dfc.gov

May 11, 2020

Health and 

Prosperity 

Initiative

Call for Proposals
 

 

 

 

 

 

 

 

 

 

 

 

The U.S. International Development Finance Corporation (“DFC”) is launching its Call for 

Proposals (the “Call”) from private sector entities seeking DFC support for health-related 

investments in DFC-eligible emerging market countries via equity financing, debt 

financing, political risk insurance, feasibility studies, technical assistance, investment 

funds, and related DFC products. 

DFC’s focus in the health sector is to help low-income and middle-income countries1

attain a prosperous future by developing robust, sustainable health systems led by 

private sector innovators. As countries in the developing world face the immense 

challenges of the COVID-19 pandemic, addressing both communicable and the 

increasing prevalence of non-communicable diseases (NCDs) creates new strains on 

emerging market health systems. DFC seeks to finance economically sustainable private 

sector projects that support the global COVID-19 response and investments in health 

system capacity, including supply chains (including the production and distribution of 

PPE, ventilators, therapeutics, diagnostics, vaccines, and other medical 

supplies/products/equipment); innovative care delivery systems; digital health and 

related IT systems; health care financing and insurance; data science innovations; 

medical technology and devices; water and sanitation (WASH); nutrition; 

pharmaceuticals (with FDA certification or equivalent)2; biomedical research; and other 

related investments. DFC is particularly interested in supporting investments in Africa 

consistent with U.S. Government’s Prosper Africa initiative, investments that support 

women through the DFC’s 2X Women’s Initiative, investments that complement other 

U.S. Government global health programs, investments that leverage U.S. Government 

biomedical research in emerging technologies, and investments with the potential to 

have highly impactful health outcomes. 

DFC is America’s development bank, and partners with the private sector to support 

solutions to the most critical challenges facing the developing world today. DFC 

investments adhere to high standards and respect the environment, human rights, and 

worker rights. For additional information about DFC, please see www.dfc.gov. 

1 

1 As defined by the World Bank.

2 Projects involving the manufacturing of pharmaceuticals or medical equipment are reviewed closely. Prior to 

supporting such projects, evidence that the safety and efficacy of such products are approved/licensed by the U.S. Food 

and Drug Administration or an equivalent foreign public health authority must be received. DFC also requires evidence 

that the products have not been withdrawn from the U.S. market for reasons of safety or lack of effectiveness.

HEALTH AND PROSPERITY INITIATIVE CALL FOR PROPOSALS 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Dates 

Call Issued 

Proposals Due May 11, 2020 

Open Ended 

Geographic Focus Investment Types 

All DFC-eligible countries, with a 

special focus on Africa.

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Equity financing 

Debt financing 

Political risk insurance 

Feasibility studies & technical assistance 

Investment funds 

PURPOSE OF THE CALL 

DFC seeks to catalyze up to $5 billion over the next three years in health-related 

investments in DFC-eligible countries for expansion, business development, growth 

capital, and with new investment capital, restructuring and/or privatization of private 

sector entities working in the health sector. DFC will seek to commit up to $2 billion 

over the next three years in direct U.S. Government financing and other investment 

support through this initiative. Selections will be conducted through a competitive 

process. DFC has sole discretion in making selections, including policy priorities, market 

needs, and the ongoing construction of a balanced and diversified portfolio. 

INVESTMENT QUALIFICATIONS & CHARACTERISTICS 

• Applicants should be seeking DFC support for private sector-led investments that

support the COVID-19 response or other projects in health system capacity,

including supply chains (including the production and distribution of PPE,

ventilators, therapeutics, diagnostics, vaccines, and other medical supplies);

innovative care delivery systems; digital health and related IT systems; health care

financing and insurance; data science innovations; medical technology and

devices; water and sanitation (WASH); nutrition; pharmaceuticals (with FDA

certification or equivalent)4; biomedical research; and other related investments.

• Additional consideration will be given to proposed investments that support USG

government priorities, including to enhance two-way trade and investment

between the U.S. and Africa as envisioned by the U.S. Government’s Prosper

Africa initiative; investments that support women through the DFC’s 2X Women’s

2 

 

3 Visit Where We Work for a full list of DFC-eligible countries.

 

4 Projects involving the manufacturing of pharmaceuticals or medical equipment are reviewed closely. Prior to 

supporting such projects, evidence that the safety and efficacy of such products are approved/licensed by the U.S. Food 

and Drug Administration or an equivalent foreign public health authority must be received. DFC also requires evidence 

that the products have not been withdrawn from the U.S. market for reasons of safety or lack of effectiveness.

HEALTH AND PROSPERITY INITIATIVE CALL FOR PROPOSALS 
 

 

 

 

 

 

 

 

 

 

 

 

Initiative; investments that complement other U.S. Government global health 

programs such as PEPFAR, PMI, and the Global Health Security Agenda (GHSA); 

and investments with the potential to have highly impactful health outcomes for 

COVID-19 or NCDs. 

• Proposed opportunities and target countries should be described in the

applicant’s submission.

