA provides coverage 

to Federal civilian employees who have sustained work-related injuries or disease by providing appropriate monetary and 

medical benefits and help in returning to work. The program is funded by DOL, and DFC is charged by DOL for FECA 

payments made on DFC’s behalf. The FECA liability above is the actuarial estimated amount to be provided in the future.

dfc.gov  66
Note 16: Insurance and Guaranty Program Liabilities 

DFC provides Political Risk Insurance for overseas investments against any or all political risks such as currency 

inconvertibility and transfer restrictions, expropriation, war, terrorism, civil disturbance, breach of contract, or non-honoring 

of financial obligations. The initial term is typically 3 to 20 years. Policies are renewable yearly at the option of the insured. 

Insurance premiums received are amortized over the coverage period. Insurance coverage includes:

1. Insurance coverage against inconvertibility protects the investor from increased restrictions on the investor’s ability to 

convert local currency into U.S. dollars. Inconvertibility insurance does not protect against devaluation of a country’s 

currency. 

2. Expropriation coverage provides compensation for losses due to confiscation, nationalization, or other governmental 

actions that deprive investors of their fundamental rights in the investment. 

3. Guaranties issued on behalf of a U.S. exporter of goods or services, or a U.S. contractor in favor of a foreign government 

buyer can be covered against the risk of a wrongful calling. The guaranties usually are in the form of irrevocable, ondemand, standby letters of credit. A wrongful calling is one that is not justified by the terms of the underlying contract, 

or the invitation for bids.

4. Insurance against political violence insures investors against losses caused by politically motivated acts of violence (war, 

revolution, insurrection, or civil strife, including terrorism and sabotage).

5. Reinsurance can increase underwriting capacity and support development in countries where investors have difficulty 

obtaining political risk insurance, DFC can reinsure licensed U.S. and international insurance companies.

6. DFC political risk insurance supports U.S. capital market financing structures that catalyze private capital in emerging 

markets.

In general, pricing is determined based on the individual coverage issues and the unique risk profile of the investment 

project. DFC’s costs of the Insurance program are $54,989 thousand and $8,862 thousand for the years ended September 

30, 2022 and 2021, respectively. DFC collected $21,901 thousand and $18,916 thousand in insurance premiums for the 

years ended September 30, 2022 and 2021, respectively. DFC’s Insurance program is self-funded, uses no appropriated 

funds in the administration of the program, and did not borrow any funds from the Treasury for the years ended September 

30, 2022 and 2021. 

DFC is able to invest proceeds from its insurance program in Treasury non-marketable, market-based securities. See Note 3

for additional information.

Under most DFC insurance contracts, investors may obtain all coverages, but claim payments may not exceed the single 

highest coverage amount. Claim payments are limited by the value of the investment and the amount of current coverage in 

force at the time of the loss and may be reduced by the insured’s recoveries from other sources. In certain instances, DFC’s 

requirement to pay up to the single highest coverage amount may be reduced by stop-loss and risk-sharing agreements. 

Finally, losses on insurance claims may be reduced by recoveries by DFC as subrogee of the insured’s claim against the 

host government or payments from reinsurance policies obtained by DFC from commercial entities. Payments made 

under insurance contracts that result in recoverable assets are included in Accounts Receivable net of an allowance for 

uncollectible amounts.

(dollars in thousands)

As of September 30, 2022 2021

Unearned Insurance Premiums $ 12,507 $ 13,594

Unpaid Insurance Claims 43,685 133

Total Insurance Program Liabilities $ 56,192 $ 13,727

dfc.gov  67
DFC has unpaid insurance claims that are recorded as unfunded liabilities. DFC’s liability for unpaid insurance claims and 

activity for FY 2022 and 2021 are as follows: 

(dollars in thousands)

 

 

2022 2021

Unpaid Insurance Claims as of October 1 $ 133 $ -

Claims Expense 43,837 259

Less: Claims Paid

Unpaid Insurance Claims as of September 30 $ 

(285) (126)

43,685 $ 133 

The increase in unpaid insurance claims in FY 2022 is primarily related to a reported insurance claim for political violence in 

the Ukraine due to the current war in Ukraine. The claim expense for the Ukraine policy includes the gross claim amount of 

$45 million less $4.5 million in estimated recoveries. The claims paid in FY 2022 and FY 2021 were all related to contracts 

that were started under DFC. 

The liability for losses on remaining coverage as of September 30, 2022 and 2021 represents the estimated amounts to be 

paid to settle claims, including claim adjustment expenses, for the remaining open arrangement period in excess of the sum 

of both:

1. Related unearned premiums as of the end of the reporting period, and

2. Premiums due after the end of the reporting period that relate to the remaining open arrangement period.

The open arrangement period is the elected coverage period under the insurance policy, since the elected coverage period 

is the period the insurance is in-force and unexpired. As of September 30, 2022 and 2021, DFC had no liability for losses on 

remaining coverage.

