DFC Approves 21 New Investments, Mobilizing More Than $1.1 Billion to Tackle Development Challenges Worldwide

Media Release


DFC’s Board of Directors voted to approve landmark renewable energy, supply chain logistics, gender equity, and food security transactions this quarter


WASHINGTON – U.S. International Development Finance Corporation (DFC) Board of Directors has approved four investments totaling $875 million this quarter, accelerating the agency’s progress in tackling key development challenges including food security and filling logistics gaps, as well as Biden Administration priorities including climate change, gender equity, and advancing the President’s Build Back Better World (B3W) Initiative. The agency also approved 17 other investments totaling nearly $254 million since the last quarterly board meeting in September 2021. The project approvals this quarter total more than $1.1 billion that DFC will invest toward innovative and promising development projects around the world.

“Thanks to the leadership of our terrific Board of Directors, DFC approved key projects this quarter that will help advance global efforts to tackle the climate crisis, support inclusive growth and gender equity in developing countries, and more,” said Dev Jagadesan, DFC’s Acting Chief Executive Officer. “As DFC marks is two-year anniversary, I am proud to see the agency continue to grow and adapt to provide new development finance tools, embark on innovative and challenging new transactions, and expand our client base in order to advance our mission.”

This quarter’s work builds upon the most productive year for the agency in 25 years, including record levels of new commitments; vaccine manufacturing investments expanding capacity for 2 billion doses of COVID-19 vaccines; a 5x increase in health care investments; and transformational climate investments including the largest debt for marine preservation transaction ever. In addition, DFC made its largest debt investment ever, driving alternative supply chains for solar manufacturing. The agency also increased staffing to support mission priorities.

In advance of the Board meeting, DFC held a public hearing, where representatives from the public had the opportunity to share their views on DFC’s work. The Board meeting included votes to approve a new equity investment in LCP Fund II Cooperatief U.A., an investment fund providing growth capital for medium-sized companies in Egypt focusing on health, food and agriculture, and logistics. The Board also welcomed new leadership in DFC’s Equity Office, received a management report from agency leadership, and presented an Audit Committee Report. For a full summary of today’s meeting of the Board of Directors, please visit: Board of Directors | DFC.

Earlier in the quarter, DFC’s Board of Directors approved via notational vote three other projects: First Solar, RBL Bank Ltd., and Shriram Transport Finance.

DFC’s development mandate is at the core of the agency’s mission, and 81 percent of projects approved this quarter will benefit low and lower-middle income countries, as well as fragile states. The investments approved this quarter advance DFC’s development strategy, the Roadmap for Impact, and support many of DFC’s flagship initiatives including the 2X Women’s Initiative, Portfolio for Impact and Innovation (PI2), and Global Health and Prosperity Initiative

Investments approved by the Board this quarter include:

  • Supporting renewable energy and securing supply chains in the U.S. and India: An up to $500 million loan to First Solar, a competitive U.S. solar panel manufacturer based in Tempe, AZ, to be used for the construction and operation of a new manufacturing facility in Tamil Nadu, India. The project promotes DFC’s commitment to climate change mitigation while improving solar supply chains and mobilizing the industry to take up better standards that align with U.S. values.
  • Accelerating growth capital for key industries in Egypt:* An up to $25 million equity investment in LCP Fund II Cooperatief U.A, an investment fund that will provide growth capital for, and improve financial inclusion through, medium-sized companies in Egypt focusing on health, food and agriculture, and logistics.
  • Bolstering economic recovery through financial services in India: An up to $100 million loan to RBL Bank Limited, an Indian private sector bank headquartered in Mumbai, India will allow RBL Bank to increase its lending to businesses across India, including many businesses in India that were affected by the COVID-19 pandemic.
  • Boosting transportation and entrepreneurship in India: An up to $250 million loan to Shriram Transport Finance Company (STFC) will fund the expansion of STFC’s commercial vehicle finance program for micro, small and medium enterprises (MSMEs) in India. This investment will help the company to mitigate the economic impacts of the COVID-19 pandemic faced by Indian MSMEs, and expand STFC’s ability to finance the purchase of income-generating vehicles for clients including first-time business owners and entrepreneurs in low-income Indian states.

