2023 Annual Report dfc.gov | 2

PHOTO CREDIT: MATTHEW PAULSON

MISSION: Our mission is to drive development impact, advance 

foreign policy priorities, and strengthen national security through 

the mobilization of capital to worthy projects and companies. 

VISION: Our investments advance 

sustainable economic development and 

promote stability around the world. 

2023 was a great year for DFC. By adding 

more to our portfolio than ever before, DFC 

is addressing critical development challenges, 

advancing U.S. strategic interests, and 

mobilizing private capital to advance stability 

and prosperity around the world.”

—DFC CEO Scott Nathan
2023 Annual Report dfc.gov | 3

Table of Contents

Foreword from CEO Scott Nathan......................................................................................................................4

DFC by the Numbers .............................................................................................................................................5 

Advancing U.S. Strategic Goals and Driving Development Impact .............................................................8

Investing How and Where It Matters Most ...................................................................................................15

Our Impact Results ...............................................................................................................................................29

Looking Ahead.......................................................................................................................................................39

Appendices

2023 Investment Activities.........................................................................................................................41

2023 Portfolio Company Investments......................................................................................................53

Financial Statements ....................................................................................................................................58

Data and Transparency.................................................................................................................................95
2023 Annual Report dfc.gov | 4

In 2023, the U.S. International Development Finance Corporation (DFC) had more activity and 

made greater impact than ever before. DFC financing provided communities with reliable access to 

energy and high-quality infrastructure, including safe and secure digital connectivity. We mobilized 

private capital to strengthen food security and health systems, while supporting the small businesses 

critical to generating jobs and opportunity. Across key sectors and regions, DFC worked diligently 

to drive development impact, advance foreign policy priorities, and strengthen national security 

through the mobilization of capital. 

The DFC portfolio has now surpassed $40 billion and spans 112 countries. But the numbers tell 

only part of the story. All of DFC’s efforts are guided by a belief that unleashing the power of the 

private sector is a critical pathway to advancing sustainable economic development and promoting 

stability around the world. In the markets where we work, DFC brings more than private capital; 

we offer an alternative approach to development finance, supporting projects that adhere to 

high standards for labor, the environment, and transparency. Financing high-quality, financially 

sustainable projects has been a focus for DFC from our beginning. In 2023, we committed to 132 

transactions and continued to enhance our capacity to deliver.

DFC financing is a driving force behind the Partnership for Global Infrastructure and Investment 

(PGI), the flagship initiative led by the United States and our Group of Seven (G7) allies to advance 

strategic, values-driven infrastructure investment in low-to-middle-income countries. In 2023, we 

worked to diversify critical supply chains and to compete for marquee infrastructure projects. 

DFC’s accelerated efforts have been most apparent in the Indo-Pacific, where our portfolio has 

tripled over the past three years. In Vietnam, for example, DFC’s portfolio has increased from just 

$50 million in 2021 to more than $700 million today. In India, DFC’s largest global market, we are 

partnering with the country’s dynamic private sector to promote development and advance the 

economic leadership of both our nations in the economic sectors and industries that will shape the 

future. 

Beyond the Indo-Pacific—and in every region where DFC operates, from Africa to Latin America 

and the Caribbean—DFC increased our activities and transaction volume in 2023. Talented teams 

in every part of the organization worked harder than ever to advance sustainable economic 

development and promote stability around the world. 

DFC invests where U.S. values and interests intersect. I encourage you to read through this report 

for more examples of the impact we have created by unleashing the power of private capital on a 

global scale. As we set our sights on new goals for DFC’s fifth year, we remain committed to pushing 

innovative ways to deliver positive change where it matters most.

Foreword from 

CEO Scott Nathan
2023 Annual Report dfc.gov | 5

DFC by the

Numbers

FY23 Financing at a Glance

DFC had an unprecedented year in FY23. Learn more here: DFC at Work

$1.1 billion total exposure in support of Ukraine’s resilience and recovery. Ukraine’s economic growth 

and recovery depends, in part, on its ability to harness the power of the private sector and mobilize private 

investment. DFC is using all its tools—including political and war risk insurance, equity investment, and debt 

financing—to help sustain Ukraine’s economic recovery and position the country for reconstruction. 

$2.5 billion committed in FY23 to support women’s economic empowerment. The world’s largest emerging 

market isn’t a country or region; it’s the world’s women. DFC has prioritized supporting women’s employment 

and advancement in the workforce and on-lending to women-led and women-owned businesses.

$3.7 billion committed in FY23 for climate financing. DFC is helping communities around the world capture 

the once-in-a-generation economic opportunity that the clean energy transition represents. 

$8.1 billion to meet the challenge put forward by the G7 Partnership for Global Infrastructure and 

Investment (PGI). The majority of DFC’s FY23 investment commitments advance PGI, a cross-cutting initiative 

that finances energy, physical, digital, health, and climate-resilient infrastructure in countries around the world.

$1 billion reached in food security investments. With millions of people on the brink of famine, DFC remains 

committed to expanding access to food today and helping to protect against future food crises.

(All Fiscal Year 2023, unless otherwise noted)

$9.3 billion in total financing committed across 132 transactions (nearly doubling the organization’s 

total FY20 commitments).

73% in low-income or lower-middle-income countries.
2023 Annual Report dfc.gov | 6

$9.6 billion in the 

Western Hemisphere

$8.5 billion in the 

Indo-Pacific

$3.5 billion in projects that 

span multiple regions

$10.5 billion in 

Sub-Saharan Africa

$6.9 billion in Europe (including 

Ukraine) and Central Asia

$3.0 billion in the Middle East 

and North Africa (MENA) 

$40+ billion reached in total exposure spanning 112 countries

The above exposures are as of 09/30/2023 and exclude cross-cutting limits on 

insurance claims. See the map here for an example: dfcgov.my.canva.site/fy23

FY23 Financing at a Glance (continued)
2023 Annual Report dfc.gov | 7

INFRASTRUCTURE AND CRITICAL MINERALS

HEALTH 

SMALL BUSINESS AND FINANCIAL SERVICES

ADAPTATION AND RESILIENCE 

ENERGY

FOOD SECURITY AND AGRICULTURE 

ACCESS TO CAPITAL FOR WOMEN AND OTHER 

UNDERREPRESENTED GROUPS

Impact Results

DFC clients begin to report their impact results one year following first disbursement. The data below reflects the 

achievements of 120 clients.

42 million passengers and over 

29,000 metric tons of bulk cargo 

transported. 

1.8 million households gained 

access to new or improved water and 

sanitation systems.

790 million vaccines and 

booster doses procured to address 

COVID-19. 

52 million patients provided 

access to healthcare products and 

services.

1.4 million micro, small, and mediumsized enterprises (MSMEs) and individuals 

were directly provided financial services. 

198 million individuals or enterprises 

were indirectly provided financial services 

through financial intermediaries or funds.

40% of new commitments are climate-related, furthering climate mitigation, adaptation, or 

sustainable landscapes. 

3.9 million smallholder farmers 

supported.

$57 million in export sales 

generated.

42% of borrowers were women or 

women-led enterprises.

45% of customers were low-income 

individuals.

5,419GWh of renewable energy 

produced, enough to meet the 

electricity needs of 5.9 million

people.

112,000 connections to off-grid 

power systems, increasing access for 

an estimated half-million people. 
2023 Annual Report dfc.gov | 8

Advancing U.S. Strategic Goals

and Driving Development Impact

DFC works at the nexus of U.S. foreign policy and international development 

priorities. From Colombia to Vietnam, from Ukraine to the Democratic Republic 

of the Congo, DFC’s work stands as a testament to the value of building 

economic opportunity globally in line with U.S. strategic goals. As DFC CEO 

Scott Nathan told Congress in October, “Stability, economic opportunity, and 

free enterprise are directly in the United States’ interest.” 

At a time of unprecedented global challenges, when 

foreign assistance alone cannot meet the needs of 

developing countries, DFC brings a unique suite of tools 

that support economic growth, build infrastructure, and 

strengthen emerging economies. Using the enhanced 

authorities Congress provided through the Better 

Utilization of Investments Leading to Development 

(BUILD) Act of 2018, DFC crowds-in private capital and 

employs market-driven solutions to meet development 

needs while advancing U.S. strategic interests. DFC 

works with the private sector to create enduring and 

economically viable solutions to global challenges without 

adding unsustainable sovereign debt. This includes 

supporting high-quality infrastructure, diversifying supply 

chains, strengthening U.S. climate finance and energy 

security, providing trusted and secure communications, 
2023 Annual Report dfc.gov | 9

ensuring access to critical minerals, advancing food and 

health security, and supporting small businesses and 

private enterprise.

As an important instrument of U.S. foreign policy, DFC 

promotes U.S. national security interests by providing 

financing alternatives that: (1) adhere to high standards 

of transparency and sustainability, (2) result from 

collaboration with bilateral and multilateral partners and 

allies, and (3) help diversify and secure supply chains and 

critical infrastructure.

Our transactions are built around meeting our high 

standards with attention to labor and human rights, 

as well as environmental and social impacts. They are 

values-driven, sustainable, transparent, top-quality, and 

structured to last the test of time. 

Our ambition to become the best-in-class development 

finance institution has put our strategic competitors 

on notice. By offering a high-standard, values-driven 

alternative, DFC not only competes for prominent 

projects in important markets, we also cultivate free 

markets where clients demand high-quality projects 

and financing solutions to meet enduring needs. As the 

demand for DFC financing grows, we are continuing 

to scale our capacity and refine our tools so we may 

increase our investments and build greater stability and 

prosperity around the world.

A Higher Standard for Infrastructure 

Financing

DFC’s infrastructure financing provides an alternative 

offering to our strategic competitors, adhering to high 

standards for labor and the environment in quality 

projects that are responsive to local needs. Because DFC 

partners with the private sector, the financing we provide 

improves a market’s overall competitiveness and resilience 

without increasing a nation’s sovereign debt. With the 

private-sector-driven model DFC offers, the United States 

is helping to address the global gap for infrastructure 

financing, and at the same time raising the bar for the 

quality of infrastructure investment globally. 

DFC prioritizes transactions in high-quality infrastructure, 

including support for seaports, airports, and railways 

that connect communities to the opportunities of the 

global marketplace. In 2023, DFC financing advanced the 

modernization of seaports in Ecuador and Sri Lanka, and a 

shipyard in Greece.

DFC also invests in 21st-century infrastructure, including 

secure, safe, and open information technology networks. 

Over the past year, DFC’s financing supported the build-out 

of data centers and other digital infrastructure with trusted 

equipment in Kenya and South Africa, helping to make these 

markets more attractive destinations for global businesses.

With the growth of new industries, DFC recognizes 

that critical infrastructure also includes supply chains 

for the materials and sectors that are vital to economic 

competitiveness. Among several strategic transactions in 

this space, DFC is financing projects that will help diversify 

supply chains for graphite, helium, nickel, and rare earth 

minerals.
2023 Annual Report dfc.gov 

| 10

TP Solar Ltd.

DFC is committed to financing more diverse supply 

chains that invest in local communities, create jobs, and 

ensure high standards. A $425 million DFC loan to TP 

Solar Limited, a wholly owned subsidiary of Tata Power 

Renewable Energy Limited, will finance the construction 

and operation of a greenfield 4-gigawatt (GW) solar cell 

and 4GW solar module manufacturing facility in India. 

This investment will support India’s ambitious program to 

increase renewable energy generation while advancing the 

global energy transition and diversifying supply. The new 

facility is expected to support as many as 2,300 full-time, 

local jobs, with an emphasis on employing women—TP 

Solar is committing that women will make up over 60 

percent of its workforce over time.

Colombo West International Terminal 

Private Ltd.

DFC committed $553 million to support a deepwater 

shipping terminal in Sri Lanka that will provide critical 

infrastructure for the South Asian region, creating 

local jobs and fostering regional economic growth. The 

new terminal reflects DFC’s commitment to financing 

high-quality infrastructure that supports its partner’s 

development needs, invests in local communities, and is 

respectful of local financial conditions. The investment 

further demonstrates the United States’ enduring 

commitment to Sri Lanka’s economic growth and its 

regional economic integration, including with India.
2023 Annual Report dfc.gov | 11

Yilport Terminal Operations S.A.

DFC committed a $150 million loan to finance the 

expansion and modernization of the Puerto Bolivar 

container port in Ecuador’s El Oro province. The project is 

expected to provide long-term benefits to the people of 

Ecuador, as well as the country’s economy. DFC financing 

is projected to expand the port’s export volumes to more 

than 500,000 containers per year. Further addition of 

cold storage warehousing and expanded infrastructure 

for handling refrigerated shipping containers is expected 

to reduce costs and spoilage, thereby increasing revenues 

for banana exporters and supporting food security. The 

expansion of the port is projected to create more than 

1,000 jobs, catalyze up to $750 million of foreign direct 

investment, generate more than $100 million in revenue 

transfer to the local municipality, and improve Ecuador’s 

trade balance. 

ONEX Elefsis Shipyards and Industries

DFC committed a $125 million loan to ONEX Elefsis 

Shipyards and Industries to rehabilitate and modernize the 

Elefsina shipyard near Athens, Greece. DFC’s support will 

create local jobs and promote increased access to reliable, 

secure energy in the Western Balkans and Eastern Europe 

by expanding high-quality maritime infrastructure that will 

support diversification of liquified natural gas supply for 

the region—a critical undertaking amid Russia’s attempts 

to destabilize regional energy access.
2023 Annual Report dfc.gov | 12

A Sustained Commitment to Ukraine

As the Ukrainian people have come together, standing 

strong against Russia’s illegal and unjustifiable 

invasion, the United States and its allies have stood 

with them, providing billions of dollars in humanitarian 

aid and security assistance. Increasingly, another set 

of partnerships is becoming just as critical. Ukraine’s 

enduring strength will depend, in part, on the ability to 

harness the power of private capital to drive the country’s 

recovery. 

Private capital is the lifeblood of growth. This is true in 

normal times and certainly, these are far from normal 

times for the people of Ukraine. In spite of deliberate 

attacks on Ukraine’s infrastructure, Ukraine’s people and 

its economy have remained resilient. In certain sectors like 

information and communications technology, businesses 

are growing. 

DFC is using all of its tools, including loans, political risk 

insurance, equity investments, and technical assistance 

grants, to attract private investment to Ukraine. We are 

committed to working with all of our partners—within 

the U.S. Government and with other development banks 

and financial institutions—to de-risk and mobilize private 

investment in critical sectors like health, agriculture, and 

energy.

DFC CEO Scott Nathan traveled to Ukraine three times in 

the last year to deepen engagement with the local business 

community and meet with government ministers as a part 

of capitalizing on the $1.1 billion in total exposure that 

DFC and our predecessor agency, the Overseas Private 

Investment Corporation (OPIC), have invested.

DFC’s work has promoted increased access to reliable, 

secure energy, particularly in the parts of the world 

affected by Russia’s brutal and illegal war against Ukraine, 

which endangers global supply chains for food and energy 

well beyond the immediate region. 

DFC is also supporting the owners of small and mediumsized businesses that are keeping Ukrainians employed 

and the economy going during this difficult time of war. 
2023 Annual Report dfc.gov | 13

We have identified ways to leverage resources and assist 

Ukrainian banks with preparing compelling applications 

for DFC support in collaboration with the U.S. Agency 

for International Development (USAID) and the Ministry 

of Economy through the Advantage Ukraine program. 

DFC has also made plans to send investment officers on 

temporary tours to Ukraine to work with USAID and the 

Ministry on this critical program.

Superhumans Center

The $25 million in political risk insurance (PRI) to 

Ukraine’s Superhumans Center will help provide care 

to citizens injured in the war. DFC insurance will 

support the renovation and operation of a non-profit 

humanitarian medical center that will provide medical and 

social services to Ukrainians injured during the Russian 

invasion. Superhumans is DFC’s first PRI deal in Ukraine 

since Russia’s further invasion in 2022 and serves as an 

important example of how DFC can help build investor 

confidence and reduce investment risk in Ukraine while 

the conflict is ongoing.

CEO Nathan on DFC’s Ukraine

Investments

“The private sector has a crucial role to play in investing for 

Ukraine’s future. That investment is needed today. DFC 

is committed to supporting high-standard, high-value 

projects in Ukraine in the months and years to come.” 

— Kyiv, January 2023

Bank Lviv

Working in collaboration with the USAID mission in 

Ukraine, DFC is providing a $20 million loan portfolio 

guaranty to Bank Lviv—a major commercial bank in 

Western Ukraine—to deliver immediate support to 

Ukrainian small businesses, including women-owned 

businesses and smallholder farmers. DFC-guaranteed 

loans will help small businesses remain open, providing 

employment, maintaining trade linkages, and supporting 

the economy.
2023 Annual Report dfc.gov | 14

Global Trade Finance Program

A $50 million guaranty for the International Finance 

Corporation’s Global Trade Finance Program will increase 

access to trade financing for Ukrainian banks and enhance 

the resilience of the local economy.

Horizon Capital

A $25 million equity investment will provide growth 

capital to fast-growing, technology-enabled small and 

medium-sized businesses based in Ukraine. Several leading 

development finance institutions joined DFC, making 

their own investments in Horizon Capital Growth Fund 

IV, demonstrating a shared resolve in mobilizing capital 

for Ukraine’s private sector and bolstering high-standard 

investment in the country’s economic recovery. 

MHP

This important $250 million loan to enhance food security 

in Ukraine and the region is described in greater depth on 

page 18 of this report.
2023 Annual Report dfc.gov | 15

Investing How and

Where It Matters Most

At DFC, our efforts are guided by the belief that unleashing the power of 

private capital in a community is critical to driving sustainable development. 

In FY2023, DFC used its full suite of tools—including loans 

and loan guaranties, political risk insurance (PRI), technical 

assistance, and equity investments—to mobilize private 

capital in countries across the world. DFC has worked with 

peer institutions in new ways and developed platforms 

that facilitate sharing information and due diligence, all in 

service of sourcing and investing in projects together to 

drive the greatest possible impact.

On the front lines of some of the world’s toughest 

challenges, DFC is financing transactions that provide 

communities with access to high-quality infrastructure 

and reliable sources of power, promote food security and 

more robust health systems, and provide support for the 

small businesses that are the engines of every dynamic 

economy. 

DFC is also investing in projects that help communities 

mitigate or adapt to climate impacts as well as encourage 

the economic empowerment of women and other 

underrepresented and unrecognized groups in the 

workforce and formal financial systems—understanding 

the vital role these cross-cutting efforts play in driving 

long-term prosperity. 
2023 Annual Report dfc.gov | 16

Infrastructure and Critical Minerals

DFC’s investments in critical and digital infrastructure 

create jobs, foster economic growth, improve access 

to essential services, and facilitate trade and regional 

connectivity. Our investments modernize transportation 

hubs and networks, allow for safe and open access to 

information technology networks, and secure supply 

chains for minerals critical to U.S. national security, all of 

which connect communities to the opportunities of the 

global marketplace.

I Squared Capital

DFC has approved $300 million in financing for 

sustainable infrastructure projects in emerging markets, 

which will include countries party to the Indo-Pacific 

Economic Framework for Prosperity, in cooperation with 

the U.S. Department of Commerce. I Squared Capital, an 

infrastructure investment manager focused on regions 

around the globe, will invest in climate change mitigation 

and adaptation—including impactful and sustainable 

investments across renewable energy, resource recovery, 

and digital infrastructure—to reduce the carbon footprint 

of existing infrastructure in emerging markets. For 

every dollar of DFC financing, I Squared will commit 

an additional $3 from the funds it manages, mobilizing 

up to $900 million of equity capital to support climate 

infrastructure projects.