In addition to requiring formal applications for claimed compensation, DFC’s contracts generally require investors to notify 

DFC promptly of host government action that the investor has reason to believe is or may become a claim. Compliance with 

this notice provision sometimes results in the filing of notices of events that do not mature into claims. 

DFC’s current exposure for all policies in force for the elected coverage periods, or Current Exposure to Claims as of 

September 30, 2022 and 2021, was $3.5 billion and $2.6 billion, respectively. 

Note 17: Leases

A. OPERATING LEASES

DFC leases commercial facilities under a multi-year operating lease agreement, as amended, which expires in February 

2035. Under the terms of the lease, DFC receives a tenant improvement allowance for space refurbishment as well as other 

incentives. The value of these incentives is deferred in the Consolidated Balance Sheets and are amortized to recognize rent 

expense on a straight-line basis over the life of the lease. In FY 2022, DFC extended the lease approximately six years and 

leased additional space to support expanding administrative offices. Rental expense was approximately $8.3 million and 

$6.4 million for the year ended September 30, 2022 and 2021, respectively. The following table presents future noncancelable rental payments.

dfc.gov  68
(dollars in thousands)

For the Years Ending September 30,

With the Public Lease 

Payments

2023 $ 9,661

2024 10,931

2025 12,024

2026 12,323

2027 12,631

After 2027 96,137

Total Future Lease Payments $ 153,707

Note 18: Budgetary Resources

A. NET ADJUSTMENTS TO UNOBLIGATED BALANCE, BROUGHT FORWARD

(dollars in thousands)

For the Years Ended September 30, 2022 2021

Budgetary

Non-Budgetary 

Credit Reform 

Financing Accounts Budgetary

Non-Budgetary 

Credit Reform 

Financing Accounts

Unobligated Balance, Prior Year $ 6,521,648 $ 1,316,876 $ 6,496,171 $ 618,729

Borrowing Authority Withdrawn - (644,589) - (335,992)

Repayments of Borrowings to Treasury - (505,860) (155,200)

Capital Transfers to the General Fund

of the U.S. Treasury (8,077) - (235,383) (20,145)

Recoveries of Prior Year Obligations 24,351 649,653 46,140 336,148

Transfers-in of Prior Year Authority 9,322 - 30,000 -

Cancelled Authority - - (116) -

Unobligated Balance from Prior Year

Budget Authority, Net $ 6,547,244 $ 816,080 $ 6,336,812 $ 443,540

Differences between the Unobligated Balance, end of year, and the Unobligated Balance from Prior Year Budget Authority, 

as presented on the FY 2021 Combined Statement of Budgetary Resources are primarily due to the following:

Borrowing Authority Withdrawn: At the end of each year, borrowing authority from the prior year is withdrawn, and 

new borrowing authority is received at the beginning of the next year.

•

Repayments of Borrowings to Treasury: DFC repays borrowings from Treasury for its direct loan and loan guaranty 

programs, reducing budget authority.

•

• Capital Transfers to the General Fund of the U.S. Treasury: The excess funds held by liquidating funds for direct loan 

and loan guaranty programs made before FY 1992, are transferred to Treasury each year, reducing the budget authority.

• Recoveries of Prior Year Obligations: These include reductions of obligations that made in previous years, mostly in the 

direct loan program.

Transfers-in of Prior Year Authority: DFC received funds from USAID transferred in to support direct loans and loan 

guaranties initially made in prior years. 

•

• Cancelled Authority is authority that no longer available to DFC.

dfc.gov  69
B. PERMANENT INDEFINITE APPROPRIATIONS

FCRA authorizes permanent, indefinite appropriations from Treasury, as appropriate, to carry out all obligations resulting 

from the financing program. Permanent indefinite authority is available to fund any reestimated increase of subsidy costs 

that occurs after the year in which a loan is disbursed. Reestimated reductions of subsidy costs are returned to Treasury and 

are unavailable to DFC. 

The BUILD Act established a fund which shall be available for discharge of liabilities under insurance or reinsurance or 

under similar predecessor authority. All valid claims arising from insurance issued by DFC constitute obligations on which 

the full faith and credit of the United States of America is pledged for full payment. DFC is authorized by statute to borrow 

from Treasury should funds in DFC’s reserves be insufficient to discharge obligations arising under its insurance program. 

C. ANNUAL APPROPRIATIONS

DFC receives an annual appropriation for operations and programs. DFC’s offsetting collections derived from investment 

earnings, non-insurance fees, and negative subsidy are to be used to reduce DFC’s annual appropriation. 

