NEW YORK – The U.S. International Development Finance Corporation (DFC) announced at the 78th U.N. General Assembly major achievements designed to help solve some of the world’s most critical challenges. These announcements included investing more than $1 billion in food security years ahead of DFC’s previous announced goal, providing more than $1.6 billion to key democratic countries, and advancing efficiencies in how G7 development finance institutions work together on addressing global health crises.
Senior representatives from across DFC, led by CEO Scott Nathan, took part in bilateral meetings and high-level discussions with international leaders from the public and private sector. CEO Nathan, Deputy CEO Nisha Biswal, Chief Development Officer Larry Sacks, Chief Operating Officer Agnes Dasewicz, and Chief Climate Officer Jake Levine conducted numerous meetings and explained DFC’s core mission of mobilizing private sector investment to critical sectors in developing countries.
Throughout the week, DFC discussed how its targets align with the U.N.’s Sustainable Development Goals (SDGs), tying its core priorities to some of the world’s most pressing needs and ensuring that the substance of its work not only addresses these problems but also meaningfully improves people’s lives.
At the Seed Capital: Financing Africa’s Agricultural Growth event, CEO Nathan stated that in addition to meeting ahead of schedule the $1 billion food security financing goal set out by DFC in 2021, the agency is on track to invest another $1 billion in food security over just a few years. This investment will help address hunger and malnutrition and increase food production to help meet global demand, which has been exacerbated by Russia’s war of aggression in Ukraine.
At the Surge Financing for Medical Countermeasures event, co-hosted by DFC and USAID, CEO Nathan affirmed the United States’ commitment to providing vaccines in a fast and equitable way to people in developing countries who often do not receive the medical services they need. Key among the announcements was DFC’s intent to work with Gavi, the Vaccine Alliance, to extend the use of its current $1 billion facility beyond COVID-19 and meet other critical global health needs, including childhood diseases and vaccines for potential outbreaks. CEO Nathan noted that DFC will make additional announcements about this partnership in the coming weeks.
At the Democracy Delivers event, alongside Secretary of State Antony Blinken, USAID Administrator Samantha Power, and several heads of state, CEO Nathan discussed the important role DFC’s investments play. These investments help attract private sector investment that, in turn, fosters reforms that improve the business environment and strengthen democratic processes. CEO Nathan highlighted the more than $1.6 billion in financing DFC committed to this group of democratic countries, including Ecuador, Malawi, and Moldova over the past year, as well as the more than $100 million of new investments that will support clean energy solutions and small businesses in Nepal.
CEO Nathan and DCEO Biswal also engaged with heads of state from DFC priority countries and regions, including President Ruto of Kenya, President Lourenço of Angola, President Abinader of the Dominican Republic, President Wickremesinghe of Sri Lanka, and President Petro of Colombia. Throughout the week, the DFC delegation met with other senior officials and leaders in the private and non-profit sectors to identify areas of partnership going forward.
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The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
A Media Kit for DFC’s UNGA Week engagements is here: https://dfcgov.my.canva.site/unga-2023.