Additional sub-Board projects approved by DFC since its last quarterly Board meeting include:

  • Doubling down on support for energy access in Sierra Leone: $50 million in political risk insurance for CEC Africa (Sierra Leone) Limited to support the development, construction, and operation of an approximately 83.5 megawatt power plant in Sierra Leone, a country with one of the lowest electricity access rates in the world. Political risk insurance builds upon DFC’s $217 million loan committed in July 2021.
  • Growing a sustainable recycling industry in Africa and India:* $45 million loan for Averda Recycling Platform for the development, construction and operation of five low-density polyethylene and high-density polyethylene recycling facilities in Morocco, South Africa, and India.
  • Building development impact through a key global investment fund: $10 million loan to BUILD Fund S.A., SICAV-RAIF to finance high impact SMEs in least-developed countries worldwide.
  • Delivering development impact through blended finance: In partnership with USAID/DDI $5 million loan portfolio guaranty with Sida for Bamboo Capital Partners BUILD Fund, a UNCDF-backed blended finance fund focusing on financing sustainable development.
  • Expanding affordable housing in Guatemala: $19.5 million loan to Destino Desarrollos Inmobilarios Compania Limitada for expansion of affordable housing construction in Guatemala.
  • Supporting small businesses in Peru: $9.75 million loan portfolio guaranty to WBC Cooperativa de Ahorro y Credito Pacifico to expand lending to small and medium sized enterprises in Peru.
  • Bolstering inclusive economic growth and microenterprise in Tunisia: $22.75 million loan portfolio guaranty to Arab Tunisian Bank to mobilize local currency loans to MSMEs across Tunisia with a special focus on inland, hard-to-reach areas.
  • Boosting gender equity and SME growth in Papua New Guinea: $2.5 million loan portfolio guarantee with MiBank in PNG to support SME lending with a 2X focus and PNG’s COVID-19 recovery response.
  • Increasing food security in Kenya: $9.5 million loan to Apollo Agriculture, Inc. a financial vehicle making small micro loans and inputs available to small holder farmers in Kenya.
  • Advancing digital finance in Mexico: An investment guaranty for a $10 million loan to Konfio to expand its digital lending and financial solutions portfolio to SMEs in Mexico with a focus on women borrowers and those in less developed regions of the country.
  • Utilizing Investment funds to support growth in Southeast Asia: $10 million invested through Abound Capital, a venture debt fund focused on investments in early stage, high growth companies in South and Southeast Asia.
  • Bolstering lending to SMEs and healthcare projects in Honduras: In partnership with USAID/Honduras, $3.5 million loan portfolio guaranty to LAFISE Honduras to on-lend to SMEs that support gender equity and inclusion and companies supporting the health care response to the COVID-19 crisis.
  • Promoting e-mobility in East Africa: $9 million direct loan to Ampersand, an electric motorcycle taxi company in East Africa.
  • Empowering women in India: $7.8 million loan portfolio guaranty to Sonata Finance Private Limited to expand Sonata’s microfinance portfolio serving rural women at the bottom of the pyramid.
  • Advancing trade solutions for Indian businesses: A nearly $20 million loan portfolio guaranty to Origo Commodities India Pvt Ltd to expand their structured trade product which combines procurement, warehousing, and financing for traders, processors, etc.
  • Serving microenterprises in Ecuador: A $9.75 million loan portfolio guaranty to WorldBusiness Capital to support a loan to Banco Solidario S.A. to expand bank’s on-lending to microenterprises in Ecuador.
  • Building sustainable livelihoods for women across the developing world: A $10 million direct loan to the IIX Women’s Catalyst Fund will provide a pool of funds for investment into future Women’s Livelihood BondsTM structured by Impact Investment Exchange (IIX) to benefit and unlock the economic potential of women in lower-middle income countries and emerging markets worldwide.

*Investment subject to Congressional Notification.


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