D. BORROWING AUTHORITY

DFC is required to borrow from Treasury’s Bureau of the Fiscal Service to fund the unsubsidized portion of direct loan 

disbursements. DFC is authorized to borrow funds to disburse negative subsidy or pay claims exceeding the amount of 

subsidy and collections maintained in the financing funds. As of September 30, 2022 and 2021, DFC had $8,545 million 

and $8,084 million, respectively, in borrowing authority carried over to fund direct loans and pay future claims.

E. USE OF UNOBLIGATED BALANCES

Unobligated balances on the Combined Statements of Budgetary Resources includes both expired and unexpired 

authority. Unexpired authority includes both apportioned and unapportioned funds. DFC’s administrative spending 

authority is available for five additional fiscal years after the year of expiration for recording and adjusting previously 

recorded obligations but cannot be used to fund new obligations. As specified in DFC’s annual appropriation, DFC’s equity 

authority is available for the term of the underlying equity investment, and DFC’s disbursement authority for program 

funds supporting the credit programs is available for eight additional fiscal years after the year of expiration. Under DFC’s 

appropriation law (Public Law 117-103, Section 7011), funds that were originally obligated during the period of availability, 

and deobligated in a subsequent fiscal year, are available for obligation for an additional four years. Funds remaining after 

the period of availability become cancelled authority and are returned to Treasury.

F. UNDELIVERED ORDERS AT THE END OF THE PERIOD

Undelivered Orders include loan and related subsidy obligations that have been issued but not disbursed and obligations for 

goods and services ordered that have not been received. 

(dollars in thousands)

For the Year Ended September 30, 2022 Intragovernmental With the Public Total

Unpaid $ 797,106 $ 7,189,338 $ 7,986,444

Paid - 1,247 1,247

Total Obligations $ 797,106 $ 7,190,585 $ 7,987,691

(dollars in thousands)

For the Year Ended September 30, 2021 Intragovernmental With the Public Total

Unpaid $ 898,540 $ 4,693,153 $ 5,591,693

Paid - 3,794 3,794

Total Obligations $ 898,540 $ 4,696,947 $ 5,595,487

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G. EXPLANATION OF DIFFERENCES BETWEEN THE COMBINED STATEMENT OF BUDGETARY 

RESOURCES AND THE BUDGET OF THE U.S. GOVERNMENT

(dollars in millions)

For the Year Ended September 30, 2021

Budgetary 

Resources

New Obligations 

and Upward 

Adjustments

(Restated) 

Distributed 

Offsetting 

Receipts * Net Outlays 

Combined Statement of Budgetary Resources $ 13,067 $ 5,228 $ 323 $ 2,658

Expired Funds not reported in 2023 President’s Budget (34) - - (20)

Variances as a Result of OPIC funds transferred to DFC - - - (6)

Timing - - 18 -

Other - (1) - -

Budget of the U.S. Government $ 13,033 $ 5,227 $ 341 $ 2,632

* The Distributed Offsetting Receipts have been restated from the previous year’s reported amount to align with the FY 2021 restated Statement of 

Budgetary Resources. See Note 19, Restatement.

Agencies are required to explain material differences between their Combined Statement of Budgetary Resources (SBR) 

and the Budget of the U.S. Government. This disclosure reconciles the prior year’s Statement of Budgetary Resources to the 

actual balances per the upcoming year’s budget. 

For example, DFC’s FY 2022 SBR will be reconciled to the actual balances per the 2024 Budget of the U.S. Government 

which will be released in FY 2023. The Budget with the actual amounts for this current year will be available later at 

www.whitehouse.gov/omb/budget. 

Balances reported in the FY 2021 Combined Statement of Budgetary Resources and the related President’s Budget 

are shown in the table above for Budgetary Resources, Obligations, Distributed Offsetting Receipts, Net Outlays, and 

any related differences. The differences reported are due to differing reporting requirements for expired and unexpired 

appropriations between the Treasury guidance used to prepare the SBR and the OMB guidance used to prepare the 

President’s Budget. The SBR includes both unexpired and expired appropriations, while the President’s Budget discloses

only unexpired budgetary resources that are available for new obligations. Other minor differences are the result of 

rounding variances.

Note 19: Restatement

In FY 2021, DFC included as part of the Distributed Offsetting Receipts on the Combined Statement of Budgetary 

Resources, the amounts transferred to the Department of Treasury from DFC’s liquidating accounts. DFC’s liquidating 

accounts support the direct loans and loan guaranties that were made by USAID prior 1992 and were transferred into DFC. 

The Department of Treasury considers the transferred funds to be repayments of capital investments instead of distributed 

offsetting receipts. FY 2021 was the first year that DFC transferred funds from the liquidating accounts. The restatement 

details are provided below for the FY 2021 Combined Statement of Budgetary Resources. The restatement impacted 

the explanation of the differences between the Combined Statement of Budgetary Resources and the Budget of the U.S. 

Government in Note 18, and the FY 2021 reconciliation of the net cost of operations to net outlays in Note 20.