Twigg Exploration and Mining Limitada

A $150 million loan to Twigg Exploration and Mining 

Limitada will support the company’s investments in 

graphite mining and processing operations in the 

Balama District of Cabo Delgado Province in northern 

Mozambique. The loan will expand operations and 

diversify the global supply chain for graphite, which is a 

critical mineral for transport electrification and the clean 

energy transition. DFC’s support will also contribute to job 

creation and investment in local infrastructure.
2023 Annual Report dfc.gov | 17

Energy

DFC financing helps provide people with reliable and 

secure sources of energy. We invest in projects that 

expand electricity access, diversify energy sources, 

strengthen energy markets, and support emerging energy 

technologies. DFC invests in clean energy manufacturing 

to support more diverse supply chains that reduce market 

risk and help our partners take advantage of investment 

opportunities in the clean energy transition. 

Solararomo S.A.

A $144 million DFC loan to Solararomo S.A. will help 

expand clean energy supply in Ecuador. The loan will 

finance the development, construction, operation, and 

maintenance of a 200-megawatt solar power plant, which 

will be Ecuador’s first private-sector-owned, utility-scale 

solar plant. The plant is expected to generate 344GWh of 

energy annually, which will help address Ecuador’s growing 

energy needs and support the diversification of Ecuador’s 

electricity generation. DFC has also approved $50 

million in PRI to support Solarpack’s equity investment in 

Solararomo. 

Energo-Pro 

An up to $545 million DFC guaranty to Energo-Pro will 

enable increased generation and improved reliability 

of renewable energy sources in Georgia and Bulgaria, 

offsetting reliance on energy imports from Russia. In 

Bulgaria, Energo-Pro will focus on grid expansion and 

upgrades to enable the connection of wind, solar, and 

biomass generators, increasing the capacity of renewable 

energy sources on the grid by an anticipated 471MW. In 

Georgia, Energo-Pro will rehabilitate and maintain existing 

hydropower resources as well as perform grid upgrades, 

which are expected to reduce technical losses and the 

frequency and duration of power outages.

Greenlight Planet

DFC provided $50 million in PRI to Greenlight Planet, one 

of the largest off-grid solar suppliers in the world. DFC 

insurance will support the financing and distribution of 

high-quality, affordable, off-grid solar system solutions in 

Nigeria.
2023 Annual Report dfc.gov | 18

Food Security and Agriculture

DFC investments in agriculture help protect the world’s 

most vulnerable populations and mitigate the impacts 

of growing food insecurity and malnutrition, which have 

been needlessly worsened by Russia’s unprovoked and 

unjustified war in Ukraine. DFC is mobilizing financing 

for smallholder farmers, rural communities, and the 

agricultural supply chain to reduce food insecurity and 

increase agricultural productivity, yield, and farmer 

income. With millions of people on the brink of famine, 

DFC remains committed to expanding access to food 

today and helping to protect against future food crises.

MHP

DFC is providing a $250 million loan, and with additional 

support from the International Finance Corporation, and 

the European Bank for Reconstruction and Development, 

is contributing to a $480 million financing package to 

leading Ukrainian agribusiness group MHP to strengthen 

food security amid Russia’s invasion of Ukraine. The 

funding will help the company maintain its operations 

by allowing it to refinance maturing debt. This support 

will boost MHP’s sustainable power generation capacity, 

reducing its carbon footprint.

Ifria Cold Chain Development Co. 

Two DFC loans totaling nearly $20 million will enable Ifria 

Cold Chain Development Co. to construct the first of a 

series of cold chain warehouse facilities across North and 

West Africa, starting in Agadir, Morocco, and Diamniadio, 

Senegal. The facilities will increase the local availability of 

temperature-controlled, large-scale cold chain storage for 

food and pharmaceutical products. These two facilities 

are expected to reduce food losses by 35,700 metric tons 

per year, reduce greenhouse gas emissions by 89,400 

metric tons of carbon dioxide equivalent (tCO2e) per year, 

and generate 1.44GWh of renewable energy per year. 

These projects also demonstrate how DFC is using its 

new tools to enable new developers to improve projects 

and help make projects viable for DFC financing. A DFC 

technical assistance grant of $343,000 helped fund Ifria’s 

early-stage assessments of incorporating solar power and 

energy-efficiency measures into the facilities, along with 

an analysis of integrating storage of both agricultural and 

pharmaceutical products, and additional environmental 

and social impact assessments.

Kentegra

A $10 million DFC loan is helping Kentegra—a Kenyan 

and U.S. biotechnology company—build a new pyrethrum 

processing facility in Nakuru County, Kenya, to meet 

growing demand. Growing pyrethrum provides farmers 

with a consistent income that is significantly higher than 

many other crops. Kentegra buys dried pyrethrum flowers 

from farmers on long-term contracts and provides them 

access to planting materials, equipment, and climateresilience training to help them maximize yields. Kentegra 

also provides financial planning lessons and tools to 

empower farmers in managing and maximizing the 

benefits of their improved incomes. 

CEO Nathan on DFC’s Food Security 

Investments

“In 2021, we pledged $1 billion in food security 

investments over five years. I am proud to report that 

not only did we meet our goal, but we did it years ahead 

of schedule. And as we face a continuing crisis in food 

security, we at DFC are ready and on track to do it again. 

Food security is critical to DFC’s work. We’re helping 

smallholder farmers in the world’s most vulnerable 

communities access equipment, training, and inputs so 

they can produce more food, while also strengthening 

their ability to store and distribute it. Our goals must be 

ambitious as we work with the private sector to bring 

more produce to market and bolster food security.”

— UN General Assembly, New York City (September 2023)
2023 Annual Report dfc.gov | 19

Health

DFC is committed to increasing access to affordable, highquality healthcare by investing in projects that improve 

the health and well-being of people and communities, 

providing a necessary foundation for economic prosperity 

and national security. Our investments in healthcare 

services and infrastructure, manufacturing and supply 

chains, and digital health and technology strengthen 

pandemic preparedness and health system resilience. 

AfricInvest’s Transform Health Fund

A DFC equity investment of up to $10 million in 

AfricInvest’s Transform Health Fund will support 

investments in healthcare services and health supply 

chain sectors, increasing access for some of Africa’s most 

vulnerable communities. The Transform Health Fund is a 

majority women-led, blended-finance fund that invests in 

innovators working in the medical device manufacturing, 

pharmaceutical supply chain, primary care, and digital 

health sectors.

Hewa Tele Limited

A $10 million loan to Hewa Tele Limited will help expand 

production and distribution of affordable liquid medical 

oxygen for hospitals and clinics across Kenya, lowering 

costs for healthcare providers in rural and urban areas.
2023 Annual Report dfc.gov | 20

Small Business and Financial Services

Small businesses are the engines of every free and 

dynamic marketplace. They are at the center of DFC’s 

efforts to support entrepreneurship and more open 

economies wherever we work. Our investments allow 

us to bolster the ability of banks and other financial 

institutions to lend to small businesses that are, in turn, 

generating jobs and opportunities for their communities.

Tien Phong Commercial Joint Stock Bank

A $100 million DFC loan to Tien Phong Commercial Joint 

Stock Bank will expand the bank’s digital financing to 

underserved micro, small, and medium-sized enterprises 

(MSMEs) in Vietnam. One-third of proceeds will fund 

women-owned businesses or female low-income 

customers in Vietnam. 

Vietnam Prosperity Joint Stock Commercial 

Bank

A $300 million loan to Vietnam Prosperity Joint Stock 

Commercial Bank will increase lending to small and 

medium-sized enterprises (SMEs) and include a focus on 

women’s economic empowerment and climate solutions in 

Vietnam.

National Bank of Iraq

DFC collaborated with USAID for a $50 million loan to 

the National Bank of Iraq to promote lending to small 

businesses there. The initiative is designed to benefit firsttime borrowers particularly, as well as businesses that are 

led and owned by women.
2023 Annual Report dfc.gov | 21

Strengthening U.S. Climate Finance and 

Energy Security

DFC has emerged as a distinct leader in strengthening 

U.S. climate finance and energy security. We recognize 

the grave challenges ahead but also the vast opportunities 

that ultimately will attract tens of trillions of dollars in 

investments across nearly every sector of the economy.

DFC’s climate investments span a diversity of transactions 

big and small in industries including clean energy 

manufacturing, nature-based solutions, and food security 

and resilience. Addressing challenges of this scale 

requires new and enduring sources of collaboration 

among the private sector, governments, and international 

organizations. This approach is integral to DFC’s core 

mission and remains one that, since our founding in 2019, 

we have been uniquely positioned to address.

Tembici

DFC invested $15 million in equity in micro-mobility 

platform Tembici to support the expansion of bicyclesharing services in Latin America. The project is expected 

to grow Tembici’s active users in Brazil, Colombia, Chile, 

and Argentina from 300,000 in 2023 to more than 1 

million by 2029. This will significantly reduce annual CO2 

emissions, equivalent to removing 15,000 passenger cars 

off the road, by increasing the number of bike trips in 

cities as an alternative. The assembly plant, located in the 

Amazonian state of Manaus, is expected to produce more 

than 50,000 new bicycles from 2023 to 2029, supporting 

local employment and driving sustainable economic 

development of the Amazon region.

Miro Forestry Developments Limited

A $24 million equity investment in Miro Forestry 

Developments Limited will expand the company’s 

sustainable forestry and timber processing on degraded 

land in West Africa. The investment for Ghana and Sierra 

Leone will create jobs, increase atmospheric carbon 

sequestration, and contribute to economic growth in both 

countries. Miro employs more than 2,500 people which, 

with DFC’s support, will grow to more than 3,000. Miro 

has rehabilitated more degraded land to forest than any 

other group on the African continent over the past few 

years, having planted more than 20 million trees that 

have sequestered millions of tons of atmospheric carbon—

tackling climate change efforts on a global scale.

Ignitia AB

Ignitia AB’s tropical weather forecasting technology is 

helping tackle weather-related yield losses for smallholder 

farmers, who are among the groups most vulnerable 

to climate change due to high dependency on rain-fed 

agriculture. A $1 million DFC loan will support Ignitia’s 

ability to scale operations in Africa, helping smallholder 

farmers better adapt to climate change and maximize the 

use of their land and agricultural inputs. 
2023 Annual Report dfc.gov | 22

Advancing Women’s Economic 

Empowerment

DFC prioritizes supporting women and other 

underrepresented and unrecognized groups by creating 

job opportunities, enhancing access to capital, and 

fostering economic resilience. This work is critical to 

advancing economic security and the well-being of all 

people and nations. Since 2018, DFC has invested nearly 

$10 billion through our flagship 2X Women’s Initiative, 

supporting women as entrepreneurs, leaders, and vital 

members of the workforce and society to unlock the 

multitrillion-dollar opportunity they represent. We make 

these investments because it’s good business, and to 

ensure all people can realize their full potential in the 

world. 

Home First Finance Company

A $75 million loan to India-based Home First Finance 

Company will support affordable housing mortgage loans 

to low-income borrowers, with 100 percent of the loan 

proceeds financing housing for women. A requirement 

that women be included on all titles as primary or coborrowers promotes their rights in a context where legal 

ownership is not necessarily assumed or safeguarded.

Science for Society Techno Services

An $8.9 million loan to Science for Society Techno 

Services (S4S) will support the expansion of its food 

processing operations in India. The company emphasizes 

a women-inclusive supply chain and upskilling and 

empowering women farmers as crop purchasing agents, 

a traditionally male role. It also supports women as 

entrepreneurs in dehydration food processing with market 

linkages, thereby reducing waste and improving food 

security, income, and climate resilience.
2023 Annual Report dfc.gov | 23

Microempresas de Colombia Cooperativa 

de Ahorro y Crédito

In collaboration with USAID/Colombia, a $5.6 million 

loan portfolio guaranty to Microempresas de Colombia 

Cooperativa de Ahorro y Crédito will expand lending 

to women borrowers and Venezuelan migrants and 

Colombians in host communities. The MSME financing 

gap for women-owned and women-led businesses in 

Colombia is estimated at $5.4 billion, and only 4 percent 

of the migrant population have access to financial services.

Akbank

A $150 million purchase of bonds issued by Akbank will 

enable the bank to support on-lending to women-owned 

and women-led businesses in Türkiye, a country with 

one of the most significant regional and global gender 

disparities in access to credit, financial inclusion, and labor 

force participation. Akbank will prioritize investing in 

provinces impacted by the 2023 earthquakes that further 

exacerbated existing gaps.

UsPlus

An $8 million DFC loan commitment to UsPlus will expand 

flexible and alternative working capital lending to SMEs 

throughout South Africa with an emphasis on womenand Black-owned/led SMEs. Women entrepreneurs face 

a significant financing gap in the market, receiving only 

about 10 percent of the funding available to businesses.
2023 Annual Report dfc.gov | 24

POLITICAL RISK INSURANCE: BUILDING INVESTOR 

CONFIDENCE WHERE IT’S MOST NEEDED

Political risk insurance (PRI) is one of DFC’s most 

important tools for mobilizing capital into challenging 

markets. DFC provides coverage of up to $1 billion against 

losses resulting from currency inconvertibility, government 

interference, and political violence including terrorism. 

DFC also offers reinsurance to increase underwriting 

capacity.

The majority of foreign direct investment (FDI), roughly 

65 percent, continues to flow to high-income, politically 

stable countries, as investments in many low-income 

countries are subject to a variety of additional project 

risks, including significant vulnerability to political risk. 

Political risk—which includes expropriation, corruption, 

and government ineffectiveness, among other areas—

significantly inhibits FDI’s potential impact.

PRI can serve as a catalyst for private capital mobilization, effectively engaging countries with perceptions of 

higher political instabilities. This is seen in fragile and conflict-affected states where an average of 6.2 percent of 

FDI is covered by PRI, compared with 3.8 percent among other lower-income countries. By assuming critical noncommercial project risk, PRI improves investor confidence and enhances credit of emerging market debt securities. 

In addition, and specifically in the case of public insurers, PRI can help prevent adverse political events (e.g., 

expropriation).

DFC now has over $7 billion actively invested in PRI, including in Ukraine.
2023 Annual Report dfc.gov | 25

In FY2023, McKinsey & Company conducted an evaluation of the effectiveness of DFC’s PRI product in mobilizing 

private capital. Across the 14 cases analyzed (representing approximately 20 percent of the portfolio), DFC’s total 

exposure of about $1.2 billion directly mobilized nearly $2 billion in private sector capital. That is $1.60 in private 

capital mobilized for every $1 of insurance exposure. Perhaps more impactful than the direct capital that was 

mobilized, the study found that many of DFC’s PRI projects have significant potential for “second order capital 

mobilization effects” by catalyzing additional investment in nascent industries in high-risk countries through 

demonstration effects, infrastructure improvements, and regulatory and institutional improvements.

A Galápagos marine conservation-linked bond

In May, DFC executed $656 million in PRI to support a Galápagos marine conservation-linked bond, its largest 

debt-for-nature conversion to date, in partnership with the Government of Ecuador, Inter-American Development 

Bank, Oceans Finance Company, the Pew Bertarelli Ocean Legacy, and Credit Suisse. DFC’s PRI enabled a debt 

conversion that exchanged $1.6 billion of Ecuador’s international bonds for a $656 million loan that will generate 

an estimated $323 million for marine conservation in the Galápagos Islands over the next 18.5 years. Ecuador is 

expected to realize more than $1.1 billion in lifetime savings through reduced debt service costs. A group of 11 

private insurers provided 50 percent reinsurance to DFC.

Marine conservation in Gabon

DFC closed $500 million in PRI supporting a bond for marine conservation in Gabon. Working with The Nature 

Conservancy and Bank of America, DFC provided PRI that enabled a $500 million debt conversion for Gabon that is 

expected to generate $163 million in dedicated marine conservation funding over the next 15 years. The refinancing 

will unlock $5 million each year over the next 15 years for conservation action and create an endowment expected to 

grow to approximately $88 million by 2038 to fund conservation in Gabon. It will improve Gabon’s debt profile, while 

simultaneously creating a dedicated funding stream in support of the country’s commitment to biodiversity protection 

and nature-based resilience through management of marine-protected areas. Projects funded by the Gabon Blue 

Bond will support marine protection and management, advance sustainable fisheries, strengthen climate resilience, 

and develop a sustainable blue economy for the local community. PHOTO CREDIT: ALEX HEARN

PHOTO CREDIT: ALEX HEARN
2023 Annual Report dfc.gov | 26

SHOWING UP FOR KEY PARTNERS

DFC places premium value on showing up—to strengthen our partnership with government leaders, invite the 

private sector to work with us, and demonstrate emerging market opportunities in critical sectors around the 

world. In 2023, we sourced deals, strengthened government-to-government relations, and showcased investment 

opportunities in countries ranging from the Indo-Pacific to Africa, Europe, and the Western Hemisphere.

India

At the beginning of the fiscal year, a DFC delegation traveled to Mumbai and New Delhi to highlight privatesector-led development projects and discuss opportunities to accelerate economic growth and development 

in the country, and the greater Indo-Pacific region. DFC CEO Scott Nathan met with private sector leaders and 

stakeholders across the banking, microfinance, logistics, and energy sectors, and visited DFC health investment 

project sites. 

CEO Nathan highlighted DFC’s role advancing the Partnership for Global Infrastructure and Investment, mobilizing 

private capital to drive values-based, inclusive infrastructure development around the world.

Indonesia

CEO Nathan traveled to Jakarta in March to meet with government officials, current and prospective private 

sector clients, and financing partners, including the CEO of the Indonesia Investment Authority, to discuss tangible 

opportunities to collaborate in the near term. 

CEO Nathan’s meetings centered on finding ways to strengthen relationships and invest in Indonesia’s economy 

and human capital. He met with prospective clients interested in advancing highly developmental projects in 

Indonesia and throughout Southeast Asia, including in the infrastructure, energy security, health, affordable 

housing, education, and food security and agriculture sectors. 

DFC’s investments in the Indonesian private sector support the Indo-Pacific Economic Framework for Prosperity 

and the Biden-Harris administration’s Indo-Pacific Strategy.
2023 Annual Report dfc.gov | 27

U.S.-Africa Business Summit 

In July, CEO Nathan led the United States delegation to the U.S.-Africa Business Summit in Gaborone, Botswana, cohosted by the Corporate Council on Africa and the Government of Botswana. To mark the six-month milestone after 

the U.S.-Africa Leaders Summit, the delegation drew attention to how the United States is delivering on commitments 

to invest in Africa’s future. In 2023, DFC committed over $2 billion across 46 transactions in Africa. These projects 

are leading to significant development impacts across the continent, including supporting strategic infrastructure, 

job creation, small business growth, agricultural productivity, improved health outcomes, and open access to critical 

minerals.

Ecuador

In July and August, a high-level delegation of DFC officials traveled to Quito for meetings with a broad range of 

current and potential private sector partners, as well as government officials, to discuss how DFC financing can 

help advance the development of Ecuador and prosperity of the Ecuadorian people.

Ecuador represents DFC’s largest market in the Western Hemisphere and fourth largest globally with $1.8 billion in 

exposure. It provides a representative lens of DFC’s tools at work, ranging from financing large infrastructure and 

renewable energy projects, to supporting small business through on-lending, to pioneering conservation efforts 

and bolstering health systems.

Vietnam

In September, CEO Nathan traveled to Vietnam with President Biden to advance the new strategic partnership 

and announced $400 million in loans to two private banks—Vietnam Prosperity Joint Stock Commercial Bank and 

Tien Phong Commercial Joint Stock Bank—to support lending to small and medium-sized businesses. CEO Nathan 

returned later in the fall to elevate the U.S.‐Vietnam relationship. 

