DFC Approves More Than $3 Billion Across Priority Sectors in the Third Quarter of FY23

Media Release

WASHINGTON – In the third quarter of Fiscal Year 2023, the U.S. International Development Finance Corporation (DFC) approved 27 new projects at the Board and Corporation levels totaling more than $3 billion. The investments will support projects in key sectors including critical infrastructure, health, food security, energy, and small business support.

In the third quarter, DFC’s Board of Directors approved transactions including:

  • Improving transportation infrastructure in West Africa: A $150 million loan to Summa Airports (SL) Limited will finance the expansion, renovation, and operation of the Freetown International Airport in Sierra Leone.
  • Revitalizing transportation and energy infrastructure in Southern Europe: A $125 million loan to ONEX Elefsis Shipyards and Industries will support the modernization and streamlining of operations of the Elefsina Shipyards near Athens, Greece, creating a maritime and energy supply hub for the region.
  • Expanding clean energy supply in Ecuador: A $144 million loan to Solararomo will finance the development of a 200-megawatt solar power plant, which will be Ecuador’s first private-sector owned utility-scale solar power plant.
  • Supporting entrepreneurs building climate solutions in El Salvador: In collaboration with USAID/El Salvador, a $60 million loan to Banco de América Central (BAC) will expand the bank’s support for Salvadoran SMEs, especially those investing to address climate change.
  • Increasing production of critical helium resources in South Africa: A loan of up to $535 million to Tetra4 Proprietary Limited to expand the production of helium, which is essential for medical devices, defense and aerospace industries, and the production of semiconductor chips. These helium resources are highly concentrated, resulting in lower LNG production LNG will be used in the industrial and transportation sectors, including to reduce diesel consumption for heavy transportation vehicles.
  • Supporting earthquake relief and small businesses in Türkiye: A $100 million loan to Şekerbank in Türkiye will provide financial support to SMEs, including those that are women-owned or led, in need of earthquake relief and recovery assistance.
  • Mobilizing capital to support small businesses in Brazil: A $476.5 million guaranty for Stone SPV will fund working capital financing for thousands of Brazilian SMEs, an important but underbanked part of the country’s economy.
  • Securing energy access for partners in Central-Eastern Europe: In line with the goal of diversifying the European energy supply, which has experienced a severe disruption in the wake of the Ukraine war, DFC will provide a $500M guarantee to enable the Polish energy company, PKN ORLEN, to effectively limit its commodity price risk and reduce liquidity constraints associated with sourcing natural gas from alternative suppliers.
  • Bolstering small businesses and women entrepreneurs in Honduras: A loan up to $80 million to Banco Atlántida to expand its on-lending facility to SMEs in Honduras, one third of which will be women-owned or led businesses or provide a service that benefits women.

More information is available on DFC’s Board of Directors web page.

Additionally, DFC approved investments at the Corporation level including:

  • Boosting infrastructure across Africa: A $40 million equity investment in Pembani Remgro Infrastructure Fund II will support investments in infrastructure and related projects across Africa, including logistics, energy transition, and digital infrastructure.
  • Supporting healthcare and financial inclusion across Africa, South Asia, and Southeast Asia: A $25 million equity investment in LeapFrog Emerging Consumer Fund IV, a growth equity fund, will support investment in companies providing innovative healthcare solutions and financial services across Africa, South Asia, and Southeast Asia.
  • Bolstering food security in Kenya: A loan guaranty to Citibank, N.A. of an up to $7 million (local currency equivalent) working capital facility for iProcure Ltd., a tech-enabled logistics and distribution business dedicated to supporting farmers and improving food security in Kenya.
  • Supporting solar energy in India: A nearly $6 million loan portfolio guaranty to Annapurna Finance Pvt. Ltd. in collaboration with USAID/India will support more than $11 million in financing for solar energy in India.
  • Expanding access to capital in India: A $50 million loan to Vistaar Financial Services Private Limited will increase available capital for lending to small women-owned and -led enterprises in rural India facing barriers to financing.
  • Supporting small business innovation in Ukraine and Moldova: A $25 million equity investment in Horizon Capital Growth Fund IV, LP will support financing for high-growth technology and export-oriented small businesses in Ukraine and Moldova.
  • Increasing economic inclusion in Northern Central America: A $7.5 million equity investment in Pomona Impact Fund II LP will provide growth capital to small businesses involved in sustainable agribusiness, digital connectivity, and health, with an emphasis on women-owned and managed businesses.
  • Extending capital to small businesses in Mexico: In collaboration with USAID/Mexico, a $5 million loan portfolio guaranty to CO Capital to support impact investment in SMEs in southern Mexico operating in the education and workforce development, basic infrastructure, healthcare, and agriculture and food systems sectors.
  • Supporting small business across West and Central Africa: An equity investment in Joliba Capital Fund will support the expansion of the Fund’s investments in small and medium sized businesses across West and Central Africa.
  • Creating financial opportunities in South Africa: A $11.5 million loan guaranty to Absa Bank Limited in support of a local currency term loan to Lula Lend (Pty) Ltd (“Lulalend”) will enable Lulalend to expand its lending portfolio to MSMEs in South Africa using the company’s automated, data-centric credit scoring process.
  • Expanding access to capital for start-ups in Asia: A $15 million equity investment in Ankur Capital Fund III to provide capital support to innovative and impactful technology start-ups.
  • Bolstering inclusive economic opportunity for businesses in Ecuador: A $9 million loan guaranty to World Business Capital (WBC) for a loan to Cooperativa de Ahorro y Credito Fernando Daquilema will expand lending to indigenous and women-owned enterprises in Ecuador.
  • Expanding inclusive health services in Kenya: A $3 million equity investment in Kasha Global, Inc. will help this e-commerce company provide personal and health care products primarily to low-income women in Kenya.
  • Supporting entrepreneurs in Southeast Asia building climate solutions: A $15 million equity investment in Wavemaker Impact, a venture-build fund dedicated to reducing carbon emissions in Southeast Asia through innovative solutions.
  • Promoting financial inclusion in Sri Lanka: A $30 million loan to Citizens Development Business Finance PLC in collaboration with USAID/Sri Lanka will promote asset-backed inclusive lending.
  • Expanding lending across Africa and Asia: A $15 million loan to ASA International Group will support the expansion of lending across Africa and Asia.
  • Promoting lending to small businesses in Jordan and Egypt: A $5 million loan in collaboration with USAID/Jordan to liwwa, Inc., a fintech lender, will promote on-lending to underserved small and medium sized businesses in Jordan and Egypt.
  • Expanding affordable education in Kenya: A $10 million loan guaranty to Ed Partners Africa will help expand access to affordable, quality education through financing of affordable private schools in Kenya.


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, 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.