(dollars in thousands)

For the Period Ended September 30, 2021

2021 Budgetary 

As Previously 

Reported Adjustments

2021 Budgetary 

As Restated

Outlays (Net) and Disbursements (Net)

Outlays, net $ 24,442 $ - $ 24,442

Distributed Offsetting Receipts (783,325) 460,517 (322,808)

Agency Outlays, Net $ (758,883) $ 460,517 $ (298,366)

dfc.gov  71
Note 20: Reconciliation of Net Cost of Operations to Net Outlays

The Net Cost to Net Outlays Reconciliation schedule reconciles the Net Cost (reported in the Statements of Net Cost) to 

the Net Outlays (reported in the Combined Statements of Budgetary Resources). The reconciliation clarifies the relationship 

between budgetary and proprietary accounting information. Reconciliation items included: (1) Transactions which did not 

result in an outlay but did result in a cost; and (2) Unpaid expenses included in the net cost in this reporting period but 

not yet included in outlays. Components of net cost that are not part of net outlays are most commonly (1) the result of 

allocating assets to expenses over more than one reporting period (e.g., depreciation); (2) the temporary timing differences 

between outlays/receipts and the operating expense/revenue during the period; and (3) cost financed by other Federal 

entities (imputed inter-entity cost). The analysis below illustrates this reconciliation by listing the key differences between 

net cost and net outlays. In accordance with A-136 guidance, the presentation of the Reconciliation of Net Costs of 

Operations to Net Outlays excludes financing funds activity for programs subject to FCRA. Line items presented below, 

such as the Net Cost as well as the increases and decreases in assets and liabilities do not include financing funds and 

cannot be compared to the Consolidated Statements of Net Cost and the Consolidated Balance Sheets. Loans Receivable 

and Loan Guaranty Liability activity is reported below for the liquidating funds for loans and loan guaranties made prior to 

FY 1992.

In FY 2022 and 2021, the key reconciling differences between the net cost and net outlays for DFC included: (1) the 

accrual of the reestimates in the program funds. The accruals impact the costs but have an impact on the net outlays in the 

succeeding year; (2) collections of pre-1992 loans receivable that are recorded as offsets to net outlays, but have no impact 

on the net cost; (3) a decrease in the prior year subsidy payable from the DFC credit program funds to the DFC financing 

funds. The subsidy was recorded as a payable in the prior year and paid in the current year, which impacts the net outlays, 

but has no current year impact on the net cost; (4) transfers in without reimbursement represent DFC transfers of funds 

into the operating funds that do not have an impact on the net cost of operations, but are included in net outlays; and (5) 

distributed offsetting receipts which are funds that DFC has sent to the General Fund of the Treasury for its credit programs 

under FCRA. These amounts reduce the net outlays on the Combined Statements of Budgetary Resources, but have no 

impact on the net cost to DFC.

The FY 2021 reconciliation was reclassified for consistent presentation to FY 2022. The reclassification did not impact the 

net cost of operations or net outlays. The FY 2021 reconciliation also includes a restatement of the Distributed Offsetting 

Receipts line as explained in Note 19.

dfc.gov  72
(dollars in thousands)

For the Period Ended September 30, 2022

Intragovernmental With the Public Total

Net Cost $ (115,898 ) $ 334,924 $ 219,026 

Components of Net Cost That Are Not Part of Net Outlays:

Property and Equipment Depreciation - (156) (156)

Year-end Credit Reform Subsidy Accrual Reestimates (221,211) - (221,211)

Gains/Losses on Investments - 6,723 6,723

Increase/(decrease) in assets:

Accounts Receivable, Net - 1,422 1,422

Loans Receivable, Net - (5,828) (5,828)

Investments, Net 1,529 - 1,529

Advances and Prepayments - (822) (822)

Negative Loan Guaranty Liability - (4,681) (4,681)

(Increase)/decrease in liabilities:

Accounts Payable - (273) (273)

Subsidy Payable to the Financing Account 581,968 - 581,968

Federal Employee Benefits Payable - 1,239 1,239

Loan Guaranty Liability - - -

Insurance and Guaranty Program Liabilities - (42,465) (42,465)

Advances from Others and Deferred Revenue 1,492 (1,170) 322 

Other Liabilities 593 1,704 2,297

Other Financing Sources:

Imputed Costs (3,520) - (3,520)

Total Components of Net Cost That Are Not Part of Net Outlays 360,851 (44,307) 316,544 

Components of Net Outlays That Are Not Part of Net Cost:

Acquisition of Investments - 78,172 78,172

Repayment of Investment Assets - (5,276) (5,276)

Total Components of Net Outlays That Are Not Part of Net Cost - 72,896 72,896

Financing Sources:

Transfers in Without Reimbursement (198,340) - (198,340)

Total Financing Sources (198,340) - (198,340)

Miscellaneous Items:

Distributed Offsetting Receipts (426,222) - (426,222)

Total Miscellaneous Items (426,222) - (426,222)

Net Outlays (379,609) 363,513 (16,096)

Agency Outlays, Net $ (16,096) 

dfc.gov  73
(dollars in thousands)

For the Period Ended September 30, 2021

(Restated)

Intragovernmental With the Public(Restated)

Total

Net Cost $ 98,689 $ 26,364 $ 125,053

Components of Net Cost That Are Not Part of Net Outlays:

Property and Equipment Depreciation - (171) (171)

Year-end Credit Reform Subsidy Accrual Reestimates (168,649) - (168,649)

Increase/(decrease) in assets:

Accounts Receivable, Net - (13,990) (13,990)

Loans Receivable, Net - (178,197) (178,197)

Investments, Net 773 - 773

Advances and Prepayments - 1,239 1,239

Negative Loan Guaranty Liability - - -

(Increase)/decrease in liabilities:

Accounts Payable - 758 758

Subsidy Payable to the Financing Account 462,178 - 462,178

Federal Employee Benefits Payable - (491) (491)

Loan Guaranty Liability - 2,757 2,757

Insurance and Guaranty Program Liabilities - 1,991 1,991

Advances from Others and Deferred Revenue - (10,817) (10,817)

Other Liabilities (912) (2,596) (3,508)

Other Financing Sources:

Imputed Costs (3,069) - (3,069)

Total Components of Net Cost That Are Not Part of Net Outlays 290,321 (199,517) 90,804

Components of Net Outlays That Are Not Part of Net Cost:

Acquisition of Investments - 95,318 95,318

Repayment of Investment Assets - - -

Total Components of Net Outlays That Are Not Part of Net Cost - 95,318 95,318

Financing Sources:

Transfers in Without Reimbursement (286,733) - (286,733)

Total Financing Sources (286,733) - (286,733)

Miscellaneous Items:

Distributed Offsetting Receipts (322,808) - (322,808)

Total Miscellaneous Items (322,808) - (322,808)

Net Outlays (220,531) (77,835) (298,366)

Agency Outlays, Net $ (298,366)

dfc.gov  74
Note 21: Reclassification of Financial Statement Line Items for

Financial Report Compilation Process

To prepare the Financial Report of the U.S. Government (Financial Report), the Department of the Treasury requires 

agencies to submit an adjusted trial balance, which is a listing of amounts by U.S. Standard General Ledger account 

that appear in the financial statements. Treasury uses the trial balance information reported in the Government-wide 

Treasury Account Symbol Adjusted Trial Balance System (GTAS) to develop a Reclassified Statement of Net Cost, and a 

Reclassified Statement of Changes in Net Position for each agency, which are accessed using GTAS. Treasury eliminates 

all intragovernmental balances from the reclassified statements and aggregates lines with the same title to develop the

Financial Report statements. This note shows DFC’s financial statements and DFC’s reclassified statements prior to 

elimination of intragovernmental balances and prior to aggregation of repeated Financial Report line items. A copy of the 

2021 Financial Report (FR) can be found here: www.fiscal.treasury.gov/reports-statements and a copy of the 2022 FR will 

be posted to this site as soon as it is released.

The term “intragovernmental” is used in this note to refer to amounts that result from other components of the Federal 

Government. 

The term “non-Federal” is used in this note to refer to Federal Government amounts that result from transactions with 

non-Federal entities. These include transactions with individuals, businesses, non-profit entities, and State, local, and 

foreign governments. Amounts shown in the DFC Statement of Net Cost column are totals from the FY 2022 Consolidated 

Statement of Net Cost by program. Unrealized gains and losses are reported as a net number on the FY 2022 Consolidated 

Statement of Net Cost.

FY 2022 DFC Statement of Net Cost

Line Items Used to Prepare FY 2022 

Government-wide Statement of Net Cost

Financial Statement 

Line 

Amounts 

(dollars in thousands)

Other Than Dedicated 

Collections 

(dollars in thousands) Reclassified Financial Statement Line

Gross Costs Non-Federal Costs

Operating Costs $ 404,148 $ 270,949 Non-Federal Gross Cost

Subsidy Costs (159,960) 270,949 Total Non-Federal Costs

Reestimates 221,211

Unrealized Losses 7,052 Intragovernmental Costs 

14,383 Benefit Program Costs

3,520 Imputed Costs

5,148 Buy/Sell Costs

178,451 Borrowing and Other Interest Expense

201,502 Total Intragovernmental Costs 

Total Gross Costs 472,451 472,451 Total Reclassified Gross Costs

Earned Revenue (412,799) (227,840) Non-Federal Earned Revenue 

Investment Revenue (29,402) Intragovernmental Revenue 

Unrealized Gains (13,775) (17,023) Buy/Sell Revenue

(131,668) Federal Securities Interest Revenue Including 

Associated Gains/Losses (Exchange)