The trips served as firm demonstrations of the importance of the country to DFC and to the United States. With 

over $700 million in exposure, Vietnam is DFC’s largest market in Southeast Asia.

CEO Nathan met with current and prospective clients, public and private sector leaders, and beneficiaries of DFC’s 

work. In particular, he met with a delegation of visiting companies looking to further invest in the country; met 

with stakeholders investing in renewable energy and advancing the Just Energy Transition Partnership; and visited 

Fulbright University Vietnam, which is using its $37 million loan from DFC to construct its new campus in Ho Chi 

Minh City that will expand access to higher education in Vietnam.
2023 Annual Report dfc.gov | 28

Colombia

DFC Deputy CEO (DCEO) Nisha Biswal traveled to Bogotá and Medellín in her first official international travel 

as DCEO. She met with prospective and current DFC clients, representatives for the private sector, as well as 

government officials to discuss how DFC’s tools can bolster economic opportunities in rural areas affected by 

conflict, support private-sector-led climate solutions and high-quality infrastructure projects, and expand economic 

inclusion for women entrepreneurs, migrants, and other underserved populations. 

In Medellín, DCEO Biswal joined Pro Mujer CEO Carmen Correa at the Gender Lens Investing Latam Forum to 

discuss mainstreaming gender lens investing and to highlight DFC’s efforts to advance gender inclusion with a 

focus on women’s economic empowerment.

Dominican Republic 

DFC Chief Operating Officer (COO) Agnes Dasewicz traveled to the Dominican Republic early in the year to 

deliver keynote remarks at the Caribbean Energy Conference and engage local business leaders to discuss how 

DFC’s toolset could help spur private-sector-led development in the country. The high-level visit and continued 

collaboration led to an acceleration of DFC’s engagement in the Caribbean, which now includes significant support 

for small business lending in the Dominican Republic, as well as the planned opening of a new office in Santo 

Domingo focused on bolstering regional investment. 

Angola and Democratic Republic of the Congo (DRC)

DFC Chief Climate Officer (CCO) Jake Levine traveled to Luanda, Kinshasa, and Lubumbashi to meet with current 

and prospective DFC clients working to increase energy access and secure supply chains for critical minerals and 

carbon sequestration. 

The delegation met with senior executives across several major companies working to implement the U.S.-DRCZambia memorandum of understanding to strengthen the electric vehicle battery value chain. Their meetings 

focused on building capacity not only in upstream metals mining, but for midstream and downstream value-added 

industrial applications, such as processing, assembly, and distribution.
2023 Annual Report dfc.gov | 29

Our Impact Results

DFC drives positive development impact through investment in companies 

and funds that provide critical products and services to developing economies 

and promote environmental sustainability around the world. This is why DFC 

embeds impact management into each phase of our investment process to 

ensure that impact informs decision-making at every level of the organization.

Our Approach to Impact

* All impact metrics align with IRIS+, a system for measuring, managing, and optimizing impact hosted by the Global Impact Investing Network, or the Harmonized Indicators for 

Private Sector Operations, a partnership effort across development finance institutions.

IMPACT STRATEGY

With several years of DFC impact data and experience 

in hand, DFC is setting development impact targets 

in parallel with the U.N. Sustainable Development 

Goals (SDGs). DFC has defined impact theses, with 

corresponding SDG targets, in each of our sector and 

cross-cutting priority areas. These impact theses describe 

the global challenges DFC aims to address, articulate 

DFC’s specific goals in each area, detail how DFC is 

addressing these challenges through our investment 

activities, and define the specific impact metrics used to 

track progress in line with industry standards.*
2023 Annual Report dfc.gov | 30

IMPACT DUE DILIGENCE

DFC reviews each project for its development impact 

potential as part of the due diligence process. During 

this stage, DFC applies our impact management 

framework, the Impact Quotient (IQ), to estimate the 

anticipated development impact of each project across 

three overarching pillars: economic growth, inclusion, 

and innovation. IQ applies a standardized yet flexible 

methodology to enable comparability among a diverse set 

of projects. Through this process, DFC’s impact officers 

define the core metrics for each project, establish their 

baseline performance, and determine the level of impact 

expected at the point of maturity, thus enabling DFC to 

track and assess projects’ performance over time. Officers 

also identify the SDGs most aligned to each project to 

track anticipated contributions toward the global goals.

IMPACT MONITORING

DFC monitors both project-level and portfolio-level 

performance using a variety of tools. 

• We conduct an annual survey of development 

outcomes beginning one year after projects’ 

disbursement or contract execution. This survey 

offers ongoing visibility into projects’ progress during 

the previous reporting period on a variety of impact 

metrics, including the core metrics defined during 

the due diligence process. This survey is the principal 

source of data provided on the following pages.

• DFC conducts site monitoring, visiting select projects 

to further understand and contextualize development 

impacts. During FY2023, 23 DFC projects in 

seven different countries were site-monitored 

for development impact—and additional projects 

were monitored for environmental and social risk 

compliance. 

• DFC’s Customer Voice Technical Assistance Facility 

surveys end-customers of qualifying DFC clients to 

understand how their quality of life has been affected 

by DFC clients’ products and services. 

Collectively, these various sources of data and information 

enable DFC to assess impact performance.

Sustainable Development Goals 

(SDGs)

DFC has demonstrated a strong commitment to the 

SDGs through our FY2023 investments:

SDG 13, climate action

(40% of transactions)

SDG 10, reduced inequality

(87% of transactions)

SDG 9, industry, innovation, 

and infrastructure

(77% of transactions)

SDG 8, decent jobs and economic growth

(74% of transactions)

SDG 7, affordable and clean energy

(19% of transactions)

SDG 5, gender equality

(44% of transactions)

SDG 1, no poverty

(61% of transactions)
2023 Annual Report dfc.gov | 31

LEARNING

To ensure continual learning and improvement, DFC 

analyzes incoming data to assess projects’ performance 

and identify trends by sector and cross-cutting priority. 

Additionally, DFC conducts portfolio assessments that 

explore the impacts of specific instruments such as 

political risk insurance, or sub-sectors such as financial 

intermediaries in Latin America. The results of these 

evaluative efforts are posted online. Insights from both 

routine monitoring and portfolio assessments are then 

disseminated across the agency to key stakeholders as 

part of ongoing learning and strategy refinement.

The following pages reflect DFC clients’ impact 

performance achievements, as reported to DFC during 

the FY2023 data collection cycle. All results pertain to 

projects that report the Development Outcomes Survey, 

which begins one-year post disbursement.*

* Notes on Methodology: Clients become eligible to submit the annual Development Outcomes Survey beginning one-year post disbursement or contract execution. In FY23, 122 

DFC clients—more than double the number in the previous year—have become eligible to submit this survey, reflecting a significant increase in capital disbursements. Among those 

eligible, 98 percent reported the impact achievements associated with DFC financing from the prior year. 

Clients self-report development impact achievements 

through DFC’s Development Outcomes Survey. Not all 

clients report all metrics, as certain metrics may not be 

relevant to a particular client’s sector, impact proposition, 

or business model. As part of DFC’s data collection process, 

each response is reviewed by DFC’s impact monitoring 

team for clarity, completeness, and consistency. In rare 

instances, a large outlier response may be removed if it 

cannot be validated and/or is not reflective of the use of 

DFC proceeds. Impact results are disaggregated by country 

wherever feasible. In instances where fewer than three 

projects report a given metric in a given country, results are 

then aggregated at the regional level.

DFC has committed $1 million to a technical assistance 

facility designed to help DFC clients obtain insights 

from their customers through mobile-phone-enabled, 

local language surveys administered by 60 Decibels. 

These surveys are designed to provide critical 

insights that strengthen clients’ business and impact 

performance by:

• Understanding end-customers’ experiences.

• Understanding how products and services affect 

end-customers’ lives.

• Identifying potential improvements to products and 

services or companies’ operating models.

Customer Voice Technical Assistance 

Facility

DFC’s Portfolio for Impact and Innovation (PI2) initiative, 

which supports promising early-stage businesses, 

reached half a billion dollars invested since its inception 

in 2014.

• DFC’s PI2

 initiative aims to bridge the financing gap 

for early-stage social enterprises with innovative 

solutions to challenges facing the developing world.

• In FY23, DFC commissioned Dalberg Advisors to 

conduct an independent assessment of 23 mature 

projects in the PI2 portfolio across the dimensions 

of development impact, financial risk, and financial 

returns. The evaluation showed that this sample 

of PI2 projects delivered significant developmental 

impact alongside small, but positive, financial 

returns while managing elevated financial risk.

Portfolio for Impact and Innovation
2023 Annual Report dfc.gov | 32

Insufficient and inadequate transportation, 

communication, and water and sanitation 

infrastructure stifles productivity, reinforces poverty, 

and limits private sector engagement across lowand lower-middle-income economies.1

 Infrastructure 

gaps are pervasive: Globally, over 3.7 billion people 

lack internet access, over 2 billion lack access to 

safe drinking water, and 1 billion live more than a 

mile from an all-weather road.2,3 The lack of suitable 

physical infrastructure is particularly acute within 

low-income and rural communities, thus limiting 

economic opportunity and exacerbating inequality.

To address these challenges, DFC invests directly 

and through financial intermediaries to:

• Improve access to critical transportation 

infrastructure.

• Improve information and communication 

technology (ICT) connectivity.

• Improve access to water, sanitation, and 

hygiene (WASH) infrastructure.

• Spur trade and economic growth.

• Increase the sustainable sourcing and 

production of critical minerals.

Improving water access in central Africa through 

local entrepreneurship 

According to the World Bank, more than 69 million people in 

Sub-Saharan Africa still lack access to clean drinking water. Jibu 

seeks to close this gap by supporting aspiring entrepreneurs 

in opening clean water access points as franchises—spurring 

economic growth and financial independence. Through a 

nearly $1.4 million loan via the Franchise Impact Solutions 

Facility, DFC supports the leasing of products and equipment to 

microentrepreneurs for opening shops that provide affordable 

and renewable water to communities across Rwanda and 

Uganda. As a result of Jibu’s efforts, an estimated 4.9 million 

people have greater access to clean water. 

Franchise Impact Solutions Facility 

and Jibu

DEVELOPMENT IMPACT RESULTS

In FY2023, 58 clients reported their 2022 infrastructure sector results. Collectively, they:

Procured nearly $23 million 

in goods and services from 

local suppliers, fostering local 

economic development.

Enabled transportation of

42 million passengers and 

over 29,000 metric tons 

of bulk cargo via improved 

roadways and infrastructure.

Provided 1.8 million 

households access to new or 

improved water and sanitation 

systems, 53% of which are in 

Sub-Saharan Africa.

Infrastructure and

Critical Minerals
2023 Annual Report dfc.gov | 33

DEVELOPMENT IMPACT RESULTS

In FY2023, 40 clients reported their 2022 energy sector results. Collectively, they:

Sold over 1.2 million devices

for energy-efficient lighting, 95% 

of which were sold in low- and 

lower-middle-income countries.

Produced 5,419GWh of 

renewable energy, enough to 

meet the electricity needs of 5.9 

million people.

Established over 112,000 

connections to off-grid power 

systems for households and 

businesses, increasing access for 

an estimated half-million people.

Reliable energy access is a critical driver of 

economic growth and poverty alleviation, yet 770 

million people worldwide lack access to electricity 

and millions more face frequent blackouts and 

brownouts.4 Meanwhile, energy production 

remains heavily reliant on fossil fuels, with only 

29 percent of global electricity generated from 

renewable sources such as wind, solar, and 

hydropower.5

To address these challenges, DFC invests directly 

and through financial intermediaries to:

• Increase electricity access and end energy 

poverty.

• Catalyze investment in infrastructure to 

support new and renewable sources of 

energy.

• Promote energy security.

Energy

Seizing the opportunity to meet Mexico’s energy 

demand using renewables 

Mexico’s shortage of electricity capacity relative to projected 

demand results in residents paying relatively high energy 

costs. To close this gap, DFC provided $241 million, alongside 

development finance institution partners, to Infraestructura 

Energetica Nova S.A.B. de C.V. (IEnova) to increase Mexico’s 

energy capacity by 429 megawatts solely through solar 

power, nearly doubling Mexico’s solar capacity from when the 

project was originated in 2020. By 2022, IEnova’s solar plants 

produced 1,185GWh of renewable electricity, bringing 

much-needed electricity and quality employment to 

Mexico’s northwest. 

IEnova Solar
2023 Annual Report dfc.gov | 34

Bringing sustainable aquaculture and 

community-driven economic development 

to Vietnam’s coastline 

Economic growth often leaves rural communities behind. 

However, Australis Aquaculture, which uses innovative onand offshore ocean facilities for growing and harvesting fish, 

has expanded quality employment in Khánh Hòa Province in 

southern Vietnam while leveraging local fisheries to expand 

use and awareness of sustainable practices. As the IndoPacific’s first Fair Trade Certified finfish producer, Australis is 

on track to produce more than 10,000 tons of quality seafood 

annually while also convening regularly with local communities 

to scale appropriately. DFC’s $11 million loan will continue 

to support Australis as it hires new employees, increases 

operational capacity, and expands production in regular 

consultation with the local community. 

Australis Aquaculture

DEVELOPMENT IMPACT RESULTS

Generated nearly $57 million

in export sales, in addition to 

$195 million in local sales.

Supported more than 3.9 

million smallholder farmers, 

98% of whom are in

Sub-Saharan Africa.

Provided over $713 million in 

on-lending and investment into 

the agriculture sector.

Globally, millions of people face food insecurity. 

To meet growing food demand, food production 

must increase by as much as 110 percent.6 Core 

to addressing this productivity gap are smallholder 

farmers, who produce about 35 percent of the 

global food supply—and up to 80 percent of food 

in developing economies.7 Yet smallholder farmers, 

as well as low-income and rural communities more 

generally, chronically lack access to credit and 

other financial tools that enhance access to critical 

agricultural inputs.

To address this problem, DFC invests both directly 

and through financial intermediaries to:

• Increase food production, primarily through 

inclusive agribusinesses that link smallholder 

farms to global supply chains and markets.

• Increase agriculture infrastructure, including 

storage, processing, and irrigation.

• Increase access to quality, locally appropriate, 

and/or locally adapted agricultural inputs.

Food Security and 

Agriculture

In FY2023, 49 clients reported their 2022 agriculture sector results. Collectively, they:
2023 Annual Report dfc.gov | 35

Chiratae Ventures

Galvanizing innovative solutions to India’s 

health challenges 

While ample capital is available for larger businesses in India, 

165 million SMEs remain financially constrained. DFC’s 

$20 million equity investment into the Chiratae Ventures 

International Fund IV addresses this challenge by investing 

in rapidly growing technology companies across India. Using 

an impact framework composed of six thematic priorities, 

Chiratae’s health sector investments support innovative 

health solutions where they’re needed most. From optometry 

services to virtual consultations, Chiratae’s 20 health-sector 

portfolio companies have increased access and lowered the 

cost of quality medical services for the 22 million people 

reached in Tier II cities and smaller towns across India.

DEVELOPMENT IMPACT RESULTS

Extended $429 million in onlending and equity for healthcare 

infrastructure, manufacturing, 

and other activities.

Provided 52 million patients 

access to healthcare products 

and services.

Procured 790 million vaccines 

and booster doses to address 

COVID-19 in 15 countries.

About 2 billion people around the world lack 

access to essential healthcare services and 

products—a gap in healthcare exacerbated 

by COVID-19 and supply chain failures that 

impede the timely delivery of critical diagnostics, 

medicines, and vaccines.8 These gaps are 

particularly acute in low- and lower-middleincome countries that have limited funding for 

research and development, production, and 

supply.

To address these challenges, DFC invests directly 

and through financial intermediaries to:

• Improve access to high-quality, affordable 

healthcare services, especially for vulnerable 

populations.

• Expand capacity for regional manufacturers to 

produce vaccines, tests, treatments, and other 

essential medical products and strengthen the 

supply chain for distribution.

• Increase access to healthcare innovation and 

technology, including digital health.

Health

In FY2023, 39 clients reported their 2022 health sector results. Collectively, they:
2023 Annual Report dfc.gov | 36

Banco Pichincha

Expanding access to finance for women 

entrepreneurs

In Ecuador, women have lower relative access to formal bank 

accounts than men, which makes starting a business even 

more challenging. In response, DFC provided financing to 

Banco Pichincha, Ecuador’s largest financial institution, to 

expand the number of women entrepreneurs in its portfolio 

through new products and services customized to women’s 

specific financing needs. DFC monitoring confirmed that 100 

percent of DFC’s funding in Ecuador has supported womenowned MSMEs. As a result, the share of women borrowers in 

Banco Pichincha’s portfolio has increased from 49 percent in 

2020 to 57 percent in 2022.

DEVELOPMENT IMPACT RESULTS

Nearly 75% of DFC clients 

embed impact in their portfolio 

structure—including 63% through 

loan terms and 47% by targeting 

underserved populations.

They provided financial services 

to 1.4 million MSMEs and 

individuals directly, including 

credit, equity, leasing, and 

insurance.

They provided financial services 

to 198 million additional 

individuals or enterprises 

indirectly through financial 

intermediaries or funds.

Access to financial services, including credit, is 

a key driver of economic growth and resilience 

in the face of financial shocks. Yet access to 

suitable financing products remains constrained 

for individuals, households, and businesses. 

Globally, 1.7 billion individuals lack access to 

formal financial services, leaving them vulnerable 

to financial instability and reliant on predatory 

services. At the same time, over 40 percent of 

MSMEs are credit-constrained, which limits their 

economic productivity, hinders job creation, and 

reduces the capacity for innovation and creativity.

To address these challenges, DFC invests in banks 

and other financial intermediaries to:

• Improve access to financial services for 

underserved populations.

• Provide decent jobs and foster economic 

development by supporting MSMEs.

• Mobilize sustainable sources of capital to 

underserved markets.

Small Business and 

Financial Services

In FY2023, 80 clients reported their 2022 financial service sector results. Collectively:
2023 Annual Report dfc.gov | 37

InsuResilience Investment Fund

Expanding climate adaptation efforts 

through financing

Each year, natural disasters push an estimated 26 million 

people into poverty, causing an average of $300 billion 

in economic losses. The InsuResilience Investment Fund, 

managed by BlueOrchard, seeks to reduce climate vulnerability 

among low-income populations by supporting insurers, 

reinsurers, and companies in the insurance value-chain. 

With DFC support, InsuResilience has financed 24 

microfinance institutions providing end-customers with 

insurance products with climate-risk-related protections 

and other financial products.

DEVELOPMENT IMPACT RESULTS

DFC deployed a state-of-theart physical climate risk 

assessment tool to analyze the 

impact of potential climate shocks, 

supplement environmental due 

diligence processes, and identify 

transactions that require increased 

adaptative measures while boosting 

the resilience of the entire portfolio.

Among new commitments, 

40% is climate finance—

or directly furthering 

climate mitigation, 

adaptation, or sustainable 

landscapes—exceeding our 

target of 33%.12

DFC developed our first 

comprehensive GHG 

inventory using a carbon accounting 

methodology tailored for financial 

institutions to establish a baseline 

against which DFC will measure 

progress toward our 2040 net zero 

goal and inform the agency’s approach 

to continued decarbonization.

In FY2023, DFC indicated our ongoing commitment to climate action:

Climate change is affecting communities and 

ecosystems around the world—but low-income 

countries experience the most devastating effects. 

Due to low-grade infrastructure and constrained 

agricultural resources, these countries face the 

greatest challenges around both adaptation and 

resilience. Further, climate change is expected to 

contribute to an estimated 250,000 additional 

deaths per year from health-related causes.9 At the 

same time, the current climate change trajectory is 

expected to force 100 million people into extreme 

poverty by 2030 and generate nearly 150 million 

climate migrants by 2050.10,11

To address these challenges, DFC invests directly 

and through financial intermediaries to:

• Mitigate emissions of greenhouse gases (GHGs) 

contributing to climate change.

