Media Release
WASHINGTON, D.C. – In the second quarter of fiscal year 2024, the U.S. International Development Finance Corporation (DFC) approved 22 new projects at the board and sub-board levels totaling more than $697 million. These transactions advance key strategic and developmental priorities across the globe, including strengthening infrastructure, increasing food security, and supporting small businesses.
DFC’s board of directors approved four projects this quarter:
- Supporting critical infrastructure across the African continent: An up to $250 million loan to Africa Finance Corporation will strengthen the capital position of a key pan-African multilateral development finance institution to support its investment activities, including infrastructure projects critical to economic growth and development.
- Increasing access to credit and digital banking in Colombia: A $150 million loan to Nubank Colombia will finance the expansion of the bank’s credit card and digital banking operations, increasing access to digital banking services for underserved and rural communities in Colombia.
- Mobilizing capital to support small businesses in Sub-Saharan Africa: A $65 million loan to SFC Finance Limited (dba AfricInvest Private Credit) will fund on-lending to small businesses throughout Sub-Saharan Africa, expanding access to term loans and working capital, especially among women-owned and women-led enterprises.
- Expanding business infrastructure and creating jobs in Senegal: An $81 million loan to VACAP Hospitality S.A. will finance the construction and operation of two new hotels in Dakar, Senegal, that will grow the business infrastructure and support the local economy through job creation, especially for women in roles including management and operations.
Please find more information on the DFC Board of Directors web page.
Additionally, DFC approved the following investments at the sub-board level:
- Growing financial inclusion in Africa: A $20 million loan to the African Local Currency Bond Fund will support capital market development and financial inclusion for small businesses including women-owned and women-led businesses across Africa.
- Expanding access to affordable housing in rural Guatemala: In collaboration with USAID/Guatemala, a $20 million loan to a Guatemalan savings and loan cooperative, Cosami R.L., will support the expansion of low-income mortgages that will finance the construction of borrowers’ first homes in rural Guatemala.
- Expanding sustainable agriculture in Guinea: A $5.5 million loan to Diaouné Agro-Industrie SARL will finance the construction of a cashew nut processing plant in Boké, Guinea, and increase the company’s capacity to export locally processed cashew nuts. This will support income growth and job creation in low-income, rural communities.
- Growing tech-enabled sustainable agriculture in India: A loan guaranty of $16.5 million benefiting Ecozen Solutions Private Ltd. will support the use of climate-smart technology such as smart solar-powered irrigation pumps and distributed off-grid, on-farm cold storage solutions for farmers. This will improve production, reduce food loss, and decrease emissions.
- Promoting mobility in El Salvador: In collaboration with USAID/El Salvador, a $6 million loan to Flexiplan will increase access to motorcycle financing for underserved populations, improving mobility, income-generation opportunities, and quality of life for communities across the country.
- Supporting tech-enabled entrepreneurs in Northern Central America: With catalytic funding from USAID/El Salvador, an equity investment of up to $2.5 million in ICV Delta Fund I, LP will support the fund’s investment in early-stage technology entrepreneurs that provide innovative solutions for underserved communities and small businesses in Northern Central America.
- Investing in small businesses in Southeast Africa: An equity investment of up to $15 million to Inside Equity Fund II will support the fund’s expansion of investments in underserved small businesses in Southeast Africa.
- Expanding financing for technology entrepreneurs in India: An equity investment of $10 million in Iron Pillar India Fund II will provide growth capital to support innovative and impactful technology-enabled enterprises in India.
- Promoting the growth of small businesses in Georgia: A loan guaranty of $20 million to JSC ProCredit Bank Georgia will advance lending to small businesses in Georgia with a focus on lending to green ventures and women-owned and women-led enterprises, expanding financial access for these segments.
- Extending capital for small businesses in Latin America: An up to $4 million equity investment in Kamay Ventures I L.P. will support the fund’s investment in early-stage technology entrepreneurs providing solutions in the consumer supply chain, including the agriculture and food systems, distribution and logistics, and fintech sectors across Latin America.
- Enabling lending to small businesses across Sub–Saharan Africa: A $500,000 technical assistance grant to Pezesha Africa Limited will provide the enterprise capital to leverage data science, machine learning, and other advanced computing technologies to further develop its credit scoring algorithm, enhancing its sustainable lending practices to small businesses in Sub-Saharan Africa.
- Expanding access to e-commerce in Senegal: A $5 million loan to QuantumID Technologies Senegal SASU will provide financing to expand the company’s proprietary technology, management systems, and last mile services to support e-commerce in Senegal.
- Strengthening food security in India: A loan guaranty of $5.5 million to RBL Bank Limited to ensure a local currency loan to WayCool Foods and Products Private Limited will help the company grow its sourcing and food distribution network in India and continue to reduce post-harvest losses in the local supply chain as it expands into new regions.
- Bolstering agriculture in Mexico: An up to $4 million equity investment in Regenera Ventures I will help to catalyze impact investments in rural Mexico to support regenerative agricultural practices. This will positively impact biodiversity, soil quality, and local communities in rural areas across the country.
- Expanding access to equipment leasing for small businesses in Colombia: A $10 million loan to Rentandes S.A.S will fund the expansion of the company’s commercial equipment leasing portfolio for small businesses in Colombia, with an emphasis on women-owned and women-led businesses.
- Three deals promoting development in India, Laos, and Vietnam: Nearly $800,000 in political risk insurance to The Asia Foundation will cover losses related to political violence. This will support development programs that promote economic reform, women’s empowerment, and governance reforms in India, Laos, and Vietnam.
Transactions may be subject to additional steps prior to commitment and closing.
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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.