(79,445) Borrowing and Other Interest Revenue

(228,136) Total Intragovernmental Earned Revenue

Total Earned Revenue (455,976) (455,976) Total Reclassified Earned Revenue

Net Cost $ 16,475 $ 16,475 Net Cost

dfc.gov  75
FY 2022 DFC Statement of Changes in Net Position

Line Items Used to Prepare FY 2022 Government-wide

Statement of Changes in Net Position

Financial Statement Line 

Amounts 

(dollars in thousands)

Other Than Dedicated 

Collections

(dollars in thousands) Reclassified Financial Statement Line

Unexpended Appropriations Unexpended Appropriations

Unexpended Appropriations, Beginning Balance $ 171,177 $ 171,177 Unexpended Appropriations, Beginning Balance

Appropriations Received 928,884 928,884 Appropriations Received

Appropriations Transferred In/Out 9,322 9,322 Appropriations Transferred In/Out

Appropriations Used (708,598) (708,598) Appropriations Used 

Total Unexpended Appropriations 400,785 400,785 Total Unexpended Appropriations

Cumulative Results of Operations Cumulative Results of Operations

Cumulative Results, Beginning Balance 5,916,392 5,916,392 Cumulative Results, Beginning Balance

Changes in Accounting Principles 656,763 656,763 Changes in Accounting Principles

Appropriations Used 708,598 708,598 Appropriations Used

Imputed Financing 3,520 3,520 Imputed Financing Sources

Offset to Non-entity Collections (496,160) (496,160) Other

Net Cost of Operations (16,475) (16,475) Net Cost of Operations

Cumulative Results of Operations 6,772,638 6,772,638 Cumulative Results of Operations

Total Net Position $ 7,173,423 $ 7,173,423 Net Position

dfc.gov  76 
Data and Transparency

Outreach to Minority- and Women-Owned Businesses 

22 U.S.C. § 9621(i)(2) (A)(i) the amount of insurance and financing provided by the Corporation to [minority-owned and womenowned] businesses in connection with projects supported by the Corporation;

DFC is committed to supporting women and other underserved groups, both by partnering directly with these businesses 

and by supporting transactions that benefit these populations by helping them access financing and other critical services. 

DFC is also working to build a comprehensive list of women-owned and minority-owned business partners.

Economic and Social Development Impact

22 U.S.C. § 9653(a)(1) the economic and social development impact, ... of projects supported by the Corporation. 

(See “Our Impact Results,” pp. 16–23.) 

Complementary and Coordinated Activities 

22 U.S.C. § 9653(a)(2) the extent to which the operations of the Corporation complement or are compatible with the 

development assistance programs of the United States and qualifying sovereign entities;

DFC’s operations complement the development assistance programs of other U.S. Government (USG) agencies, and 

other qualifying sovereign entities. Today’s global challenges, including investment gaps in the infrastructure sector, food 

insecurity, and energy security, require DFC and other USG agencies to continuously deepen and refine collaboration to 

maximize development outcomes. DFC is an active participant in USG initiatives such as Prosper Africa, Power Africa, Feed 

the Future, the Partnership for Global Infrastructure and Investment (PGII), the President’s Emergency Plan for Adaptation 

and Resilience (PREPARE), as well as other efforts focused on global health and expanded access to vaccines. DFC also 

maintains close ties with USAID and many DFC-supported transactions are executed in collaboration with local USAID 

missions. DFC investments in critical infrastructure often build on the work of other USG agencies such as the Millennium 

Challenge Corporation and the U.S. Trade and Development Agency in fostering welcoming investment environments. 

DFC’s work with qualifying sovereign entities is described below. 

Linkages With U.S. Government 

22 U.S.C. § 9653(a)(3) the Corporation’s institutional linkages with other relevant United States Government departments [1] and 

agencies, including efforts to strengthen such linkages;

During its first years in operation, DFC established formal relationships, regular interagency briefings, blended finance 

mechanisms, and training modules on DFC’s products for the interagency to strengthen institutional linkages. DFC’s 

Development Finance Coordination Group (DFCG), launched in 2020, continues to bring working-level officials from 

the interagency together on a regular basis to discuss coordinated approaches to emerging development challenges and 

dfc.gov  77
identify ways to strengthen interagency collaboration. Examples of ways DFC has strengthened its institutional linkages 

with the interagency include the following: 

Advancing USG Development Initiatives 

DFC is a critical implementing partner of the Partnership for Global Infrastructure and Investment (PGII), Prosper Africa, 

Power Africa, and the Feed the Future initiative, among other programs. During FY 2022, DFC committed over $5 billion 

to projects that support the Administration’s PGII priorities on climate and energy security, health, digital connectivity, 

and gender equity. DFC investments also advance other USG initiatives such as the Prosper Africa initiative to increase 

investment between the U.S. and Africa, the Power Africa initiative to expand access to electricity, and the Feed the Future 

Initiative. In addition, DFC’s team of regional investment advisors in Africa and managing directors in India, Indonesia, 

Singapore, South Africa, and Thailand are all supported by funding from the Department of State. These regional offices 

actively support new deal sourcing. 