• Support adaptation and build resilience in 

climate-vulnerable communities.

Adaptation and 

Resilience 
2023 Annual Report dfc.gov | 38

Kiva Refugee Investment Fund

Increasing access to finance for refugees globally 

The more than 100 million people displaced by human and 

natural disasters are often seen by financial institutions as too 

risky to receive services. The Kiva Refugee Investment Fund 

aims to unlock refugees’ economic potential by expanding 

the availability of microloans for refugee communities. 

DFC’s $20 million loan to Kiva facilitated 14 transactions 

with microfinance institutions across 10 countries to reach 

over 22,000 end-borrowers in 2022. With a 96.9 percent 

repayment rate, Kiva also demonstrates the viability of 

inclusive financing.

DEVELOPMENT IMPACT RESULTS

Among customers, 45% were 

low-income individuals, 

improving the accessibility of 

affordable, high-quality, essential 

products and services.

Among DFC clients, 88%

incorporated their target 

populations’ inputs into the 

design and delivery of their 

products and services.

Among end-borrowers, 42% 

were women individuals 

or women-led enterprises—

exceeding the 30% threshold 

established by 2X Global.

In FY2023, DFC clients across sectors reported on their contributions to advancing inclusion in 2022. Collectively:

Underrecognized or underrepresented groups—such 

as women, low-income individuals, people living in 

rural areas, refugees, and indigenous peoples—are 

less likely to have access to high-quality employment 

opportunities, credit, affordable housing, and other 

essential services. For example, only half of women 

participate in the global labor force compared with 

75 percent of men.13 Smallholder farmers face a 

$170 billion credit gap, about 70 percent of total 

demand.14 And inequality, as measured by the Gini 

coefficient, is particularly pronounced in certain 

developing economies, such as South Africa, Mexico, 

Namibia, and Mozambique.15

To address these challenges, DFC invests directly 

and through financial intermediaries to:

• Prioritize gender lens investing through DFC’s 

2X Women’s Initiative.

• Promote economic empowerment and financial 

resilience for underrepresented groups.

• Mobilize investment in projects that are owned 

or led by women or that provide a product or 

service that delivers a strong benefit to women 

or other underrepresented groups.

Access to Capital for 

Underrecognized 

Communities
2023 Annual Report dfc.gov | 39

As DFC moves into its fifth year, we look forward to 

working with our stakeholders to assess the breadth and 

depth of our impact, and to set the organization up for 

even greater success over the next five years, and beyond. 

Through 2024, DFC will work with Congress to chart 

a path forward that delivers on the promise of the 

BUILD Act and DFC’s mandate to drive development 

impact, advance foreign policy priorities, and strengthen 

national security through the mobilization of capital. The 

reauthorization process presents an opportunity to finetune our strategy and our tools, to engage with our diverse 

partners, and to retain and attract the talent required to 

further drive private sector solutions to the world’s most 

critical challenges. 

In FY2023, DFC took important steps to refine our 

strategic approach and identify how our experts can 

best do business, and where. As a result of these efforts, 

DFC has realigned our transaction teams around a set 

of enduring priority sectors—infrastructure and critical 

minerals, energy, food security and agriculture, health, 

and small business and financial services. Organizing 

around sectors allows DFC to enable better outcomes 

for our clients, work more effectively with our partner 

development finance institutions, and promote greater 

accountability by optimizing investment planning and 

resource allocation across our priorities. This strategic 

planning process has benefited from extensive input 

from all parts of the organization, and DFC leaders have 

engaged staff through workshops, interviews, town halls, 

and more than 100 consultations and meetings. 

We have established a comprehensive monitoring and 

evaluation portfolio to ensure that we are maximizing 

impact by adapting and learning along the way. In FY2023, 

more than twice as many clients became eligible to 

complete our Development Outcomes Survey, marking a 

veritable sea change in the quantity of data that can more 

richly and completely inform our future work.

Moving forward, DFC remains committed to working 

where U.S. values and interests intersect, ensuring that 

the fruits of our work remain values-driven, sustainable, 

transparent, top-quality, and built to endure. 

Looking Ahead
2023 Annual Report dfc.gov | 40

Appendices
2023 Annual Report dfc.gov | 41

2023 Investment 

Activities

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

3 Bank JSC Novi Sad Europe Serbia

Third-Party 

Lender 

Investment 

Guaranty

DFC exposure/LPG to support 

Serbian SMEs, with a focus on 

agriculture and women.

 

39,000,000 

Absa Bank Ghana 

Ltd. Africa Ghana

Third-Party 

Lender 

Investment 

Guaranty

LPG with higher coverage for 

agriculture SMEs in northern 

Ghana.

 

10,000,000 

African Fertilizer 

and Agribusiness 

Partnership, Inc.

Africa Africa 

Regional

Third-Party 

Lender 

Investment 

Guaranty

2nd loss guaranty to expand sale 

of fertilizer on credit to SME 

agri-input suppliers in Africa.

 

10,000,000 

African Hotel 

Infrastructure Fund 

Maseru (Pty) Ltd.

Africa Lesotho Direct 

Investment

Construction and operation 

of 110-room business hotel in 

Maseru, Lesotho.

 

7,300,000 

African 

Infrastructure 

Investment Fund 4

Africa Africa 

Regional Equity

Pan-African infrastructure fund 

investing in digital infrastructure, 

energy transition, and mobility 

sectors.

 

50,000,000 

Akbank T.A.S. Europe Türkiye Direct 

Investment

Bond focused on women-led 

SMEs, including in Türkiye’s least 

developed regions.

 

150,000,000 

Alcazar Energy 

Partners II SLP 

(SCSp)

Middle East 

and North 

Africa

Middle East 

Regional Equity

Renewable energy fund focused 

on selected emerging markets 

within MENAT and ECA regions.

 

50,000,000 

Amicus Capital 

Partners IFSC 

FUND II and Amicus 

Capital Partners II

Asia Asia Regional Equity

PE fund investing in fast-growing 

early-stage growth companies in 

India.

 

25,000,000 

Ankur Capital Fund 

III Asia Asia Regional Equity

Impact VC fund that invests 

in early-stage technology-led 

startups.

 

15,000,000 

Annapurna Finance 

Pvt. Ltd. Asia India

Third-Party 

Lender 

Investment 

Guaranty

LPG to support new off-grid solar 

lending product.

 

5,835,000 
2023 Annual Report dfc.gov | 42

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

Aristo Securities 

Pte. Ltd. (RevFin) Asia India Direct Investment

Expansion of digital lending 

company to underwrite EV 

financing loans for underserved 

customers.

 

5,000,000 

ASA International 

Group Worldwide Worldwide Direct Investment

Follow-on facility to support 

expansion of microfinance 

lending operations in Africa and 

Asia.

 

15,000,000 

Asia Partners II LP Asia Asia Regional Equity

Growth equity firm focused 

on technology investments in 

companies that are transforming 

Southeast Asia.

 

30,000,000 

BAC Guatemala - 

LPG

Western 

Hemisphere Guatemala

Third-Party 

Lender 

Investment 

Guaranty

LP guaranty targeting rural 

Western Highlands to incentivize 

BAC to extend credit.

 

12,500,000 

Banco Atlántida S.A. Western 

Hemisphere Honduras Direct Investment

On-lending to SME downstream 

borrowers, with 30% allocation 

to 2X-eligible SME borrowers.

 

80,000,000 

Banco de America 

Central S.A. (BAC)

Western 

Hemisphere El Salvador Direct Investment

Loan to BAC to increase 

SME lending with a focus on 

expanding climate finance 

portfolio.

 

60,000,000 

Banco Promerica, 

S.A.

Western 

Hemisphere Guatemala Direct Investment

Loan to increase lending to SMEs 

with a focus on women-owned/

-led borrowers and borrowers 

outside of Guatemala City.

 

45,000,000 

Bboxx Capital RDC 

SARL Africa

Democratic 

Republic of 

the Congo

Direct 

Investment

Finance capital to expand supply 

of solar home systems and 

related appliances in the DRC.

 

10,000,000 

Blue Bonds 

for Marine 

Conservation - 

Gabon

Africa Gabon Insurance

Marine conservation 

and fisheries restoration 

management.

 

747,789,905 

BuyMed Pte. Ltd. Asia Vietnam Equity

Technology-enabled B2B pharma 

distribution platform serving 

rural Vietnam pharmacies, 

hospitals, and clinics.

 

17,999,962 

Ceyhan Polipropilen 

Üretim Anonim 

Şirketi

Europe Türkiye Direct 

Investment

Development, construction, 

and operation of propane 

dehydrogenation-polypropylene 

production facility.

 

550,000,000 
2023 Annual Report dfc.gov | 43

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

Citizens 

Development 

Business Finance 

PLC

Asia Sri Lanka Direct 

Investment

Loan to local NBFC for assetbacked lending to women and for 

green asset lending.

 

30,000,000 

Clime Finance Pte. 

Ltd. Asia India Direct Investment

On-lending to MSMEs engaged 

in climate adaptation and 

mitigation activities in India.

 

10,000,000 

CO Capital I Trust Western 

Hemisphere Mexico

Third-Party 

Lender 

Investment 

Guaranty

Loan portfolio guaranty for tripleimpact investments in earlystage SMEs in Mexico and Latin 

America.

 

5,000,000 

Colombo West 

International 

Terminal Pte. Ltd.

Asia Sri Lanka Direct 

Investment

Construction of container 

transshipment hub in Colombo, 

Sri Lanka.

 

553,000,000 

Customer Voice TA 

Facility Worldwide Worldwide Technical Assistance

Establish DFC customer voice 

facility to support design, 

implementation, and analysis of 

end-customer surveys.

 

1,000,000 

Dagangan Pte. Ltd. Asia Indonesia Equity

B2B supply chain and 

e-commerce business serving 

MSMEs in Tier III-IV cities of 

Indonesia.

 

10,000,000 

DAI (Dominican 

Republic)

Western 

Hemisphere

Dominican 

Republic Insurance

Implement technical assistance 

projects in the DR to be funded 

by non-governmental, bilateral, 

and multilateral institutions.

 

2,000,000 

DAI (Fiji) Asia Fiji Insurance Implements technical assistance 

projects in Fiji.

 

2,000,000 

DAI (Papua New 

Guinea) Asia Papua New Guinea Insurance

Implement technical assistance 

projects in PNG funded by 

non-governmental, bilateral, and 

multilateral institutions.

 

2,000,000 

Dalmia Polypro 

Industries Pte. Ltd. Asia India Direct Investment

Expand capacity to convert 

plastic waste into PET products 

through construction of new 

factory.

 

30,000,000 

Dalus Capital Fund 

III, LP

Western 

Hemisphere

Latin 

America 

Regional

Equity

Invests in entrepreneurs building 

scalable solutions addressing 

significant challenges and 

opportunities in Latin America.

 

15,000,000 

Disability Impact 

Fund TA Asia India Technical Assistance

Aims to improve access, 

availability, and affordability of 

assistive technology in LMICs.

 

354,069 
2023 Annual Report dfc.gov | 44

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

Ed Partners Africa Africa Kenya

Third-Party 

Lender 

Investment 

Guaranty

DFC-guaranteed loan to expand 

access to affordable, quality 

private schools in Kenya.

 

10,000,000 

Energo Pro A.S. Europe Europe 

Regional

Third-Party 

Lender 

Investment 

Guaranty

Guaranty of note to support 

Energo Pro.

 

545,000,000 

Equity Bank Uganda 

Ltd. Africa Uganda

Third-Party 

Lender 

Investment 

Guaranty

LPG to support lending to 

refugee and host communities, 

with support from USAID/

Uganda.

 

6,000,000 

Fertiglobe Green 

Hydrogen TAElectrolyzer

Middle East 

and North 

Africa

Egypt Technical 

Assistance

Construction of solar PV farm, 

wind farm, and electrolyzer, with 

a focus on electrolyzer.

 

3,825,000 

Fertiglobe Green 

Hydrogen TARenewables

Middle East 

and North 

Africa

Egypt Technical 

Assistance

Construction of solar PV farm, 

wind farm, and electrolyzer, with 

a focus on wind and solar.

 

1,175,000 

First City Monument 

Bank (FCMB) Africa Nigeria

Third-Party 

Lender 

Investment 

Guaranty

LPG to support SME lending 

in Nigeria’s health sector, 

particularly in northern Nigeria.

 

7,000,000 

Fonds Européen 

de Financement 

Solidaire II (FEFISOL 

II) S.A., SICAV-RAIF

Africa Africa 

Regional

Third-Party 

Lender 

Investment 

Guaranty

USAID-sponsored LPG with 

FEFISOL’s 2nd fund focused 

on MFIs and agriculture SMEs 

primarily in LICs and LMICs in 

Africa.

 

19,250,000 

GeneSys Biologics 

Pte. Ltd. Asia India Direct Investment

Expands insulin production 

to reduce price of diabetes 

treatment in the U.S. and 

globally.

 

50,000,000 

Genus Power 

Infrastructures Ltd. Asia India Direct Investment

Finances purchase, installation, 

operation, and maintenance of 

smart electricity meters.

 

49,500,000 

GIFF-MFICompartamos 

Financiera S.A.

Western 

Hemisphere Peru

Third-Party 

Lender 

Investment 

Guaranty

Expansion of microfinance 

loan portfolio; 65% or more 

of proceeds to women-owned 

businesses.

 

15,554,000 

Global Access Fund 

IV LP Worldwide Worldwide Direct Investment

MIV providing downstream 

funding to MFIs for water and 

sanitation micro-loans, mainly 

benefiting women.

 

100,000,000 
2023 Annual Report dfc.gov | 45

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

GlobelEq Green 

Hydrogen TA

Middle East 

and North 

Africa

Egypt Technical 

Assistance

Technical assistance and 

feasibility studies for green 

hydrogen project.

 

5,000,000 

GN Beverages 2 Asia Mongolia Direct 

Investment

Expansion of beverage bottling 

plant capacity; fully repaid 

$6 million 2017 OPIC loan.

 

7,700,000 

Goldman Sachs 

Bank Europe SE Europe Poland

Third-Party 

Lender 

Investment 

Guaranty

Guaranty to provide hedging 

to ORLEN (utility in Poland) to 

support energy security.

 

500,000,000 

Goodlife Rwanda Africa Rwanda Insurance

Project encompassing private 

pharmacy and healthcare clinic 

chain targeting 30 major districts.

 

15,000,000 

Greenlight Planet 

Solar Home Systems Africa Nigeria Insurance Distributor and financer of offgrid solar system solutions.

 

50,000,000 

Hewa Tele Medical 

Oxygen Africa Kenya Direct Investment

Construction of depots and 

training for medical oxygen 

products.

 

10,000,000 

Home First Finance 

Company Asia India Direct Investment

Financing to expand mortgage 

lending portfolio targeting lowincome and women clients.

 

75,000,000 

Horizon Capital 

Growth Fund IV, LP 

(HCGF IV)

Europe Europe 

Regional Equity

Targets $250 million to support 

high-growth tech and exportoriented SMEs.

 

25,000,000 

Husk Power Systems 

Inc. Africa Nigeria Equity

Mini-grid company operating in 

India and Nigeria and expanding 

elsewhere in Africa.

 

15,000,000 

IFC Global Trade 

Finance Program 

(GTFP)

Europe Ukraine

Third-Party 

Lender 

Investment 

Guaranty

Counter-guaranty of 50% of IFC’s 

repayment risk for guaranties of 

trade financing obligations from 

approved Ukrainian banks.

 

50,000,000 

Ifria Cold Chain 

Development 

Company Agadir 

SAS

Middle East 

and North 

Africa

Morocco Direct 

Investment

Term loan to finance construction 

of cold chain warehouse facility 

in Oulad Teima, Morocco.

 

9,300,000 

Ifria Cold Chain 

Development 

Company Senegal 

SUARL

Africa Senegal Direct 

Investment

Term loan to finance construction 

of cold chain warehouse facility 

in Diamniadio, Senegal.

 

10,500,000 

Ignitia AB Africa Kenya Direct 

Investment

Tropical weather forecasting 

service designed for smallholder 

farmers.

 

1,000,000 
2023 Annual Report dfc.gov | 46

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

IndoPacific Liquidity 

Facility Pte. Ltd. Asia Asia Regional Direct Investment

COVID-19 recovery facility 

focused on financing gaps in the 

IndoPacific.

 

10,000,000 

International 

Institute of Health 

Sciences (Pvt.) Ltd.

Asia Sri Lanka Direct 

Investment

Expansion of physical facilities 

for nursing and health 

administration training institute.

 

8,766,432 

ISQ III Climate Fund, 

L.P. and ISQ GMF 

Climate Fund, L.P.

Worldwide Worldwide Direct 

Investment

Invest in sectors that help 

developing economies of Asia, 

LATAM, and Africa reduce carbon 

intensity and grow sustainably.

 

300,000,000 

Janngo Capital 

Startup Fund SLP Africa Africa Regional Equity

Francophone African women-led 

VC fund that invests financial 

and human capital in innovative 

tech startups.

 

10,000,000 

Joliba Capital Fund I Africa Africa 

Regional Equity

Invests in SMEs and mid-sized 

businesses in Francophone West 

and Central Africa.

 

20,000,000 

Kaebauk 

Investimentu no 

Finansas, SA

Asia Timor-Leste Direct 

Investment

Loan to support expansion 

of lending to rural unbanked 

borrowers and microenterprises 

in Timor-Leste.

 

3,000,000 

Kasha Global, Inc. Africa Kenya Equity

E-commerce provider of 

personal, health, and beauty 

products to low-income women 

in Kenya and Rwanda.

 

3,000,000 

Kentegra 

Biotechnology 

Holding LLC

Africa Kenya Direct 

Investment

Expansion of Kentegra 

Biotechnology facilities to refine 

pyrethrum flowers into a key 

ingredient in organic pesticides.

 

10,000,000 

Leap India Food and 

Logistics Asia India Direct Investment

Facility to support four grain 

silo projects leased to Food 

Corporation of India, reducing 

storage losses and improving 

local food security.

 

33,000,000 

LeapFrog Emerging 

Consumer Fund IV Worldwide Worldwide Equity

Global impact-driven growth 

equity fund targeting healthcare 

and financial inclusion 

investments in Africa, South Asia, 

and Southeast Asia.

 

25,000,000 

Limanska 

Vitroelektrostantsiia 

LLC (Limanskiy Wind 

Power Project) TA

Europe Ukraine Technical 

Assistance

Feasibility studies and technical 

assistance for 159MW wind 

power farm near Black Sea coast 

in Odessa.

 

750,000 
2023 Annual Report dfc.gov | 47

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

liwwa, Inc.

Middle East 

and North 

Africa

Jordan Direct 

Investment

Direct loan to fintech lender to 

support on-lending to SMEs in 

Jordan and Egypt.

 

5,000,000 

MCE Social Capital 

& MESA Fund Worldwide Worldwide

Third-Party 

Lender 

Investment 

Guaranty

Supports lending to small and 

growing businesses across the 

developing world.

 

10,000,000 

MHP SE Europe Ukraine Direct 

Investment

Corporate loan to MHP, a poultry 

producer, to refinance bond 

maturing in 2024.

 

250,000,000 

Microempresas 

de Colombia 

Cooperativa de 

Ahorro Y Credito

Western 

Hemisphere Colombia

Third-Party 

Lender 

Investment 

Guaranty

LPG to expand lending 

to 2X-eligible borrowers, 

Venezuelan migrants, and 

Colombians in host communities.