• The investment thesis should reflect the management team’s prior experience and

track record of impact and financial performance.

• DFC is targeting individual investments ranging in size from $5 million to $500+

million, for a total aggregate direct exposure of up to $2 billion through this

initiative.

• Applicants must be privately owned and managed entities.

SELECTION CRITERIA 

1. Credibility and thoughtfulness of the proposal; consistency and clarity of the

investment thesis and proposed strategies.

2. Previous track record of the management team making or managing investments

in emerging markets, and the team's experience in the health sector.

3. Experience, depth, credibility, and cohesiveness of the management team.

4. Ability to show a compelling business plan that addresses a market opportunity

and logistics delivery capacity needed to improve health outcomes.

5. The management team’s experience servicing debt obligations or acting as a

fiduciary in managing institutional capital, and meeting reporting requirements.

6. Ability to mobilize additional capital within a reasonable time.

7. Demonstration of how the proposed investments may have a sustainable, positive

developmental impact on the host country/countries in support of country

priorities in areas including, but not limited to health outcomes, job creation,

infrastructure improvements, social policies, and corporate social responsibility

initiatives, as well as innovation, technology and knowledge transfer.

8. Ability of project to comply with DFC’s policies related to environmental and

social sustainability as well as respect for human and workers’ rights. For further

details on DFC policies, please visit DFC Policies.

5,6

9. Ability of the project to specify and meet pertinent metrics, articulate how and

why it will produce specific outcomes, and evaluate performance.

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5 DFC Policies incorporate the International Finance Corporation Performance Standards.

 

6 DFC investment support may not be used for activities relating to research, advocacy, or performance of, 

involuntary sterilization or abortion as a means of family planning.

HEALTH AND PROSPERITY INITIATIVE CALL FOR PROPOSALS 
 

 

 

 

10. DFC prefers, but does not require, a “U.S. Connection,” which means that the

project company must either (i) be a U.S. entity that is at least 25% U.S.-owned or

a foreign entity that is majority U.S.-owned, OR (ii) raise investment capital from

U.S. investors that is equal to or greater than 25% of the DFC loan or other

support.

SELECTION PROCESS 

Non-Qualifying Proposals 

Each proposal will be reviewed utilizing DFC internal policies and procedures, will 

require appropriate application materials as specified on the DFC website for each 

product, and against the criteria of the Call. Those entities not selected for further due 

diligence review will be notified via email. The selection process is very competitive, and 

DFC may receive proposals from many highly qualified applicants. Regrettably, DFC may 

not have the capability to support all of the worthy investment opportunities that apply. 

Selection of Finalists 

Each application will be assigned to the relevant business line (loan, equity investment, 

political risk insurance, fund investment, feasibility study or technical assistance) and 

screened to determine which applicants will be selected for further consideration. A 

project team will be assigned for those selected for further consideration. The project 

team may conduct on-site due diligence of finalists. DFC may select candidates for 

further due diligence based solely on their written proposals. 

Recommendations & Approvals 

Upon the completion of due diligence, the project team will make its recommendation 

for selecting one or more investments for consideration for approval which may involve 

DFC’s Investment Committee and Board of Directors, as appropriate. DFC reserves the 

right to recommend any proposals or none of them. 

SUBMITTING A PROPOSAL 

1. Set up an account in the DFC Forms system

The DFC Forms system is the on-line platform where all potential clients complete 

application and associated forms for all of DFC’s product lines. If you do not already 

have an account in this system, please follow the instructions in this User Guide and set 

up an account as soon as possible if you intend to submit a proposal. 

2. Submit your proposal online

Once you have set up an account in the DFC Forms system, log in and select the 

application/registration form for the appropriate product: Form 001 for Finance, Form 

HEALTH AND PROSPERITY INITIATIVE CALL FOR PROPOSALS 4 
002 for Political Risk Insurance or Form 004 for Investment Funds. You may complete 

application forms for more than one DFC product and for more than one project within 

the same account. Each form will guide you through a series of questions and will let you 

know if you have not answered a question that DFC deems mandatory (i.e. the system 

will not let you submit the form until all mandatory questions are complete). Some 

questions ask for you to attach specific supporting documentation, but you may attach 

additional documentation at any time by clicking the “Supporting Documentation” link at 

the bottom of any page in any form. Once you click “Submit” on the last page of any 

form, your proposal will be sent to DFC and will no longer be available for editing and 

you will not be able to submit any more documents without DFC assistance. Please 

ensure that your proposal is complete before you click “Submit”. 

DFC reserves the right not to consider any proposal submitted after the deadline or to 

extend the deadline at its discretion. 

OTHER 

• To obtain a description of DFC investment products, please visit

DFC’s Investment Products website.

• DFC will not be liable for any costs incurred in connection with the submission of

a proposal.

• DFC reserves the right not to select any of the proposals or to suggest that

proposals be supplemented or combined with other proposals without reinitiating

the selection process. The issuance of the Call does not obligate DFC to provide

support to any proposal or any selected project.

HEALTH AND PROSPERITY INITIATIVE CALL FOR PROPOSALS 5