Empowering Entrepreneurs in Africa With USADF 

DFC and the U.S. African Development Foundation (USADF) have developed the African Small Business Catalyst (ASBC) 

program, a joint blended-financing program that will work to support entrepreneurs in select African countries. The ASBC 

program is designed to provide loans between $100,000 and $3,000,000 accompanied by grants between $10,000 and 

$100,000 to African entrepreneurs in lower-income and lower middle-income countries whose projects advance and/or 

deploy innovation or technology. 

Catalyzing Investments With MCC 

The Millennium Challenge Corporation (MCC) and DFC support a blended finance mechanism called the American Catalyst 

Facility for Development. DFC and MCC are working to operationalize the new mechanism to enable coordinated catalytic 

investments aimed at mobilizing private capital and maximizing the overall impact of the USG development efforts. 

Supporting USG Foreign Service Officers 

DFC developed a Foreign Service Development Finance Fellows program, in coordination with USAID and the Department 

of State. The one- to three-year fellowship enables USAID and State Foreign Service Officers to gain a better understanding 

of all the DFC tools available and to develop deal origination skills to help advance interagency collaborations. Six foreign 

service officers were participating in the program at the end of the year.

Environmental and Social Compliance of Supported Projects 

22 U.S.C. § 9653(a)(4) the compliance of projects supported by the Corporation under subchapter II of this chapter with human 

rights, environmental, labor, and social policies, or other such related policies that govern the Corporation’s support for projects, 

promulgated or otherwise administered by the Corporation.

DFC requires all transactions adhere to high standards regarding worker rights, human rights, and the environment. Each 

year, DFC selects projects for onsite monitoring based on their risk profiles to ensure compliance with DFC requirements. 

When a project is found to not be in full compliance, DFC will work closely with the client to review the issue identified and 

work to bring the project into compliance. 

dfc.gov  78
Based on FY 2022 monitoring, DFC is currently working with six projects to develop corrective measures to align with 

DFC’s human rights, environmental, labor, and social policies, or other related policies. Monitoring identified the following 

corrective actions: Four of the projects required improvements in overall contractor management, stakeholder engagement 

including grievance mechanisms, monitoring noise and biodiversity, and waste management; one project had changes to 

the project scope and staffing levels requiring additional diligence and the monitoring visit identified gaps in contracted 

labor management, supply chain management, health and safety oversight, and grievance management; and one project has 

several key policies and management plans undergoing updates but not yet finalized, including those addressing a number 

of community-related impacts.

Developmental Outcomes

22 U.S.C. § 9653 (b)(1)(A) the desired development outcomes for projects and whether or not the Corporation is meeting 

the associated metrics, goals, and development objectives, including, to the extent practicable, in the years after conclusion 

of projects;” 22 U.S.C. § 9653 (b)(3) projections of—(A) development outcomes, and whether or not support for projects are 

meeting the associated performance measures, both during the start-up phase and over the duration of the support, and to the 

extent practicable, measures of such development outcomes should be on a gender-disaggregated basis, such as changes in 

employment, access to financial services, enterprise development and growth, and composition of executive boards and senior 

leadership of enterprises receiving support under subchapter II of this chapter;

(See “Our Impact Results,” pp. 16–23.)

Capital Mobilization

22 U.S.C. § 9653 (b)(1)(B) the effect of the Corporation’s support on access to capital and ways in which the Corporation is 

addressing identifiable market gaps or inefficiencies and what impact, if any, such support has on access to credit for a specific 

project, country, or sector; 

22 U.S.C. § 9653(b)(3)(B) the value of private sector assets brought to bear relative to the amount of support provided by the 

Corporation and the value of any other public sector support;

Private capital mobilized for FY 2022 transactions totaled $11.2 billion, with $1.5 billion in Sub-Saharan Africa, $0.3 billion 

in Middle East and North Africa, $2.2 billion in Asia, $4 billion in Europe, and $1.9 billion in the Western Hemisphere. The 

remainder is through transactions with a global footprint. 

Private capital mobilized reflects total project costs minus the contribution of DFC and other official lenders. 