 

5,600,000 

Miro Forestry 

Developments Ltd. Africa Sierra Leone Equity

Expansion of forestry company 

with operations in Ghana and 

Sierra Leone.

 

24,000,000 

Missio Invest TA Africa Africa 

Regional

Technical 

Assistance

Facility to increase 

developmental impact of DFC’s 

investment by providing portfolio 

companies with capacity building.

 

1,836,250 

Mr. Green Africa 

Trading Kenya Ltd. Africa Kenya Direct Investment

Loan to plastic recycling 

company that sources plastic 

waste from the informal sector 

in Kenya.

 

5,000,000 

Nabil Bank Ltd. Asia Nepal

Third-Party 

Lender 

Investment 

Guaranty

LPG in support of EV/sustainable 

mobility sector in Nepal.

 

5,000,000 

Namlan Khola 

Hydropower TA Asia Nepal Technical Assistance

Project development work 

for 135MW Namlan Khola 

hydropower project.

 

1,939,015 

National Bank of 

Iraq

Middle East 

and North 

Africa

Iraq Direct 

Investment

Loan for on-lending to SMEs 

focused on financial inclusion 

and 2X.

 

50,000,000 

Novastar Africa 

People + Planet Africa Africa Regional Equity

Backs entrepreneur-led 

businesses to build innovative 

climate change solutions.

 

25,000,000 

One Global Medical 

Technology Ltd. Africa Nigeria

Third-Party 

Lender 

Investment 

Guaranty

Guaranty of loan for Helium 

Health to on-lend to SME 

healthcare facilities in Nigeria.

 

10,000,000 
2023 Annual Report dfc.gov | 48

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

ONEX Elefsis 

Shipyards and 

Industries S.A.

Europe Greece Direct 

Investment

Acquisition, revamping, and 

streamlining operations of 

Elefsina shipyard in Athens to 

create energy infrastructure hub 

for region.

 

125,000,000 

Opportunity Bank 

Uganda Ltd. (OBUL) Africa Uganda

Third-Party 

Lender 

Investment 

Guaranty

LPG to support lending to 

refugee and host communities, 

with support from USAID/

Uganda.

 

5,400,000 

Opportunity 

International Savings 

and Loans

Africa Ghana

Third-Party 

Lender 

Investment 

Guaranty

LPG to support MSMEs and 

farmer-led cooperatives, with 

emphasis on northern Ghana.

 

2,500,000 

Orabank Benin Africa Benin

Third-Party 

Lender 

Investment 

Guaranty

LPG to support lending to SMEs 

in Benin, particularly those in the 

health sector.

 

7,500,000 

Orom-Cross 

Graphite Project TA Africa Uganda Technical Assistance

Funds study for developing flake 

graphite mine.

 

5,000,000 

Pahal Financial 

Services Pte. Ltd. Asia India Direct Investment

Expansion of microfinance 

portfolio serving women in 

predominantly rural India.

 

12,000,000 

Patamar Beacon Pte. 

Ltd. Asia Vietnam

Third-Party 

Lender 

Investment 

Guaranty

LPG to support underlying loans 

extended by Beacon Fund, which 

operates in Southeast Asia.

 

50,000,000 

Pembani Remgro 

Infrastructure Fund 

II

Africa Africa 

Regional Equity

Invests in infrastructure and 

related industry companies and 

projects within Africa.

 

40,000,000 

PJSC JSB Lviv Europe Ukraine

Third-Party 

Lender 

Investment 

Guaranty

LPG to support continued bank 

lending to MSMEs operating in 

western Ukraine.

 

20,000,000 

Plantform 

Agribusiness S.A.E.

Middle East 

and North 

Africa

Egypt Direct 

Investment

USAID/Egypt-sponsored loan 

to agriprocessor to increase 

processing capacity, create jobs, 

and engage smallholder farmers.

 

7,500,000 

Pomona Impact 

Fund II LP

Western 

Hemisphere

Latin 

America 

Regional

Equity

Invests in companies in Central 

America to scale their operations 

and impact.

 

7,500,000 
2023 Annual Report dfc.gov | 49

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

ProCredit Bank d.d. 

Sarajevo Europe Bosnia and Herzegovina

Third-Party 

Lender 

Investment 

Guaranty

LPG to support expanded 

lending to SMEs with a focus on 

Bosnian diaspora-owned and/or 

-linked SMEs.

 

7,500,000 

PT Amartha 

Nusantara Raya Asia Indonesia Direct Investment

Digital lending platform 

connecting lenders with 

underserved microfinance 

entrepreneurs, primarily women 

in rural areas.

 

20,000,000 

PT Bank Sahabat 

Sampoerna Asia Indonesia

Third-Party 

Lender 

Investment 

Guaranty

Unfunded LPG to support Bank 

Sampoerna’s on-lending to 

MSME borrowers.

 

100,000,000 

Raiffeisen Bank JSC Europe Ukraine

Third-Party 

Lender 

Investment 

Guaranty

LPG to support USAID/Ukraine 

development objectives to 

expand access to credit to 

MSMEs across the country.

 

40,000,000 

Raiffeisen banka a.d. 

Beograd Europe Serbia

Third-Party 

Lender 

Investment 

Guaranty

LPG with a Serbian bank to 

promote post-COVID-19 lending 

for MSMEs.

 

48,000,000 

Raino Tech4Impact 

Ltd. Africa Kenya Direct Investment

B2B aggregation/sales platform 

to connect fish farmers with 

buyers; utilizes cold-chain “cold 

as a service” (CaaS) technology.

 

500,000 

Ritz Leasing

Middle East 

and North 

Africa

West Bank 

and Gaza

Direct 

Investment

Loan to support EV transport and 

related charging infrastructure 

for SMEs in the West Bank.

 

10,000,000 

Roam Electric Ltd. Africa Kenya Direct 

Investment

Electric mobility company that 

designs and develops electric 

motorcycles and electric buses 

for emerging-market consumers.

 

10,000,000 

SAEL Industries Ltd. Asia India Equity

Renewable energy operator 

focusing on solar and waste-toenergy generation.

 

35,000,000 

Sanima Bank Ltd. Asia Nepal

Third-Party 

Lender 

Investment 

Guaranty

LPG in support of the EV sector 

in Nepal.

 

2,500,000 

SCALE-MSMEiProcure Ltd. Africa Kenya

Third-Party 

Lender 

Investment 

Guaranty

Technology-enabled logistics and 

“last-mile” distribution company 

whose mission is to eliminate 

farm input scarcity.

 

6,999,300 
2023 Annual Report dfc.gov | 50

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

SCALE-MSMEMyAgro Farms Africa Africa 

Regional

Third-Party 

Lender 

Investment 

Guaranty

Loan guaranty to support 

MyAgro, which provides 

smallholder farmers with access 

to high-quality farming inputs.

 

4,500,000 

SCALE-Non-MSMESempli S.A.S. Western 

Hemisphere Colombia

Third-Party 

Lender 

Investment 

Guaranty

Supports micro and small loan 

portfolio, expanding economic 

inclusion to underserved 

communities in Colombia, with a 

focus on women.

 

5,999,400 

Science for Society 

Techno Services Pte. 

Ltd.

Asia India Direct 

Investment

Long-term loan to expand 

processing capacity to include 

secondary processing and 

refinance existing high-cost debt.

 

8,900,000 

Sekerbank T.A.S. Europe Türkiye Direct 

Investment

Supports on-lending to womenowned SMEs (2X), Syrian refugee 

SMEs, earthquake relief, and 

SMEs.

 

100,000,000 

Siddhartha Bank Ltd. Asia Nepal Direct 

Investment

Support to Siddhartha Bank for 

on-lending to SMEs in Nepal.

 

100,000,000 

Solararomo S.A. Western 

Hemisphere Ecuador Direct Investment

Construction and operation of 

200MW solar power project in 

Manabi Province of Ecuador.

 

144,000,000 

Solararomo S.A. 

Political Risk 

Insurance

Western 

Hemisphere Ecuador Insurance

PRI coverage for sponsor’s equity 

investment in the construction 

and operation of solar PV project 

in Manta, Ecuador.

 

50,000,000 

Stone Instituicao de 

Pagamento S.A.

Western 

Hemisphere Brazil Direct Investment

An investment in an assetbacked security to fund SME 

working capital receivables.

 

467,500,000 

Summa Airports (SL) 

Ltd. Africa Sierra Leone Direct Investment

Expansion, refurbishment, and 

operation of Lungi International 

Airport in Freetown.

 

150,000,000 

Superhumans 

Center Europe Ukraine Insurance

Non-profit hospital being 

established for amputee and 

PTSD victims of Russian invasion 

of Ukraine in Lviv, Ukraine.

 

25,000,000 

Tembici Western 

Hemisphere Brazil Equity

Direct equity investment for 

Tembici, a Latin American 

operator of docked bicycles for 

shared use in cities.

 

15,000,000 
2023 Annual Report dfc.gov | 51

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

Tetra4 Proprietary 

Ltd. Africa South Africa Direct Investment

Second-phase development and 

commercialization of helium and 

natural gas field in South Africa 

including development of helium 

and LNG plant.

 

535,000,000 

Insurance 814,584,910

Tien Phong 

Commercial Joint 

Stock Bank

Asia Vietnam Direct 

Investment

Expand TPBank’s digital financing 

portfolio to low-income MSMEs 

in Vietnam.

 

100,000,000 

TP Solar Ltd. Asia India Direct 

Investment

Loan will finance the 

construction and operation 

of 4GW solar module 

manufacturing facility.

 

425,000,000 

Transform Health 

Fund Africa Africa Regional Equity

Supports healthcare access and 

affordability in health delivery 

and supply chains.

 

10,000,000 

Triple Jump Financial 

Inclusion Resilience 

Fund B.V.

Worldwide Netherlands Direct 

Investment

Provides subordinated debt to 

financial intermediaries serving 

MSMEs.

 

48,000,000 

TURF Catalytic 

Capital Fund Africa Africa Regional

Technical 

Assistance

Supports sidecar technical 

assistance vehicle that will 

provide project preparation 

work needed for infrastructure 

projects.

 

5,000,000 

Twigg Exploration 

and Mining Ltda. Africa Mozambique Direct Investment

Expansion of existing graphite 

mine and associated ore 

processing facilities.

 

150,000,000 

Ukraine Catholic 

University TA Europe Ukraine Technical Assistance

Serves students and Ukrainian 

society in the conflict and postconflict.

 

460,000 

Ummeed Housing 

Finance Pte. Ltd. Asia India Direct Investment

Long-term financing for 

mortgage loans extended to lowincome women.

 

20,000,000 

Upgrid Electrilease 

Pte. Ltd. (Battery 

Smart)

Asia India Direct 

Investment

Battery Smart manages system 

of battery-swapping stations for 

electric rickshaws (i.e., electric 

vehicles).

 

10,000,000 

Upper Mugu Karnali 

Hydropower TA Asia Nepal Technical Assistance

Project development work for 

300MW Upper Mugu Karnali 

hydropower project.

 

3,059,935 
2023 Annual Report dfc.gov | 52

PROJECT NAME REGION COUNTRY

PROJECT 

TYPE PROJECT DESCRIPTION AMOUNT ($)

UsPlus Ltd. Africa South Africa Direct 

Investment

Fintech providing flexible 

working capital solutions to 

SMEs in South Africa.

 

8,000,000 

Vietnam Prosperity 

Joint-Stock 

Commercial Bank

Asia Vietnam Direct 

Investment

Expansion of on-lending program 

in Vietnam for SMEs, women 

SMEs, and climate-linked SME 

loans.

 

300,000,000 

Vistaar Financial 

Services Pte. Ltd. Asia India Direct Investment

DFC loan to expand portfolio of 

MSME lending in rural India.

 

50,000,000 

Wavemaker Impact Asia Asia Regional Equity

Climatech venture builder 

focusing on reducing carbon 

emissions in Southeast Asia.

 

15,000,000 

WBC-Cooperativa 

de Ahorro y Credito 

Fernando Daquilema

Western 

Hemisphere Ecuador

Third-Party 

Lender 

Investment 

Guaranty

Indigenous Tier I cooperative 

headquartered in and serving 

rural areas of Ecuador.

 

9,000,000 

West Africa Blue 

Carbon TA Africa Sierra Leone Technical Assistance

Technical assistance and 

feasibility study for blue carbon 

capture/credits scheme in 

mangrove forests in Sierra Leone.

 

946,000 

Yilport Terminal 

Operations S.A.

Western 

Hemisphere Ecuador Direct Investment

Brownfield expansion and 

modernization of Puerto Bolívar 

container port in El Oro Province, 

Machala, Ecuador.

 

150,000,000 
2023 Annual Report dfc.gov | 53

FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

AfricInvest Fund IV LLC AFG Côte d’Ivoire, 

Cameroon, Gabon, 

Mali, Comoros, 

Madagascar, 

Mauritius

Provider of banking, management, and 

financial intermediation.

Justrite Trading, Ltd. Nigeria Operator of retail supermarkets.

Atlantica Ventures Fund I 54 Financial Services, Inc. Nigeria Provider of credit for lending businesses.

Curacel, Inc. Nigeria Provider of a claims and fraud detection 

platform.

Gricd Integrated Agro Allied 

Services, Ltd.

Nigeria Provider of cold chain devices. 

OnePipe.io Services, Ltd. Nigeria Developer of a fintech platform.

Sabi Am Nigeria Provider of a category-agnostic B2B 

network.

Sendmarc Pty. Ltd. South Africa Developer of network security software.

Sendy, Ltd. Kenya Developer of an on-demand delivery 

platform.

Aqua Capital III SoluBio Brazil On-farm biological services.

BlueEarth Credit 

Strategies II

Acrecent Financial Corp. Puerto Rico Provider of financial and leasing services.

Bayport Colombia SAS Colombia Provider of finance and insurance services.

First Finance plc Cambodia Provider of home-loan financing services.

Grupo Olinx S.A.P.I. de C.V. 

SOFOM E.N.R.

Mexico Provider of debt financing.

LOLC (Cambodia) plc Cambodia [Operates as subsidiary of LOLC 

Group.] Provider of financial, insurance, 

information technology, trading, and 

leisure services.

2023 Portfolio

Company Investments
2023 Annual Report dfc.gov | 54

FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

Lula Lend Pty. Ltd. South Africa Provider of digital short-term loans and 

credit facilities.

Pro Confianza SA de CV 

SOFOM ENR

Mexico Provider of loans and leases to SMEs.

PT Trihamas Finance Indonesia Provider of vehicle financing for productive 

and consumptive business use.

Varthana Finance Pvt. Ltd. India Provider of lending services intended to 

transform education infrastructure.

BluePeak Private Capital 

Fund SCSp

Prime Logistics Holdings, 

Ltd.

Tanzania Provider of transportation and logistics 

management solutions.

Watu Credit, Ltd. Kenya Provider of credit through loans.

Chiratae Ventures 

International Fund IV LLC

Cavalier Wireless, Inc. India Provider of wireless network services.

Regent, Inc. India Provider of AI-supported remote 

administrative assistants for businesses.

Convergence Partners 

Digital Infrastructure 

Fund, L.P.

42Markets Group Holdings, 

Ltd.

South Africa, Kenya, 

Mauritius, Ghana, 

Nigeria

Operator of a fintech group.

CSquared Uganda, Ghana, 

Nigeria, Togo, DRC, 

Kenya

Provider of broadband through shared 

infrastructure.

Merit Telecoms, Ltd. Nigeria Provider of solutions to the 

telecommunications industry.

Yellow Digital Retailers, Ltd. Malawi, Uganda, 

Rwanda, Zambia, 

Madagascar

Developer of a digital finance and 

technology platform.

Dolma Impact Fund II Chirayu National Hospital 

Pvt. Ltd.

Nepal Operator of a private hospital providing 

ethical and personalized care.

Foodmandu Pvt. Ltd. Nepal Operator of a food delivery platform.

Setikhola Hydropower Pvt. 

Ltd.

Nepal Infrastructure investment in a hydropower 

project in Nepal.

WorldLink Pvt. Ltd. Nepal Provider of internet services solutions.

Gazelle Fund LP Haya Festival LLC Armenia Operator of an events planning company.

I Pharma LLC Armenia Provider of wholesale medicines.

New Home LLC Armenia Provider of construction and renovation 

works.
2023 Annual Report dfc.gov | 55

FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

GEF LatAm Climate 

Solutions Fund III

Automa Power & Utilities Brazil Enterprise software and data analysis for 

electrical systems.

HCC Energia Solar Brazil Development and installation of solar PV 

projects.

Lar Plastico Brazil Fully integrated recycled plastics platform.

Greater Pacific Capital 

Private Investing India L.P.

Enzen Global Pvt. Ltd. India Provider of consulting and business 

services for utilities.

Near Intelligence, Inc. Singapore, India Owner and operator of a location-based 

intelligence platform.

Horizon Capital Growth 

Fund IV, LP

ITGlobal Group OU (GoIT) Ukraine Equity investment into global online coding 

and digital skills school.

Preply, Inc. Ukraine Global online language learning platform.

Integra Partners Fund II, 

L.P.

CleanHub GmbH Southeast Asia Provider of environmental services.

Elfie Pte. Ltd. Singapore Developer of a chronic disease 

management platform.

Sirius Technologies Pte. Ltd. Singapore Developer of a multiverse software 

platform.

ISQ Asia Fund II, L.P. Asia Cube Connectivity Pte. 

Ltd.

Singapore Platform to focus on developing data 

center connectivity in Asia.

Lok Capital IV LLC Coastal Aquaculture 

Research Institute Pvt. Ltd.

India Developer of full-stack aquaculture 

technology platform; provider of last-mile 

connectivity to farmers.

Navashya Consumer 

Products Pvt. Ltd.

India Operator and retailer of e-commerce 

platform intended to sell baby diapers.

Seeds Fincap Pte. Ltd. India Provider of consumer finance services.

WhizDM Innovations Pvt. 

Ltd.

India Developer of mobile personal finance 

software application.

MHV Fund III, L.P. 10X Consulting and 

Technology Co., Ltd.

Vietnam Provider of comprehensive and 

personalized insurance solutions.

JoyfulPerson Pte. Ltd. Singapore Provider of text-based mobile solution for 

frontline workers.

Ottodot Pte. Ltd. Singapore Provider of educational games for children.

Saola Tech Solutions Pte. 

Ltd.

Singapore Operator of platform that serves as onestop-shop for home buying.
2023 Annual Report dfc.gov | 56

FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

N22 Africa Fund (D) AB Shara, Inc. Kenya Developer of a digital platform that allows 

SMEs to extend loans to customers.

Smile Identity, Inc. Nigeria Provider of an identity management 

platform.

Tyme Pte. Ltd. Singapore Provider of banking and financial services.

National Investment and 

Infrastructure Fund

GMR Goa International 

Airport, Ltd.

India Provider of passenger airline services.

Kashi Tollway India Infrastructure investment for Handia and 

Rajatalab highway.

Openspace Ventures Plus, 

L.P.

Igloo (Axinan Pte. Ltd.) Singapore Inclusive insurtech company focused on 

Southeast Asia.

Phatisa Food Fund 2, LLC Manipal International 

Printing Press, Ltd.

Kenya Provider of packaging, commercial printing, 

and business services.

Pomona Impact Fund II Hybrico Energy 

Technologies

Latin America Provider of energy-as-a-service and 

backup-as-a-service solutions.

Teclogi Cargo SAS Colombia Express and long-haul cargo deliveries by 

connecting drivers and cargo.

SDG Outcomes Fund ASRH Kenya Development 

Impact Bond

Kenya Impact bond focused on delivery of sexual 

health and HIV services to adolescent girls 

in Kenya.

