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 DFC Approves More Than $1.4 Billion in New Investments for COVID-19 Response, Global Health, Gender Equity, Technology, and Renewable Energy
 Media Release
      
            September 17, 2021
      
            *Agency marks largest number of project approvals in single quarter in 25 years*



**WASHINGTON** – The U.S. International Development Finance Corporation (DFC) Board of Directors has approved nine investments totaling $925 million this quarter, advancing the agency's development mission and bolstering President Biden’s Build Back Better  World (B3W) Initiative. The agency has also approved 32 smaller investments totaling more than $500 million since the last quarterly Board meeting in June 2021. These approvals bring total DFC investments approved over the last quarter to more than $1.4 billion across 40 distinct projects, DFC’s largest number of project approvals within a single quarter to-date.

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

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

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

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

Investments approved by the Board of Directors this quarter include:

**Supporting smart city infrastructure in Rio de Janeiro:*** With a $267 million investment guaranty, Smart Rio will modernize, maintain, and operate public lighting and install smart city infrastructure in Rio de Janeiro, Brazil.
	**Investing in a women-led, impact-oriented credit fund:*** DFC’s $25 million investment in PG Impact Credit Strategies aims to improve the lives of the underserved in sub-Saharan Africa, Latin America, South Asia and South East Asia by providing credit to small and medium-sized companies with impact-oriented operations.
	**Expanding renewable energy in West Africa:**A direct equity investment into Daystar Power Group, a Nigeria-based company that offers solar and hybrid power solutions to commercial and industrial clients will help reduce the cost of power, increase reliability of supply, and reduce pollution in Nigeria, Ghana, Senegal and Togo.
	**Bolstering emerging technology in Africa:**A $10 million equity investment in Atlantica Ventures Fund I, CV will help new and emerging technology start ups in sub-Saharan Africa improve data-driven digital platforms finance and logistics.
	**Growing affordable housing in West Africa:***A $256 million guaranty to CRRH will drastically increase capital for home loans to low- and middle- income households in West Africa, contributing to a more formal, stable, and permanent long-term mortgage market in the region.
	**Investing in key development sectors in Nepal:**An equity investment in Dolma Impact Fund II will provide much needed growth capital to Nepalese technology, healthcare, and renewable energy companies.
	**Promoting financial inclusion and critical services:**A $10 million equity investment in Integra Partners Fund II will increase capital in many small- and medium-sized enterprises that support social infrastructure and critical services such as healthcare, as well as insurance and financial inclusion.Additional projects approved by DFC since its last quarterly Board meeting include:

**Improving biomass energy production in India:**$10 million investment guaranty will aid with construction of seven biomass briquetting plants in addition to increasing working capital needs for a biomass supply company in India.
	**Boosting agriculture and food security in Colombia:** In partnership with USAID/Colombia, a $6 million loan portfolio guarantee to Ahorro y Credito Colanta (AyC Colanta) will help promote rural development in an effort to increase lending to rural agribusinesses, small holder farmers, associations and cooperatives on the cassava and dairy value chains located in key municipalities and economic corridors in Colombia. With the issuance of this DFC loan portfolio guaranty, AyC Colanta is expected to provide up to $10.4 million in lending.
	**Expanding fintech in Africa and Asia:**A $20 million direct loan to help Lendable, Inc provide on-lending debt facilities to financial technology companies operating in Africa and Asia, helping to strengthen an important emerging sector in those markets.
	**Promoting inclusive financing among vulnerable populations:**In partnership with USAID/Colombia, a $5 million guaranty to Banacamia S.A. will support lending to Venezuelan migrants and receptor communities located in key municipalities and economic corridors in Colombia. With the issuance of this DFC loan portfolio guaranty, Bancamia is expected to provide up to $8 million in lending.
	**Promoting inclusive financing among vulnerable populations:** In partnership with USAID/Colombia, a $4.8 million guaranty to Crezcamos S.A. Compañía de Financiamiento support lending Venezuelan migrants and receptor communities located in key municipalities and economic corridors in Colombia. With the issuance of this DFC loan portfolio guaranty, Crezcamos is expected to provide up to $8 million in lending.
	**Expanding SME lending in Mozambique:**A $8.25 million loan portfolio guaranty with Absa Bank will promote lending to SMEs, particularly agriculture SMEs, with support from USAID/Mozambique.
	**Increasing microfinance in rural India:**A $35 million investment will allow CreditAccess Grameen Limited, India’s largest microfinance institution, to expand their microfinance portfolio to reach more rural women at the bottom of the pyramid.
	**Supporting MSMEs in the Amazon:*** In partnership with USAID/Brazil, DFC’s $45 million loan to Banco Sofisa, a Brazilian mid-sized bank, will enable on-lending to MSMEs with focus on those operating in the Legal Amazon.
	**Strengthening Kenya’s health sector:**A $4 million loan portfolio guaranty will support Sidian Bank Limited in lending to health SMEs, with support from USAID/Kenya, in order to improve healthcare and related services in Kenya.
	**Improving lives among Jordan’s underserved:** A $50 million loan portfolio guaranty for Partners for MicroCredit (Vitas Jordan) will support SME lending in Jordan to help underserved people become full social and economic participants in their communities.
	**Improving India’s agriculture sector:**A $10 million loan guaranty will help support DeHaat increase efficiency in agriculture value chain for farmers including providing advice, agri-inputs, and output marketing.
	**Growing capital for African farmers:** DFC’s $50 million loan to ETG promotes a two-way vertical integration of the supply chain for African farmers, specifically aiming to increase working capital for maize, cashew, and pulses exports.
	**Augmenting healthcare capacity in India by releasing pressure on an overloaded hospital system:** A $7.7 million loan guaranty will help India’s leading out-of-hospital healthcare company, Portea Medical, expand operations and increase the reach of its existing home healthcare services in India – improving health outcomes across the country.
	**Promoting agriculture and WASH in Senegal:**A $10 million loan portfolio guaranty with multilateral finance institution Union des Caisses du Crédit Mutuel du Sénégal (UCCMS) will promote lending to Senegalese small- and medium-sized enterprises engaged in agriculture and WASH activities, aligned with USAID/Senegal’s priorities.
	**Bolstering agriculture and food security in Niger:** A $3 million loan portfolio guaranty with Orabank Niger will help encourage lending in agriculture and livestock sectors, aligned with USAID/Niger’s resilience strategy.
	**Supporting the health sector in Kenya:**A $10 million loan portfolio guaranty to Equity Bank (Kenya) Ltd will support additional lending to health SMEs, with support and coordination from USAID/Kenya.
	**Enhancing economic growth through SME lending in Guatemala:***In partnership with USAID/Guatemala, a $15 million loan portfolio guaranty to Banco Internacional S.A. (Interbanco) will enhance lending to SMEs, including those in the Western highlands of Guatemala and other regions with high migration rates, to support economic growth in struggling communities. With the issuance of this DFC loan portfolio guaranty, Interbanco is expected to provide up to $30,000,000 in lending.
	**Promoting Gender Equity and Economic Growth in El Salvador:***In partnership with USAID/El Salvador, a $15.5 million loan portfolio guaranty to Banco Davivienda Salvadoreño, S.A. (Davivienda) will enhance lending to women-owned and women-led SMEs, as well as SMEs in high growth sectors of the economy, to support economic growth and job creation across the country. With the issuance of this DFC loan portfolio guaranty, Davivienda is expected to provide up to $31 million in lending.
	**Expanding small businesses in India:**A $14.625 million loan guaranty to Ess Kay Fincorp will help expand its lending portfolio to low income entrepreneurs and MSMEs in India for commercial vehicle purchases.
	**Increasing access to higher education in Africa:**A $7 million loan to the Future of Work Fund, managed by CHANCEN International Rwanda Ltd, will help to establish a $20 million fund that will offer Income Share Agreements to finance marginalized students’ studies at select partner educational institutions across Eastern and Southern Africa, unlocking not only access to high quality education but also future work opportunities for students.
	**Improving health and quality of life through clean cooking solutions in Africa:**A $10 million loan to Spark+ Africa Fund will enable the fund to further invest across the value chain that supports the delivery of clean cooking solutions to communities across Africa.
	**Accelerating female entrepreneurs and other microenterprises in Ecuador:** A $10 million loan to Banco D-MIRO will help expand the multilateral finance institution (MFI) lending portfolio to reach more female borrowers and other microenterprises in Ecuador.*Investment subject to Congressional Notification.

###

*U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.*
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