Cooperation With Qualifying Sovereign Entities

22 U.S.C. § 9653(b)(2) cooperation with a qualifying sovereign entity in support of each project;

In addition to cooperating with the development assistance programs of other USG departments and agencies, DFC 

transactions may complement the work of other sovereign entities and international financial institutions. Some examples 

include:

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Expanding Access to Affordable Voice and Data Services

DFC and Japan Bank for International Cooperation (JBIC) are each providing $50 million for guaranty financing by Export 

Finance Australia (EFA) for the acquisition by Telstra Corporation Ltd. of Digicel Pacific’s telecom assets in Papua New 

Guinea and other Pacific markets. The project will support network 5G upgrades to improve security and performance and 

expanded access to affordable, high-quality mobile voice and data services in these markets, while also supporting U.S. 

foreign policy priorities by addressing concerns of predatory state acquisition of telecommunications assets.

Promoting Sustainable Agriculture in Democratic Republic of Congo

A $5 million loan portfolio guaranty to Equity Banque Commerciale du Congo SA is supporting micro, small, and 

medium enterprises in Democratic Republic of Congo, with a focus on agriculture and renewable energy investments, in 

coordination with USAID and co-guarantor Swedish International Development Cooperation Agency (Sida).

Expanding Support for Reliable Power Access in Sierra Leone

$50 million in political risk insurance for CEC Africa will support development of an 87 MW combined cycle power plant on 

a site owned by the Government of Sierra Leone.

Investing in European Security

DFC committed up to $300 million in financing to help the Three Seas Initiative Investment Fund invest in energy and 

infrastructure to advance energy security and diversification and improve connectivity across the region. The Three Seas 

Initiative was established by the presidents of Poland and Croatia in cooperation with the presidents of the other 10 

countries of the region.

Advancing Conservation in Belize

In Belize, where the impacts of climate change as well as overfishing and agricultural runoff have degraded the coastline, 

DFC political risk insurance is supporting a project by The Nature Conservancy to create a fund for long-term investment in 

conservation by restructuring sovereign debt to raise funds for marine conservation, coral reef and mangrove restoration, 

economic diversification, and the development of sustainable tourism. 

Expanding Access to Vaccines

DFC and Gavi, the Vaccine Alliance partnered to create the COVAX Rapid Financing Facility, which will provide up to 

$1 billion to accelerate COVID-19 vaccine and ancillary supply purchase and delivery on behalf of developing countries 

participating in the COVAX Advance Market Commitment (COVAX AMC). The aim of this new, innovative financing 

instrument is to allow Gavi to monetize sovereign and private sector pledges to the COVAX AMC and consequently 

maximize impact by minimizing waiting time for the funding.

Monitoring and Evaluation

22 U.S.C. § 9653(b)(4) an assessment of the extent to which lessons learned from the monitoring and evaluation activities of the 

Corporation, and from annual reports from previous years compiled by the Corporation, have been applied to projects.

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Lessons From Impact Management, Monitoring, and Evaluation

FY2022 was a busy year at DFC. We continued to make progress towards achieving our impact mission and grow as a 

development impact organization. Some key highlights include:

• Enhancing our impact management approach: During FY2022, we launched new and enhanced existing processes, 

products, and tools to further the integration of impact throughout the investment cycle. Some examples include:

• Impact theses to outline in a common way our approach to impact across different sectors and priority areas, in 

alignment with the UN Sustainable Development Goals, five dimensions of impact, and IRIS+/HIPSO metrics. 

• Standardized impact screening tables to assess the potential development impact of possible projects at the 

screening stage and provide a common way and in alignment with the UN SDGs, five dimensions of impact, and our 

impact thesis.

• Impact Quotient (IQ) enhancements to strengthen DFC’s ability to assess the development impact of projects 

during due diligence. We moved from a three to a five-tier scoring system to enable further differentiation of the 

anticipated developmental impact of projects, including added select key indicators and standardized metrics to 

better capture the core impacts of our projects.

• Streamlined development outcomes surveys to improve the quality and consistency of the development impact 

data we gather from our projects and reduce the reporting burden on our clients. In FY2022, we received initial 

development impact data on some 52 projects, providing us with the emerging impact insights described earlier in 

this report.

• Understanding end-customers perspectives: By conducting end-customer-focused, mobile-phone-enabled surveys 

through a third party, we can capture the perspective and experience of a DFC client company’s customers and 

help inform companies’ impact management and business strategy. Building upon our experience conducting three 

preliminary customer surveys in 2022, we plan to set up a dedicated TA facility in FY2023 to conduct more of these 

surveys across our portfolio.

For more information about Monitoring and Evaluation, see “Our Impact Results,” pp. 16–23.

U.S. Employment and Associated Effects of DFC-Supported Projects 

Any statutory reporting requirement that applied to an agency transferred to the Corporation under this subchapter immediately 

before October 5, 2018, shall continue to apply following that transfer if the statutory requirement refers to the agency by name.

A DFC analysis found that all transactions committed in FY 2022 were projected to have a neutral or positive impact on 

U.S. jobs.

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U.S. International Development Finance Corporation

Investing in Development

1100 New York Ave., NW

Washington, DC 20527

202.336.8400

dfc.gov