Somerset Indus 

Healthcare Fund II

Emil Pharmaceutical 

Industries Pvt. Ltd.

India Manufacturer of pharmaceuticals.

Natural Biogenex Pvt. Ltd. India Manufacturer of active pharmaceutical 

ingredients.

South Asia Growth Fund II Electrodrive Powertrain 

Solutions Pvt. Ltd.

India Provider of electric vehicle powertrain 

services solutions.

Hero Motors, Ltd. India Manufacturer of automobile parts.

SP Fund 2019 Wellness Healthcare Pvt. 

Ltd.

India Operator of primary healthcare facilities.

SPE AIF I, LP Vital Laboratories Tunisia Manufacturer of dietary supplements and 

herbal medicines.

Transform Health Africa Healthcare Network Pan-Africa Provider of dialysis and preventive care in 

East Africa.
2023 Annual Report dfc.gov | 57

FUND NAME PORTFOLIO COMPANY COUNTRY/REGION DESCRIPTION

Uhuru Growth Fund I-A, 

SCSp

Everyday Group of 

Company, Ltd.

Nigeria Provider of diversified services to the 

Nigerian economy.

Impact Life Insurance Co., 

Ltd.

Ghana Provider of life insurance solutions.

Royal Foam Products 

Nigeria, Ltd.

Nigeria Manufacturer of high-quality mattresses, 

pillows, and sleep accessories.

Water Access Acceleration 

Fund

Rite Water Solutions (India) 

Pvt. Ltd.

India Potable water and water-quality 

improvement solutions.

WRB Serra MexSolar 1 LLC Mexico Energy investment in a solar project.

WWBCP II Non-SSA Igloo Singapore Inclusive insurtech company focused on 

Southeast Asia.

WWBCP II SSA Lula Lend Pty. Ltd. South Africa Digital lender serving SMEs in South 

Africa.
2023 Annual Report dfc.gov | 58

Consolidated Balance Sheets

(dollars in thousands)

As of September 30, 2023 2022

Assets

Intragovernmental:

Fund Balance With Treasury (Note 2) $ 3,041,884 $ 2,631,003

Investments, Net (Note 3) 6,237,010 6,206,042

Accounts Receivable, Net (Note 4) 21,627 609

Total Intragovernmental 9,300,521 8,837,654

With the Public:

Accounts Receivable, Net (Note 4) 167,807 121,155

Loans Receivable, Net (Note 5) 10,242,062 7,523,771

General Property, Plant and Equipment, Net (Note 6) 21 155

Advances and Prepayments (Note 7) 183 1,247

Investments, Net (Note 3) 311,927 174,937

Other Assets:

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

Total With the Public 10,722,000 7,912,631

Total Assets $ 20,022,521 $ 16,750,285

Liabilities (Note 8)

Intragovernmental:

Debt (Note 9) $ 10,497,580 $ 8,964,971

Advances from Others and Deferred Revenue (Note 10) 1,267 3,561

Other Liabilities:

Liability to the General Fund of the U.S. Government for Other Non-Entity Assets (Note 11) 580,530 392,542

Other Liabilities (Note 12) 390 431

Total Intragovernmental 11,079,767 9,361,505

With the Public:

Accounts Payable (Note 13) 2,389 7,045

Federal Employee Benefits Payable (Note 14) 7,344 6,247

Loan Guaranty Liabilities (Note 5) 710,092 -

Insurance and Guaranty Program Liabilities (Note 15) 11,183 56,192

Advances from Others and Deferred Revenue (Note 10) 144,524 141,514

Other Liabilities (Note 12) 5,379 4,359

Total With the Public 880,911 215,357

Total Liabilities 11,960,678 9,576,862

Commitments and Contingencies (Note 1)

Net Position

Unexpended Appropriations – Funds Other Than Dedicated Collections 674,382 400,785

Cumulative Results of Operations – Funds Other Than Dedicated Collections 7,387,461 6,772,638

Total Net Position 8,061,843 7,173,423

Total Liabilities and Net Position $ 20,022,521 $ 16,750,285

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

Financial

Statements
2023 Annual Report dfc.gov | 59

Consolidated Statements of Net Cost

(dollars in thousands)

For the Years Ended September 30, 2023 2022

Insurance Program

Gross Costs

Operating Costs $ 16,086 $ 54,989

Total Gross Costs 16,086 54,989

Less: Earned Revenue (140,084) (160,236)

Net Insurance Program Costs (123,998) (105,247)

Debt Financing Program

Gross Costs

Operating Costs 468,415 320,233

Subsidy Costs/(Reduction) (Note 5) (195,307) (159,960)

Net Reestimates (Note 5) (102,589) 221,211

Total Gross Costs 170,519 381,484

Less: Earned Revenue (431,223) (271,853)

Net Debt Financing Program Costs (260,704) 109,631

Equity Program

Gross Costs

Operating Costs 40,501 18,790

Total Gross Costs 40,501 18,790

Less: Net Unrealized (Gains) (931) (6,723)

Less: Earned Revenue (9,134) (10,112)

Net Equity Program Costs 30,436 1,955

Technical Assistance Program

Gross Costs

Operating Costs 13,672 10,136

Total Gross Costs 13,672 10,136

Less: Earned Revenue (300) -

Net Technical Assistance Program Costs 13,372 10,136

Net Cost of Operations $ (340,894) $ 16,475

The accompanying notes are an integral part of these principal financial statements. 
2023 Annual Report dfc.gov | 60

Consolidated Statements of Changes in Net Position

(dollars in thousands)

For the Years Ended September 30, 2023 2022

Unexpended Appropriations

Beginning Balance $ 400,785 $ 171,177

Appropriations Received 1,236,707 928,884

Appropriations Transferred-In 12,388 9,322

Other Adjustments (1,361) -

Appropriations Used (974,137) (708,598)

Net Change in Unexpended Appropriations 273,597 229,608

Total Unexpended Appropriations $ 674,382 $ 400,785

Cumulative Results of Operations

Beginning Balance 6,772,638 5,916,392

Adjustments:

Changes in Accounting Principles (Note 1) - 656,763

Beginning Balance as Adjusted 6,772,638 6,573,155

Appropriations Used 974,137 708,598

Imputed Financing 6,189 3,520

Offset to Non-entity Collections (728,286) (496,160)

Other Adjustments 21,889 -

Net Cost of Operations 340,894 (16,475)

Net Change in Cumulative Results of Operations 614,823 199,483

Total Cumulative Results of Operations $ 7,387,461 $ 6,772,638

Net Position $ 8,061,843 $ 7,173,423

The accompanying notes are an integral part of these principal financial statements. 
2023 Annual Report dfc.gov | 61

Combined Statement of Budgetary Resources

(dollars in thousands)

For the Year Ended September 30, 2023 Budgetary 

 Non-Budgetary 

Credit Reform

Financing

Accounts 

Budgetary Resources

Unobligated Balance from Prior Year Budget Authority, Net $ 6,486,341 $ 649,513

Appropriations 1,236,707 -

Borrowing Authority - 6,424,983

Spending Authority from Offsetting Collections 685,457 984,898

Total Budgetary Resources $ 8,408,505 $ 8,059,394

Status of Budgetary Resources

New Obligations and Upward Adjustments $ 1,732,011 $ 7,021,506

Unobligated Balance, End of Year

Apportioned, Unexpired Accounts 263,900 -

Unapportioned, Unexpired Accounts 6,386,434 1,037,888

Unexpired Unobligated Balance, End of Year 6,650,334 1,037,888

Expired Unobligated Balance, End of Year 26,160 -

Unobligated Balance, End of Year (Total) 6,676,494 1,037,888

Total Budgetary Resources $ 8,408,505 $ 8,059,394

Outlays, Net and Disbursements, Net

Outlays, Net $ 590,673

Distributed Offsetting Receipts (398,962)

Agency Outlays, Net $ 191,711

Disbursements, Net $ 1,609,419

The accompanying notes are an integral part of these principal financial statements. 
2023 Annual Report dfc.gov | 62

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.
2023 Annual Report dfc.gov | 63

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 

(U.S. 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, as amended (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 No. 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 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.
2023 Annual Report dfc.gov | 64

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 amounts mean 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 U.S. Department of Treasury 

(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, and fees and subsidy amounts received.

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 

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), subsidy expense, liability for losses on remaining coverage of insurance programs, 

and recoveries on insurance claims (see Note 15 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 arrangements 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 15. 
2023 Annual Report dfc.gov | 65

Change in Accounting Principle

In FY2022, DFC changed its accounting method for loans and loan guaranties made prior to FY1992, as allowed under 

U.S. GAAP and the Treasury’s guidance. In FY2021 and prior, DFC reported a Liability for Capital Transfers to the General 

Fund of the Treasury. Direct loans and loan guaranties made prior to FY1992 are not covered under the FCRA, and excess 

funding not obligated is required to be transferred to the Treasury in the form of a capital transfer. The accounting guidance 

for the year-end closing entries for liquidating funds is set by the Treasury. The Treasury allows agencies to close such 

activity to cumulative results of operations, or to a liability account for capital transfers due to the Treasury. Either method 

is allowable. In FY2021, DFC recorded a liability for capital transfers due to the Treasury, which represented a liability for 

future proceeds to be paid to the Treasury. In FY2022, 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 the Treasury and 

increasing the cumulative results of operations. The change in accounting principle was reported on DFC’s Consolidated 

Statements of Changes in Net Position as of September 30, 2022, as an adjustment to the FY2022 beginning balance of 

Cumulative Results of Operations. 

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 

FY2024 financial position, results of operations, and 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 FY2024. Earlier implementation is not permitted.

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.

SFFAS 61, Omnibus Amendments 2023: Leases-Related Topics II; SFFAS 61 amends SFFAS 54 and SFFAS 60 by 

providing additional guidance along with technical corrections and clarifications. 

C. FUND BALANCE WITH TREASURY

Fund Balance With Treasury (FBwT) is the aggregate amount of funds in DFC’s accounts with the Treasury. The Treasury 

processes cash receipts and disbursements on DFC’s behalf to pay liabilities and finance authorized purchases. DFC’s 

accounting records are reconciled with the 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.
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D. INVESTMENTS, NET

DFC has authority 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 FY2020. Investments in Treasury securities are carried at face value, net of unamortized discount or premium. 

Premiums or discounts are amortized using the effective yield method. Interest income is compounded semi-annually by 

the 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.

Pursuant to 22 U.S.C. § 9621 and 22 U.S.C. § 9672, DFC is authorized to purchase equity securities as a minority investor 

in projects that have a clearly defined development and foreign policy purpose. DFC’s investment into a project cannot 

exceed 30 percent of the aggregate amount of all equity investment made into the project at the time DFC approves the 

investment. Investments must supplement and encourage, but not compete, with private sector support. DFC must seek to 

sell and liquidate its equity investments as soon as commercially feasible, commensurate with other similar investors into 

the project and taking into consideration the national security interest of the United States. 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 three-level 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. ACCOUNTS RECEIVABLE, NET

Accounts receivable are reported at net realizable value, measured as the carrying amount less an allowance for loss 

provision. Allowances are based on management’s periodic evaluations of the underlying assets, considering factors 

including, but not limited to, materiality of the balance, general economic conditions, asset composition, and prior loss 

experience. 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. Receivables from other Federal entities are deemed to be fully collectible. 
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F. DIRECT LOANS AND LOAN GUARANTIES

The FCRA governs direct loans made after FY1991. In accordance with SFFAS 2, Accounting for Direct Loans and Loan 

Guarantees, SFFAS 18, Amendments to Accounting Standards For Direct Loans and Loan Guarantees in SFFAS 2, and SFFAS 19, 

Technical Amendments to Accounting Standards For Direct Loans and Loan Guarantees in SFFAS 2, FCRA direct loans are valued 

at the net 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 direct loans receivable balance and the net 

present value of the estimated cash flows of the direct loans over their remaining term. The subsidy allowance is subtracted 

from the outstanding direct loans receivable balance to obtain the net direct loans receivable balance. DFC holds direct 

loans that it issues and does not sell direct loans. DFC issues direct loans in U.S. dollars as well as in foreign currencies. 

The FCRA also governs loan guaranties made after FY1991. The guaranty liability is determined by calculating the net 

present value of expected future cash flows for 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 as Other Assets, Negative Loan Guaranty Liability. Guaranteed loans acquired by DFC upon borrower default 

are established as loans receivable and are valued in a similar manner as direct loans under the FCRA.

In accordance with SFFAS 2, DFC’s loans and loan guaranties made prior to FY1992 are reported under the allowancefor-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 guaranties 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 the FCRA are financed by appropriation authority for long-term loan subsidy cost and 

borrowings from the Treasury for the remaining non-subsidized portion of the loans. Congress may authorize one-year, 

multi-year, or no-year appropriation authority to cover the estimated long-term costs of the loan programs. The nonsubsidized portion of each loan disbursement, financed initially under permanent indefinite authority to borrow funds from 

the 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 the 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 the FCRA are recorded in separate Credit Reform 

Financing Accounts within the Treasury. These accounts borrow funds from the Treasury; make direct loan disbursements; 

pay claims on guaranteed loans; collect principal, interest, and fees from borrowers; earn interest from the Treasury on any 

uninvested funds; pay interest expense on outstanding borrowings; and transfer negative subsidy to the Treasury’s general 

fund receipt account. New subsidy funded from DFC’s annual appropriations and appropriations funding 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 on 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. 
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Subsidy Funding Under the FCRA

The 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 the FCRA, subsidy costs are 

reestimated annually.

Interest Receivable

Interest receivable is composed 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. DFC accrues interest on nonperforming 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.

G. 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 accounts for leases in accordance with 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. 

H. 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) appropriations, (3) borrowing authority, 

(4) unobligated balances of budgetary resources at the beginning of the year or net transfers of prior-year balances during 

the year, (5) spending authority from offsetting collections, and (6) 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 Congress 

and without a contingency having to be met first. See Note 8 for additional information.

Liabilities not covered by budgetary resources are liabilities that will require budgetary resources to liquidate the liabilities.
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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 non-current liabilities in accordance with SFFAS 1, Accounting for 

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

Consolidated Balance Sheet dates. Non-current liabilities represent liabilities that DFC does not expect to be settled within 

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

I. DEBT

DFC’s debt results from direct borrowings from the Treasury to fund the portion of direct loans not covered by subsidy 

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

and collections maintained in the non-budgetary financing funds. DFC makes periodic principal repayments to the Treasury 

based on the analysis of its cash balances and future disbursement needs. The balance of the borrowings from the Treasury 

are reported as Debt on the Consolidated Balance Sheets.

J. ADVANCES FROM OTHERS AND DEFERRED REVENUE

DFC charges retainer and other fees in conjunction with individual projects. The fees are received in advance and earned 

over time in accordance with SFFAS 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling 

Budgetary and Financial Accounting. Facility fees collected exceeding $50,000 are amortized over the life of the project, 

starting when the loan has disbursed. 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.

K. 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.

L. 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 
2023 Annual Report dfc.gov | 70

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). The DOL pays valid claims as they occur, 

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

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

M. INSURANCE AND GUARANTY PROGRAM LIABILITIES

In accordance with SFFAS 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.

N. 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 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 

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 as of and for the years ended 

September 30, 2023, and 2022. Management believes that the resolution of these claims will not have a material adverse 

impact on DFC. 

O. NET POSITION

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

Cumulative Results of Operations.
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Unexpended Appropriations

DFC receives annual appropriations that are reduced and repaid to the 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. Unexpended appropriations include the portion of DFC’s appropriations that have not been reduced 

and repaid to the Treasury that are 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 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.

P. 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 cost 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 to other 

Federal agencies. Non-exchange revenue 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 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 transfers-in 

and are recognized as financing sources when used. Other financing sources and uses also include: (1) Offset to Non-Entity 

Collections and (2) Imputed Financing with respect to costs subsidized by another Federal entity. Offset to Non-Entity 

Collections include capital transfers of excess funding for direct loan and loan programs made prior to FY1992, as well as 

negative subsidy and downward reestimates of direct loans and loan guaranties that are transferred to general fund receipt 

accounts of the Treasury.

Imputed Financing and Imputed Cost

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 life and health 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 the 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 Consolidated Statements of Net Cost and imputed financing in the Consolidated Statements of Changes in Net 

Position.
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Q. 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.

R. 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 

DFC’s Fund Balance With Treasury (FBwT) consists of the following: 

(dollars in thousands)

As of September 30, 2023 2022

Status of Fund Balance With Treasury

Unobligated Balance

Available $ 1,559,361 $ 1,554,950

Unavailable 26,160 32,157

Obligated Balance not yet Disbursed 1,456,363 1,043,896

Total Fund Balance With Treasury $ 3,041,884 $ 2,631,003

As of September 30, 2023, and 2022, there were no unreconciled differences between the 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.
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Note 3: Investments, Net

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

(dollars in thousands)

As of September 30, 2023

Acquisition 

Value

Amortized 

(Premium)/ 

Discount

Interest

Receivable

Net

Investments

Unrealized 

Gain/(Loss) Market Value

Treasury Non-marketable, Market-based

Intragovernmental Securities

Notes $ 5,308,880 $ (12) $ 29,374 $ 5,338,242 $ (474,170) $ 4,864,072

Bonds 888,225 4,276 6,267 898,768 (125,532) 773,236

Total Intragovernmental Investments, Net $ 6,197,105 $ 4,264 $ 35,641 $ 6,237,010 $ (599,702) $ 5,637,308

(dollars in thousands)

As of September 30, 2022

Acquisition 

Value

Amortized 

(Premium)/ 

Discount

Interest

Receivable

Net

Investments

Unrealized 

Gain/(Loss) Market Value

Treasury Non-marketable, Market-based

Intragovernmental Securities

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

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

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

DFC’s investments, net with the public, consist of:

(dollars in thousands)

As of September 30, 2023 Other 2022 Other

Equity Securities Valued at Net Asset Value $ 211,938 $ 128,934

Equity Securities Valued at Cost Less Impairment 99,989 46,003

Total Securities and Investments, Net $ 311,927 $ 174,937

DFC’s equity investments with the public consist 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’s investments with the public activity is as follows:

(dollars in thousands) 2023 2022

Other Securities and Investments 

Beginning Balance as of October 1 $ 174,937 $ 95,318

Valuation Adjustments 931 6,723

Loss on Investments (10,000) -

Return of Investments (780) (5,276)

Acquisitions of Investments 146,839 78,172

Ending Balance as of September 30 $ 311,927 $ 174,937

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

investments are accounted for under the FCRA and are therefore not reported in the above schedules of investments.
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Note 4: Accounts Receivable, Net

DFC’s accounts receivable, net consist of:

(dollars in thousands)

As of September 30, 2023 2022

Intragovernmental Accounts Receivable

 Defense Production Act Receivables $ 140 $ -

 Subsidy Receivable from the Treasury 21,487 609

Total Intragovernmental Accounts Receivable, Net 21,627 609

With the Public Accounts Receivable

 Fees Receivable 160,128 111,400

 Insurance Premiums Receivable 2,447 1,866

 Insurance Settlements Receivable 60,971 21,071

 Other Receivables 128 128

 Allowance for Uncollectible Amounts (55,867) (13,310)

Total With the Public Accounts Receivable, Net 167,807 121,155

Total Accounts Receivable, Net $ 189,434 $ 121,764

Intragovernmental accounts receivable consist of amounts due from the Department of Defense for activities related to the 

Defense Production Act and amounts due from the Treasury for subsidy on modified direct loans receivable in the Legacy 

Loan Guaranty program for loans made prior to FY1992. 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. 

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 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 FY1991 and are accounted for under the FCRA.

