DFC Approves 42 Transactions Totaling More Than $5.1 Billion Across Priority Sectors in Q3 of FY2024

Media Release


WASHINGTON, D.C. – In the third quarter of fiscal year 2024, the U.S. International Development Finance Corporation (DFC) approved 42 new projects at the board and sub-board levels totaling more than $5.1 billion in transactions that advance U.S. foreign policy objectives and drive developmental impact. Approved transactions this quarter include a package of more than $350 million in political risk insurance for projects in Ukraine and $120 million for small business lending in Mongolia. These projects span DFC’s priority sectors – infrastructure and critical minerals, energy, food security and agriculture, health, and small business support – and mobilize private capital to address some of the world’s most pressing challenges. The transactions may be subject to additional steps prior to commitment and closing, including Congressional Notification.

Transactions approved by DFC’s board of directors this quarter include:

  • Bridging funding gaps in Mongolia: A $120 million loan to Trade and Development Bank JSC will finance the expansion of on-lending programs to small and medium-sized businesses, with at least 30 percent dedicated to renewable energy installations, energy efficiency improvements, and sustainable agriculture programs.
  • Accelerating clean energy in Africa: A $40 million equity investment in Helios CLEAR Fund SCSp will help fund climate-focused growth businesses, scale and accelerate green initiatives, protect livelihoods from the effects of climate change, and support Africa’s contribution to global net-zero goals.
  • Four projects protecting private investment in Ukraine: A $50 million reinsurance facility brokered by Aon and distributed by ARX will build a portfolio of war risk insurance policies for companies operating in Ukraine and support ARX in expanding its war risk insurance offering in Ukraine; $150 million in political risk insurance will help maintain existing operations in Ukraine’s agricultural export sector, supporting Ukrainian livelihoods and generating significant exports to alleviate food insecurity; $152 million in political risk insurance will support a Ukrainian company involved in the manufacturing sector; and $5 million in political risk insurance will support Ukrainian students’ access to higher education amid the war.
  • Enhancing transportation infrastructure in Türkiye: $350 million in political risk insurance to Meridiam Eurasia 2 will support the development of a 31-kilometer greenfield motorway project connecting the Nakkaş district to the Başakşehir district in Istanbul, reducing transit times, stimulating economic activity, and alleviating road congestion along important trade routes.
  • Two transactions increasing access to energy in Mozambique and Southern Africa: A loan of up to $99 million to Central Eléctrica da Namaacha, along with $80 million in political risk insurance to Globeleq Africa Limited, will support the development, construction, and operation of a 120MW wind power project in Mozambique. The first wind power project in the country will increase the supply of low-cost clean electricity for the national grid and regional markets to support greater access to reliable energy.
  • Building affordable housing in Kenya: A $180 million loan to Acorn Master Finco One LLP will finance the construction and operation of new, EDGE Certified and affordable student rental housing in Nairobi and across Kenya. The financing will allow Acorn to expand its portfolio of affordable student housing in Kenya from 20,000 beds to close to 70,000 beds. With early-stage support from USAID and Prosper Africa, the transaction represents a whole-of-U.S.-Government partnership with Kenya’s private sector.

Please find more information on the DFC Board of Directors web page.

Additionally, DFC approved the following investments at the sub-board level:

  • Financing affordable housing in the Philippines: A $20 million loan to Lhoopa Singapore Pte. Ltd. will support a digital platform focused on the acquisition, renovation, and construction of affordable housing units for low-income communities throughout the country.
  • Financing early-stage businesses worldwide: A $10 million loan to GIF Growth will help to fund highly developmental early-stage businesses in Sub-Saharan Africa, South Asia, and Southeast Asia.
  • Investing in Mexico’s infrastructure and industries: A $25 million equity investment in Beel Sustainable Credit II will help provide much-needed financing for infrastructure projects across Mexico and contribute to the energy transition and supply chain resiliency.
  • Supporting electric vehicles in Kenya: A $10 million loan to Mogo Auto Limited will support the expansion of e-mobility in Kenya, building upon DFC’s longstanding support for the e-mobility economy in Kenya.
  • Advancing digital connectivity in Africa: A $51 million loan to M-KOPA Kenya Limited will support digital connectivity throughout the country by helping underserved communities access affordable smartphones.
  • Bolstering critical manufacturing in Ukraine: $10 million in political risk insurance to help rebuild an equipment manufacturing facility that was destroyed during Russia's invasion.
  • Increasing lending to 2X qualifying and climate-focused businesses: A $40 million loan portfolio guaranty to Alma Sunbird 2X LLC, managed by Almavest Ltd., will mobilize $63.5 million in U.S.-based commercial capital for investments into 2X-aligned and climate-focused small businesses worldwide.
  • Funding early-stage climate solutions to a woman-led fund in India: A $10 million equity investment in Avaana Sustainability Fund will support early-stage technology companies that are poised to address the heightened climate risks and sustainable growth challenges in India.
  • Supporting women entrepreneurs and green loans in the Dominican Republic: A $42 million loan portfolio guaranty to Banco de Reservas de la Republica Dominicana will support women micro-entrepreneurs in the southwest region, climate-focused loans, and small business lending across the country.
  • Financing women’s education in Kenya: A $10 million loan to Girls First Finance Loans LLC will support the development of a digital student lending platform. This platform will offer affordable education loans to students attending technical and vocational schools in Kenya, which is underpinned by online counseling, financial literacy tools, job-seeking support, and mentorship programs.
  • Unlocking financing for high-impact clients: A $5 million technical assistance (TA) grant to Tetra Tech will support DFC’s early-stage, innovative, and high-impact clients with commonly requested TA needs to help overcome key obstacles to financing.
  • Furthering Nepal’s energy independence goals: A $5 million loan portfolio guaranty to Laxmi Sunrise Bank will support lending to the electric vehicle sector in Nepal, helping finance the country’s investments in diverse transport options, greenhouse gas reduction initiatives, and energy independence.
  • Expanding electric buses in Kenya: A $10 million loan to BasiGo Limited will help the company expand its fleet of electric buses from 24 to 168 by 2025, strengthening urban mobility, creating new options for transit company owners, and reducing greenhouse gas emissions in line with Kenya’s National Climate Change Action Plan by replacing diesel-powered buses.
  • Expanding food security in Mexico: A $5.2 million loan to Nilus México S.R.L de C.V. will help expand the company’s footprint in Mexico. Nilus seeks to lower the cost of food for low-income individuals and communities by leveraging community group buying, increasing access to affordable and healthy groceries in urban food deserts.
  • Sustainably expanding forests in Brazil: A $50 million loan to NK 164 Empreendimentos e Participacooes, S.A., a portfolio company of BTG Pactual Timberland Investment Group’s Latin American reforestation strategy, will restore and plant trees on degraded cattle pasture in Mato Grosso do Sul, Brazil, for the conservation and restoration of natural forests and commercial timber production.
  • Expanding microloans to women in Pakistan: A loan portfolio guaranty of up to $15 million to Pakistan Microfinance Investment Company will support on-lending to microfinance institutions for supporting businesses in the renewable energy, agriculture, and livestock sectors with a special focus on lending to women-owned and women-led enterprises in Pakistan.
  • Helping Niger convert wind into energy: $1.2 million in technical assistance to Savannah Energy RN Limited will help support the development of a 250MW wind farm in Niger.
  • Bolstering housing and small business finance in India: A $50 million loan to Vastu Housing Finance Corporation Limited will address housing shortages and inequities in semi-urban and rural areas of India, particularly for women. The project will also provide financial support to small businesses.
  • Increasing small business lending in rural Ecuador: A $9 million loan guaranty to WorldBusiness Capital in support of a loan to Cooperativa de Ahorro y Crédito 23 de Julio Ltda. will expand the savings and loan cooperative’s lending to small businesses in rural areas of Ecuador.
  • Transforming mining in Rwanda: A $3.8 million technical assistance grant to Trinity Metals will support environmentally responsible mining practices, increase traceability, and expand worker safety at Rwanda’s largest mining company.
  • Protecting natural ecosystems in Sierra Leone: $10 million in political risk insurance will support West Africa Blue’s equity investment in a mangrove blue carbon project in the Bonthe and Moyamba regions of Sierra Leone. The project builds on a longstanding relationship with local communities and aims to develop long-term conservation, restoration, and income diversification activities funded sustainably through the issuance of high-quality, certified carbon credits.


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.