Loan Guaranties Loan guaranties by DFC, and agreements transferred from OPIC and USAID 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 FY1991 and are accounted for under the FCRA.
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Valuation Methodology for Direct Loans and Loan Guaranties

The valuation methodology of direct loans and loan guaranties made after FY1991 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:

• 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 FY2023 is ($103) million, a net downward 

reestimate. Some of the key drivers of the reestimates include a higher interest rate environment as well as a decrease in 

the value of the dollar. These factors as well as individual project drivers resulted in a net downward reestimate. Six projects 

had a significant downward reestimate due to increases in interest rates and changes to discount rates. These projects 

disbursed into higher interest rates than those assumed at the time of obligation. DFC has several loans denominated in 

foreign currencies. The decrease in value of the U.S. dollar resulted in projected gains in value of the foreign currencies 

against the dollar, which decreased the reestimates. Additionally, one loan had a risk rating upgrade, and one loan had a 

substantial prepayment, both contributing to a net downward reestimate.
2023 Annual Report dfc.gov | 76

B. DIRECT LOANS, NET

(dollars in thousands)

As of September 30, 2023

Loans Receivable, 

Gross

Interest

Receivable

Allowance for 

Loan Loss

Allowance for 

Subsidy Cost 

(Present Value)

Value of Assets 

Related to Direct 

Loans, Net

Direct Loans Obligated Prior to FY1992 $ 319,788 $ 443,442 $ (537,414) $ - $ 225,816

Direct Loans Obligated After FY1991 9,758,433 152,468 - (896,661) 9,014,240

Total Direct Loans Receivable 10,078,221 595,910 (537,414) (896,661) 9,240,056

Defaulted Loan Guaranties Receivable 

(Table F) 1,367,487 126,856 (54,376) (437,961) 1,002,006

Total Loans Receivable, Net $ 11,445,708 $ 722,766 $ (591,790) $ (1,334,622) $ 10,242,062

(dollars in thousands)

As of September 30, 2022

Loans Receivable, 

Gross

Interest

Receivable

Allowance for 

Loan Loss

Allowance for 

Subsidy Cost 

(Present Value)

Value of Assets 

Related to Direct 

Loans, Net

Direct Loans Obligated Prior to FY1992 $ 353,569 $ 421,356 $ (510,361) $ - $ 264,564

Direct Loans Obligated After FY1991 7,850,317 125,816 - (1,036,643) 6,939,490

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

Defaulted Loan Guaranties Receivable 

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

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

C. TOTAL AMOUNT OF DIRECT LOANS DISBURSED

(dollars in thousands)

As of September 30, 2023 2022

Direct Loan Disbursements $ 2,432,096 $ 1,953,927

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

(dollars in thousands)

As of September 30, 2023 2022

Subsidy Expense for New Direct Loans Disbursed

Interest Differential $ (15,978) $ (7,852)

Defaults, Net of Recoveries 194,587 156,636 

Fees and Other Collections (379,639) (275,013)

Other 20,821 13,639

Total Subsidy Expense for New Direct Loans Disbursed (180,209) (112,590)

Modifications and Reestimates

Total Modifications (1,011) 637

Net Interest Rate Reestimates 367 23,582

Net Technical Reestimates (141,076) 49,304

Total Net Reestimates (140,709) 72,886

Total Direct Loan Subsidy Expense $ (321,929) $ (39,067)
2023 Annual Report dfc.gov | 77

E. SCHEDULE FOR RECONCILING DIRECT LOAN SUBSIDY COST ALLOWANCE

(dollars in thousands)

As of September 30, 2023 2022

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

Add: Subsidy Expense for Direct Loans Disbursed During the Year 180,209 112,590

Adjustments:

Loan Modifications 1,011 (637)

Fees Accrued (4,968) (5,090)

Loans Written Off 34,255 66,195

Subsidy Allowance Amortization (211,857) (187,759)

Other 623 (22)

Total Adjustments (180,936) (127,313)

Ending Balance of the Subsidy Cost Allowance Before Reestimates (1,037,370) (963,757)

Add or Subtract Subsidy Net Reestimates 140,709 (72,886)

Ending Balance of the Subsidy Cost Allowance $ (896,661) $ (1,036,643)

F. DEFAULTED LOAN GUARANTIES

(dollars in thousands)

As of September 30, 2023

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 FY1992

Loan Guaranties $ 86,425 $ 14,016 $ (54,376) $ - $ 46,065

Loans Obligated After FY1991

Loan Guaranties 1,281,062 112,840 - (437,961) 955,941

Total $ 1,367,487 $ 126,856 $ (54,376) $ (437,961) $ 1,002,006

(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 FY1992

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

Loans Obligated After FY1991

Loan Guaranties 1,174,635 99,647 - (1,001,741) 272,541

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

G. GUARANTIED LOANS OUTSTANDING 

Guarantied Loans Outstanding

(dollars in thousands)

As of September 30, 2023

Outstanding Principal of 

Guarantied Loans, Face Value

Amount of Outstanding 

Principal Guarantied

Loan Guaranties $ 10,090,783 $ 9,715,403

Total $ 10,090,783 $ 9,715,403

 (dollars in thousands)

As of September 30, 2022

Outstanding Principal of 

Guarantied Loans, Face Value

Amount of Outstanding 

Principal Guarantied

Loan Guaranties $ 9,871,489 $ 9,557,922

Total $ 9,871,489 $ 9,557,922
2023 Annual Report dfc.gov | 78

New Loan Guaranties Disbursed 

(dollars in thousands)

As of September 30, 2023

Principal of 

Guarantied Loans, 

Face Value

Amount of 

Principal

Guarantied

Loan Guaranties $ 1,807,040 $ 1,604,024

Total $ 1,807,040 $ 1,604,024

(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

H. LIABILITY FOR LOAN GUARANTIES

(dollars in thousands)

As of September 30, 2023 2022

Loans Obligated After FY1991

 Loan Guaranties $ 710,092 $ (91,366)

Total Liability for Loan Guaranties $ 710,092 $ (91,366)

As of September 30, 2023, and 2022, DFC had no balances for liabilities for losses on pre-1992 guaranties.

I. SUBSIDY EXPENSE FOR LOAN GUARANTIES BY PROGRAM AND COMPONENT

(dollars in thousands)

As of September 30, 2023 2022

Subsidy Expense for New Loan Guaranties Disbursed

Defaults, Net of Recoveries $ 45,534 $ 48,017

Fees and Other Collections (69,651) (99,704)

Other 10,115 6,505

Total Subsidy Expense for New Loan Guaranties Disbursed (14,002) (45,182)

Modifications and Reestimates

Total Modifications (85) (2,824)

Net Interest Rate Reestimates 6,614 33,999

Net Technical Reestimates 31,507 114,326

Total Net Reestimates 38,121 148,325

Total Loan Guaranty Subsidy Expense $ 24,034 $ 100,319
2023 Annual Report dfc.gov | 79

J. SCHEDULE FOR RECONCILING THE LOAN GUARANTY LIABILITY

(dollars in thousands)

As of September 30, 2023 2022

Beginning Balance of the Loan Guaranty Liabilities $ (91,366) $ 250,762

Less: Claims Paid to Lenders (407,698) (721,173)

Add: Fees Accrued 263,353 249,006

Add: Subsidy Expense for Guarantied Loans Disbursed During the Year 18,757 22,387

Less: Negative Subsidy Payments (32,759) (67,569)

Add: Upward Reestimates 244,777 344,533

Less: Downward Reestimates (206,657) (196,209)

Subsidy Allowance Amortized 921,795 29,745

Loan Guaranty Modifications (85) (2,824)

Other (25) (24)

Ending Balance of the Loan Guaranty Liability $ 710,092 $ (91,366)

K. SUBSIDY RATES BY PROGRAM AND COMPONENT

As of September 30, 2023

Defaults, Net of 

Recoveries Interest Fees Other Total

Direct Loans

Direct Loans 16.19% - (25.40)% - (9.21)%

Direct Loan Investment Funds 3.92% (9.91)% (3.14)% - (9.13)%

Direct Loans in Foreign Currencies 13.26% 16.09% (17.33)% (2.01)% 10.01%

Loan Guaranties

USAID Mission-led Guaranties 7.41% - (1.50)% - 5.91%

Loan Guaranties 13.57% - (21.77)% - (8.20)%

Limited Arbitral Award Coverage 5.30% - (8.99)% - (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 $142,646 thousand and 

$108,597 thousand for the period ended September 30, 2023, and 2022, respectively.

M. LOANS RECEIVABLE

Loans Receivable, Net, reported on the Consolidated Balance Sheet for all direct loans and defaulted guaranteed loans 

receivable include the activity in the following table. In FY2022, DFC presented $187,759 thousand for subsidy allowance 

amortization. In FY2023, subsidy allowance amortization is broken out between interest received ($395,686 thousand), 

interest earned on uninvested funds ($77,197 thousand), interest expense ($215,476 thousand), and other increase/

decrease to subsidy allowance ($72,205 thousand).
2023 Annual Report dfc.gov | 80

(dollars in thousands)

As of September 30, 2023 2022

Beginning Balance of the Loans Receivable, Net $ 7,523,771 $ 6,730,788

Add: Loan Disbursements 2,432,096 1,953,927

Less: Principal Payments Received (894,295) (1,109,368)

Less: Interest Received (395,686) -

Add: Loan Guaranty Claim Payments Converted to Loans Receivable 494,623 723,683

Add: Interest Accruals 58,330 61,576

Less: Fees Accrued (4,968) (5,090)

Add: Capitalized Fees to Loan Principal 35,391 20,966

Less: Interest Revenue on Uninvested Funds (77,197) -

Add: Interest Expense on Entity Borrowings 215,476 -

Less: Subsidy Expense (17,963) (14,784)

Add: Negative Subsidy Payments 198,172 127,374

Less: Upward Reestimates (233,163) (269,220)

Add: Downward Reestimates 373,872 196,334

Less: Subsidy Allowance Amortization - (187,759)

Other Increase/Decrease to Subsidy Allowance 72,205 -

Loan Modifications 1,011 (637)

Allowance for Loan and Interest Loss Adjustments 460,387 (704,019)

Ending Balance of Loans Receivable, Net $ 10,242,062 $ 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, 2023 Acquisition Cost 

 Accumulated 

Depreciation 

 Net 

Book Value 

Equipment $ 3,925 $ (3,904) $ 21

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

Total Property, Plant, and Equipment, Net $ 13,509 $ (13,488) $ 21

(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, Plant, and Equipment, Net $ 13,509 $ (13,354) $ 155

Roll forward of General Property, Plant, and Equipment, Net

(dollars in thousands) Acquisition Cost 

 Accumulated 

Depreciation 

 Net 

Book Value 

Balance as of October 1, 2022 $ 13,509 $ (13,354) $ 155

Depreciation Expense - (134) (134)

Balance as of September 30, 2023 $ 13,509 $ (13,488) $ 21

(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
2023 Annual Report dfc.gov | 81

Note 7: Advances and Prepayments

DFC’s advances and prepayments consist of the following:

(dollars in thousands)

As of September 30, 2023 2022

Advances for Claim Payments $ 183 $ 1,247

Total Advances and Prepayments $ 183 $ 1,247

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, 2023 2022

Intragovernmental

Unfunded FECA Liability $ 27 $ 144

Total Intragovernmental 27 144

With the Public

Federal Employee Benefits Payable 7,221 6,149

Insurance and Guaranty Program Liabilities

Other

192

131

43,685

-

Total With the Public 7,544 49,834

Total Liabilities Not Covered by Budgetary Resources 7,571 49,978

Total Liabilities Covered by Budgetary Resources 11,796,325 9,369,303

Total Liabilities Not Requiring Budgetary Resources 156,782 157,581

Total Liabilities $ 11,960,678 $ 9,576,862

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 Congress 

and without a contingency having to be met first. DFC’s liabilities covered by budgetary resources primarily consist of 

borrowings payable to the Treasury, loan guaranty liabilities, and downward reestimates payable to the Treasury. 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, 

the Treasury will finance the liquidation in the same way that the 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 surplus. DFC’s liabilities not covered by budgetary resources primarily consist of accrued unfunded annual leave in 

FY2023. In FY2022, DFC’s liabilities not covered by budgetary resources consisted of insurance claims payable and accrued 

unfunded annual leave. DFC had liabilities for insurance in FY2022 primarily due to the wartime activities in Ukraine 

impacting insured energy projects, which were paid in FY2023.
2023 Annual Report dfc.gov | 82

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

In FY2023 and 2022, DFC increased borrowings to finance the increased direct loans portfolio. DFC’s debt consists of:

(dollars in thousands)

As of September 30,

Source of Debt

2022 Beginning 

Balance

2022 Net 

Borrowing

2022 Ending 

Balance

2023 Net 

Borrowing

2023 Ending 

Balance

Debt Owed to the Treasury Other 

Than Federal Financing Bank $ 7,723,761 $ 1,241,210 $ 8,964,971 $ 1,532,609 $ 10,497,580 

Total Debt $ 7,723,761 $ 1,241,210 $ 8,964,971 $ 1,532,609 $ 10,497,580 

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, 2023 2022

Intragovernmental Advances from Others and Deferred Revenue

Advances from Other Federal Agencies $ 1,267 $ 3,561

Total Intragovernmental Advances from Others and Deferred Revenue 1,267 3,561

With the Public Advances from Others and Deferred Revenue

Finance Retainer Fees and Deferred Facility Fees 126,153 127,320

Rent Incentives 18,371 14,194

Total With the Public Advances from Others and Deferred Revenue 144,524 141,514

Total Advances from Others and Deferred Revenue $ 145,791 $ 145,075

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 will transfer to the 

Treasury general fund receipt accounts for downward reestimates, and negative subsidy amounts for DFC’s direct loans and 

loan guaranties made under the FCRA, as well as excess funds related to direct loan and loan guaranties made prior to FY1992. 

During the year, DFC transfers funds to the Treasury’s general fund receipt accounts, and at year-end the Treasury sweeps 

the funds, reducing the balance of FBwT in the general fund receipts accounts to zero. At year-end, DFC accrues current-year 

reestimates. Direct loans and loan guaranties made after FY1991 that are covered under the 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, are downward reestimates, requiring funds to be transferred to the 

Treasury. DFC cannot transfer these funds until it receives authority from OMB, which will occur in the succeeding fiscal year. 

When recording downward reestimate accruals, DFC records a payable to the Treasury general fund receipt account for the 

downward reestimates payable from 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 U.S. Government for the downward reestimates. The downward reestimates 

payable is a current liability to be paid in the subsequent fiscal year. The table below shows the balance of the entity and nonentity assets and liabilities for the downward reestimates accrued as of September 30, 2023, and 2022.
2023 Annual Report dfc.gov | 83

(dollars in thousands)

As of September 30, 2023 2022

Entity

Intragovernmental Liabilities

Financing Funds Payable to the General Fund Receipt Account $ (580,530) $ (392,542)

Non-Entity

Intragovernmental Assets

General Fund Receipt Accounts Receivable 580,530 392,542

Intragovernmental Liabilities

Liability to the General Fund of the U.S. Government for Other

Non-Entity Assets — Downward Reestimate Payable to the Treasury (580,530) (392,542)

Liability to the General Fund of the U.S. Government for Other Non-Entity Assets $ (580,530) $ (392,542)

Note 12: Other Liabilities

DFC’s other liabilities consists of the following current liabilities:

(dollars in thousands)

As of September 30, 2023 2022

Intragovernmental:

Other Liabilities

Employer Contributions and Payroll Taxes Payable $ 363 287

Unfunded FECA Liability 27 144

Total Intragovernmental 390 431

With the Public:

Accrued Funded Payroll and Benefits 5,248 4,359

Other 131 -

Total With the Public 5,379 4,359

Total Other Liabilities $ 5,769 $ 4,790

Note 13: Accounts Payable

DFC’s accounts payable consist of other payables with the public for services as of September 30, 2023. In FY2022, 

accounts payable consisted of a direct loan disbursement in transit and other payables with the public for services. 

(dollars in thousands)

As of September 30, 2023 2022

Disbursements in Transit $ - $ 6,771

Other 2,389 274

Total Accounts Payable $ 2,389 $ 7,045
2023 Annual Report dfc.gov | 84

Note 14: Federal Employee Benefits Payable

Federal employee benefits payable consists of:

(dollars in thousands)

As of September 30, 2023 2022

Accrued Unfunded Annual Leave $ 7,221 $ 6,149

Employer Contributions and Payroll Taxes Payable 123 98

Total Federal Employee Benefits Payable $ 7,344 $ 6,247

Note 15: 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 generally 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, on-demand, 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 cost of the insurance program is $16,086 thousand and $54,989 thousand for the fiscal years ended 

September 30, 2023, and 2022, respectively. DFC collected $13,841 thousand and $21,901 thousand in insurance 

premiums for the fiscal years ended September 30, 2023, and 2022, 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 

fiscal years ended September 30, 2023, and 2022. 

DFC is able to invest proceeds from its insurance program in Treasury non-marketable, market-based securities. See Note 1

for additional information.
2023 Annual Report dfc.gov | 85

Under most DFC insurance contracts, investors may obtain all coverages, but claim payments may not exceed the singlehighest 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, 2023 2022

Unearned Insurance Premiums $ 10,991 $ 12,507

Unpaid Insurance Claims 192 43,685

Total Insurance Program Liabilities $ 11,183 $ 56,192

DFC has unpaid insurance claims that are recorded as unfunded liabilities. DFC’s liability for unpaid insurance claims and 

activity for FY2023 and 2022 consists of: 

(dollars in thousands) 2023 2022

Unpaid Insurance Claims as of October 1 $ 43,685 $ 133

Claims Expense 5,793 43,837

Less: Claims Paid (49,032) (285)

Less: Claims Withdrawn (254) -

Unpaid Insurance Claims as of September 30 $ 192 $ 43,685

The increase in claims paid in FY2023 is primarily related to a claim for political violence in the Ukraine due to the current 

war in Ukraine. The claim expense in FY2022 for the Ukraine policy included the gross claim amount of $45 million less 

$4.5 million in estimated recoveries. The amount paid was the full $45 million. In FY2023, the claims paid related to 

projects started under OPIC. In FY2022, the claims paid were related to contracts started under DFC.

The liability for losses on remaining coverage as of September 30, 2023, and 2022, 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 it is the period the insurance 

is in-force and unexpired. DFC’s analysis of estimated losses on remaining coverage incorporated a review of maximum 

contingent liabilities, current exposure to claims, historic claims, anticipated recoveries, and anticipated premiums. The 

analysis includes the past 14 years of historic coverages and claims, and assumes historic experience is analogous to current 

conditions. Anticipated claims were discounted using the 1-year Treasury rates. DFC assumes that recovery payments 

will begin four years after the claim is paid and the recovery payment period will last two years. DFC is not anticipating 

recoveries on claims paid prior to 2019. The estimated discounted claims on the portfolio are $159,677 thousand and 

$68,916 thousand for FY2023 and 2022, respectively. The estimated discounted unearned premiums on the portfolio are 

$8,169 thousand and $10,634 thousand for FY2023 and 2022, respectively, and the estimated discounted recoveries are 

$105,311 thousand and $61,882 thousand for FY2023 and 2022, respectively. As of September 30, 2023, and 2022, DFC 

had no liability for losses on remaining coverage.
2023 Annual Report dfc.gov | 86

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, 2023, was $3.6 billion, of which $1.0 billion is shared by third parties as a result of reinsurance 

arrangements. The current exposure to claims as of September 30, 2022, was $3.5 billion, of which $415 million was shared 

by third parties as a result of reinsurance arrangements.

Note 16: Leases

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 is amortized to recognize rent 

expense on a straight-line basis over the life of the lease. Rental expense was approximately $14.3 million and $8.3 million 

for the fiscal years ended September 30, 2023, and 2022, respectively. The following table presents future non-cancelable 

rental payments.

(dollars in thousands)

For the Years Ending September 30:

Non-Federal 

Lease Payments

2024 $ 10,726

2025 11,540

2026 16,260

2027 18,497

2028 18,959

After 2028 125,963

Total Future Lease Payments $ 201,945

Note 17: Budgetary Resources

A. NET ADJUSTMENTS TO UNOBLIGATED BALANCE, BROUGHT FORWARD

(dollars in thousands)

For the Periods Ended September 30, 2023 2022

Budgetary

Non-Budgetary 

Credit Reform 

Financing 

Accounts Budgetary

Non-Budgetary 

Credit Reform 

Financing 

Accounts

Unobligated Balance, Prior Year $ 6,469,761 $ 1,297,219 $ 6,521,648 $ 1,316,876 

Borrowing Authority Withdrawn - (223,273) - (644,589)

Repayments of Borrowings to the Treasury - (648,696) - (505,860)

Capital Transfers to the General Fund of the Treasury (6,882) - (8,077) -

Recoveries of Prior-Year Obligations 11,423 224,263 24,351 649,653 

Transfers in of Prior-Year Authority 12,388 - 9,322 -

Canceled Authority (349) - - -

Unobligated Balance from Prior-Year

Budget Authority, Net $ 6,486,341 $ 649,513 $ 6,547,244 $ 816,080 
2023 Annual Report dfc.gov | 87

Differences between the Unobligated Balance, end of year, and the Unobligated Balance from Prior-Year Budget Authority, 

as presented on the FY2023 Combined Statement of Budgetary Resources, are primarily due to the following:

• Recoveries of Prior-Year Obligations: These include reductions of obligations made in previous years, mostly in the 

direct loan program.

• 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 the Treasury: DFC repays borrowings from the Treasury for its direct loan and loan 

guaranty programs, reducing budget authority. 

• Capital Transfers to the General Fund of the Treasury: The excess funds held by liquidating funds for direct loan 

and loan guaranty programs made before FY1992 are transferred to the Treasury each year, reducing the budget 

authority. 

• 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. 

• Canceled Authority is authority that is no longer available to DFC. 

B. PERMANENT INDEFINITE APPROPRIATIONS

The FCRA authorizes permanent, indefinite appropriations from the 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 the 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 is pledged for full payment. DFC is authorized by statute to borrow from the 

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 the 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, 2023, and 2022, DFC had $9,705 million 

and $8,545 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 include 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 
2023 Annual Report dfc.gov | 88

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 de-obligated in a subsequent fiscal year, are available for obligation for an additional four years. Funds remaining after 

the period of availability become canceled authority and are returned to the 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)

As of September 30, 2023 Intragovernmental With the Public Total

Unpaid $ 1,082,155 $ 10,390,842 $ 11,472,997

Paid - 183 183

Total Obligations $ 1,082,155 $ 10,391,025 $ 11,473,180

(dollars in thousands)

As of 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

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, 2022

Budgetary 

Resources

New Obligations 

and Upward 

Adjustments

Distributed 

Offsetting 

Receipts Net Outlays 

Combined Statement of Budgetary Resources $ 15,215 $ 7,448 $ (426) $ 1,605

Expired Funds Not Reported in 2023 President’s Budget (32) - - -

Variances as a Result of OPIC Funds Transferred to DFC - - - (2)

Differences from OMB Distributed Offsetting Receipts 

Report 11 -

Budget of the U.S. Government $ 15,183 $ 7,448 $ (415) $ 1,603

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 SBR to the actual balances per the upcoming 

year’s budget. 

For example, DFC’s FY2023 SBR will be reconciled to the actual balances per the 2025 Budget of the U.S. Government that 

will be released in FY2024. The Budget with the actual amounts for this current year will be available later at

www.whitehouse.gov/omb/budget. 

Balances reported in the FY2022 Combined SBR 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. Differences in Distributed Offsetting Receipts include differences in funds that OMB uses 

to calculate the amount on a quarterly report. OMB includes clearing accounts and does not include negative subsidy 

amounts. Other minor differences are the result of rounding variances.
2023 Annual Report dfc.gov | 89

H. DISTRIBUTED OFFSETTING RECEIPTS

Distributed Offsetting Receipts are amounts transferred to the Treasury and credited to a General Fund Receipt Account 

that offset DFC budget outlays. Agency outlays are measured on both a gross and net basis, with net outlays being reduced 

by offsetting receipts. DFC’s Distributed Offsetting Receipts consist of negative subsidies from the direct loan and loan 

guaranty programs and downward reestimates from the prior fiscal year, both of which are transferred to the Treasury 

General Fund Receipt Accounts. The Treasury publishes a report each month of each agencies’ Distributed Offsetting 

Receipts (www.fiscal.treasury.gov/reports-statements/mts/quarterly.html). The report excludes DFC’s negative subsidies for 

direct and loan guaranty programs, which have been reported on the SBR.

Note 18: Reconciliation of Net Cost of Operations to Net Outlays

The Net Cost to Net Outlays Reconciliation schedule reconciles the Net Cost (reported in the Consolidated Statements 

of Net Cost) to the Net Outlays (reported in the Combined SBR). The reconciliation clarifies the relationship between 

budgetary and proprietary accounting information. Reconciliation items included: (1) transactions that 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 Cost of Operations 

to Net Outlays excludes financing funds activity for programs subject to the 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, Net and 

Loan Guaranty Liability activity is reported below for the liquidating funds for direct loans and loan guaranties made prior to 

FY1992.

In FY2023 and 2022, 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 current-year net cost 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) and 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) acquisition of investments, which are 

investments in non-intragovernmental projects that are recorded on the balance sheet. The investments impact net outlays 

but have no impact on the net cost; (5) 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 (6) distributed 

offsetting receipts, which are funds that DFC has sent to the General Fund of the Treasury for its credit programs under the 

FCRA. These amounts reduce the net outlays on the Combined SBR but have no impact on the net cost to DFC.
2023 Annual Report dfc.gov | 90

(dollars in thousands)

For the Period Ended September 30, 2023 Intragovernmental With the Public Total

Net Cost $ (117,745) $ 79,532 $ (38,213)

Components of Net Cost That Are Not Part of Net Outlays:

Property and Equipment Depreciation - (134) (134)

Year-end Credit Reform Subsidy Accrual Reestimates 102,589 - 102,589

Net Gains/(Losses) on Investments - (9,069) (9,069)

Increase/(Decrease) in Assets:

Accounts Receivable, Net 140 803 943

Loans Receivable, Net - (39,941) (39,941)

Investments, Net 1,922 - 1,922

Advances and Prepayments - (417) (417)

(Increase)/Decrease in Liabilities:

Accounts Payable - (2,115) (2,115)

Subsidy Payable to the Financing Account 613,753 - 613,753

Federal Employee Benefits Payable - (1,073) (1,073)

Insurance and Guaranty Program Liabilities - 45,008 45,008

Advances from Others and Deferred Revenue 2,295 1,734 4,029

Other Liabilities 17 (888) (871)

Other Financing Sources:

Imputed Costs (6,189) - (6,189)

Total Components of Net Cost That Are Not Part of Net Outlays 714,527 (6,092) 708,435

Components of Net Outlays That Are Not Part of Net Cost:

Acquisition of Investments - 146,839 146,839

Return of Investments - (780) (780)

Effect of Prior-Year Credit Reform Subsidy Reestimates (8) - (8)

Total Components of Net Outlays That Are Not Part of Net Cost (8) 146,059 146,051

Financing Sources:

Transfers-in Without Reimbursement (225,600) - (225,600) 

Total Financing Sources (225,600) - (225,600)

Miscellaneous Items:

Distributed Offsetting Receipts (398,962) - (398,962)

Total Miscellaneous Items (398,962) - (398,962)

Net Outlays $ (27,788) $ 219,499 $ 191,711

Agency Outlays, Net $ 191,711
2023 Annual Report dfc.gov | 91

(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)

Net 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 

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 

Return of Investments - (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)
2023 Annual Report dfc.gov | 92

Note 19: 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. The Treasury uses the trial balance information reported in the Governmentwide 

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. The 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 

2022 Financial Report (FR) can be found here: www.fiscal.treasury.gov/reports-statements and a copy of the

2023 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 FY2023 Consolidated 

Statement of Net Cost by program. Unrealized gains and losses are reported as a net number on the FY2023 Consolidated 

Statement of Net Cost.

FY2023 DFC Statement of Net Cost Line Items Used to Prepare FY2023 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 $ 538,674 $ (29,551) Non-Federal Gross Costs

Subsidy Costs (195,307) (29,551) Total Non-Federal Costs

Reestimates (102,589)

Unrealized Losses 12,650

Intragovernmental Costs

17,370 Benefit Program Costs

6,189 Imputed Costs

4,627 Buy/Sell Costs

254,793 Borrowing and Other Interest Expense

282,979 Total Intragovernmental Costs

Total Gross Costs 253,428 253,428 Total Reclassified Gross Costs

Earned Revenue (571,607) (339,781) Non-Federal Earned Revenue 

Investment Revenue (9,134) Intragovernmental Revenue

Unrealized Gains (13,581) (7,490) Buy/Sell Revenue

(138,442)

Federal Securities Interest Revenue Including Associated Gains/

Losses (Exchange)

(108,609) Borrowing and Other Interest Revenue

(254,541) Total Intragovernmental Earned Revenue

Total Earned Revenue (594,322) (594,322) Total Reclassified Earned Revenue

Net Cost $ (340,894) $ (340,894) Net Cost
2023 Annual Report dfc.gov | 93

FY2023 DFC Statement of Changes in Net Position

Line Items Used to Prepare FY2023 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 $ 400,785 $ 400,785

Unexpended Appropriations, Beginning Balance

- (1,011) Total Reclassified Corrections of Errors

Appropriations Received 1,236,707 1,236,707 Appropriations Received

Appropriations Transferred 

In/Out 12,388 12,388 Appropriations Transferred In/Out

Appropriations Used (974,137) (974,137) Appropriations Used 

Other Adjustments (1,361) (350) Adjustment of Appropriation Received

Total Unexpended 

Appropriations 674,382 674,382 Total Unexpended Appropriations

Cumulative Results of 

Operations Cumulative Results of Operations

Cumulative Results, 

Beginning Balance 6,772,638 6,772,638 Cumulative Results, Beginning Balance

- 1,011 Total Reclassified Corrections of Errors

Appropriations Used 974,137 974,137 Appropriations Used

Imputed Financing 

Sources 6,189 6,189 Imputed Financing Sources

Offset to Non-entity 

Collections (728,286) (728,286) Offset to Non-entity Collections 

Other 21,889 20,878 Other

Net Cost of Operations 340,894 340,894 Net Cost of Operations

Cumulative Results of 

Operations 7,387,461 7,387,461 Cumulative Results of Operations

Total Net Position $ 8,061,843 $ 8,061,843 Net Position
2023 Annual Report dfc.gov | 94

ACRONYM LISTING

ECA Europe and Central Asia

EV electric vehicle

GW gigawatt/GWh - gigawatt hour

ICT Information and communications technology

LP/L.P. limited partnership

LPG loan portfolio guaranty

LMIC low- or middle-income country

MENA Middle East and North Africa

MENAT Middle East, North Africa, and Türkiye

MFI microfinance institution

MIV microfinance investment vehicle

MSME micro, small, and mid-sized enterprise

MW megawatt

NBFC nonbank financial company

OPIC Overseas Private Investment Corporation

PE private equity

PET polyethylene terephthalate

Pte private

PV photovoltaic

Pvt. private limited business

SLP special limited partnership

VC venture capital

WASH water, sanitation, and hygiene
2023 Annual Report dfc.gov | 95

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.

Economic and Social Development Impact

22 U.S.C. § 9653(a)(1) the economic and social development impact, ... of projects supported by the Corporation.

DFC requires all transactions to 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.

Based on FY2023 site monitoring of a total of 53 projects, DFC is currently working with 17 projects to develop corrective 

measures to align with DFC’s human rights, environmental, labor, and social policies, or other related policies.

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 investment portfolio supports the U.S. Government’s policy agenda and complements the private sector engagement 

activities and development assistance programs of other U.S. Government agencies (USG). DFC is an active participant 

in USG initiatives such as Prosper Africa, Power Africa, Feed the Future, and the Partnership for Global Infrastructure and 

Investment (PGI). DFC also maintains close ties with the U.S. Agency for International Development (USAID) and many 

DFC-supported transactions are executed in collaboration with local USAID missions. In FY2023, the USAID-supported 

Mission Transaction Unit sourced and supported 28 transactions resulting in commitments of $479.1 million.

Data and

Transparency
2023 Annual Report dfc.gov | 96

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;

DFC works collaboratively with our interagency partners to find ways to remove barriers to private sector support for policy 

priorities and development challenges. 

On the margins of the inaugural Americas Partnership for Economic Prosperity Leaders’ Summit, DFC and IDB Invest 

launched a platform to expand their cooperation and financing for high-quality critical infrastructure and other strategic 

economic sectors in Latin America and the Caribbean. Through increased information sharing, coordination, and 

cooperation, DFC and IDB Invest aim to leverage the platform to expand their partnership and direct billions of additional 

dollars to support high-standard investments throughout the Western Hemisphere. The platform seeks to connect 

communities across Latin America with global markets to generate economic opportunity, lift families from poverty, and 

bolster economic growth.

In cooperation with the U.S. Department of Commerce, DFC approved $300 million in financing for sustainable 

infrastructure projects in emerging markets that are parties to the Indo-Pacific Economic Framework for Prosperity. For 

example, DFC support to I Squared Capital, a global infrastructure investment manager, will help mobilize up to $900 

million of equity capital to support climate infrastructure projects. 

DFC and USAID jointly announced a food security investment goal in 2021 at the 76th U.N. General Assembly. DFC 

achieved its goal of committing more than $1 billion to strengthen global food security two years ahead of schedule and 

intends to keep up the pace by investing an additional $1 billion by 2026. These transactions support smallholder farmers 

and are helping boost food production and mitigate the devastating global effects of food insecurity, especially in the face 

of Russia’s war of aggression in Ukraine, which has compromised grain and fertilizer exports. 

DFC currently has over $1 billion in exposure in Ukraine, roughly half of which is political risk insurance, and is actively 

supporting the country’s wartime economy. Since Russia’s renewed invasion in February 2022, DFC has committed over 

$425 million in new transactions, utilizing all of its tools and supporting key sectors like agriculture, healthcare, and small 

businesses. These investments build on cooperation between DFC, USAID, and the Ministry of Economy through the 

Advantage Ukraine program. 

DFC joined with the U.S. African Development Foundation and USAID to make a $500,000 loan to KeepItCool, an 

innovative African start-up, providing cold chain services to smallholder fisherfolk and traders in East Africa.

DFC approved a $150 million loan to Twigg Exploration and Mining Limitada to support the company’s investments in 

graphite mining and processing operations in Balama, Mozambique. The loan will increase production and diversify the 

global supply chain for graphite, which is a critical mineral for transport electrification and the clean energy transition. 

Graphite produced at the Balama mine will be shipped to a processing facility in Louisiana that received funding from the 

Department of Energy, demonstrating the potential for DFC to contribute to strategic efforts to increase clean energy 

investment in the United States.

DFC continues to host the Development Finance Coordination Group, which convenes working-level officials from 16 

U.S. Government agencies with an interest in harnessing the power of the private sector to address the world’s most 

critical foreign policy and development challenges. The members meet on a regular basis to identify and discuss ways to 

strengthen interagency collaboration in this area.
2023 Annual Report dfc.gov | 97

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 to 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.

Based on FY2023 monitoring, DFC is currently working with 17 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: Nine of the projects required improvements in human resources management, including occupational 

health and safety oversight, working conditions, grievance mechanisms, and adequately addressing discrimination concerns; 

one project required improvement in bulk and hazardous materials storage; two projects required additional management 

capacity to adequately address their portfolios; one project lacked documentation on informal land occupancy; one project 

required updated monitoring; one project scope changed, which required additional policy and procedural coverage; 

and two projects have delayed implementation of key environmental and social plans.

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’ section on page 7.

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—calculated in alignment with Organization for Economic Co-operation and Development 

methodology—for measuring capital mobilized from the private sector, was for FY2023 transactions totaling $6.5 billion, 

with $1.2 billion in Sub-Saharan Africa, $57.8 million in the Middle East and North Africa, $1.8 billion in the Indo-Pacific, 
2023 Annual Report dfc.gov | 98

$1.8 billion in Europe, and $0.5 billion in the Western Hemisphere. The remainder is through transactions with a global 

footprint. 

As part of the transactions DFC supported in FY2023, official lenders contributed $2.6 billion. 

Cooperation With Qualifying Sovereign Entities 

22 U.S.C. § 9653(b)(2) cooperation with a qualifying sovereign entity in support of each project;

DFC transactions often complement the work of many other sovereign entities and international financial institutions. 

This year, in partnership with the Government of Ecuador, the Inter-American Development Bank, Credit Suisse, Oceans 

Finance Company, and the Pew Bertarelli Ocean Legacy, DFC played a critical role in the establishment of the Galápagos 

Marine Bond. The debt conversion will generate an estimated $323 million for marine conservation in the Galápagos 

Islands over the next 18.5 years. The funds will capitalize an endowment for the Galapagos Life Fund (GLF), which will be 

a source of permanent funding for the GLF to continue supporting marine conservation projects. The debt conversion and 

related conservation activities will also advance Ecuador’s “30 by 30” Global Ocean Alliance pledge to protect 30 percent of 

its marine territory by 2030.

DFC is working with Japan Bank for International Cooperation to guarantee financing by Export Finance Australia for 

Telstra’s acquisition of Digicel Pacific’s telecom assets in Papua New Guinea and the Pacific. The deal will lead to network 

upgrades that will improve security and performance. 

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.

See our ‘Impact Results’ section on page 7.

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 FY2023 were projected to have a neutral or positive impact on U.S. 

jobs.
2023 Annual Report dfc.gov | 99

Endnotes

1. www.gov.uk/research-for-development-outputs/does-the-extension-of-the-rural-road-network-have-a-positive-impact-on-poverty-reduction-andresilence-for-the-rural-areas-served 

2. www.sum4all.org/publications/global-mobility-report-2017 

3. www.weforum.org/agenda/2020/04/coronavirus-covid-19-pandemic-digital-divide-internet-data-broadband-mobbile

4. www.iea.org/reports/sdg7-data-and-projections/access-to-electricity 

5. www.iea.org/reports/global-energy-review-2021

6. agrilinks.org/sites/default/files/resources/190829_usaid_ag_finance_primer_vfinal.pdf 

7. www.fao.org/family-farming/detail/en/c/1398060

8. iris.who.int/handle/10665/259817 

9. www.who.int/news-room/fact-sheets/detail/climate-change-and-health 

10. documents1.worldbank.org/curated/en/706751601388457990/pdf/Revised-Estimates-of-the-Impact-of-Climate-Change-on-Extreme-Povertyby-2030.pdf 

11. openknowledge.worldbank.org/entities/publication/2be91c76-d023-5809-9c94-d41b71c25635

12. Climate-linked refers to any project that furthers climate mitigation, adaptation, or sustainable landscapes directly in any capacity or facilitates climate 

co-benefits indirectly.

13. data.worldbank.org/indicator/SL.TLF.CACT.FE.ZS 

14. dalberg.com/our-ideas/towards-market-transparency-in-smallholder-finance

15. wid.world
U.S. International Development Finance Corporation

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