WASHINGTON – U.S. International Development Finance Corporation (DFC) this week celebrated the two-year anniversary of its Global Health and Prosperity Initiative (HAPI), which launched in May 2020 at the onset of the COVID-19 pandemic. Since then, DFC has supported nearly $2 billion in investment over 25 health projects. DFC’s investments have helped low- and lower-middle income countries (LMICs) respond to COVID-19, prepare for the next pandemic, and improve health systems.
“DFC’s support of nearly $2 billion in health investments over just two years is an enormous accomplishment,” said DFC CEO Scott Nathan. “Looking forward, DFC plans to expand efforts to mobilize private sector capital for impactful projects that strengthen pandemic preparedness and health system resilience in developing countries.”
The COVID-19 pandemic presented an immediate need for vaccines, therapeutics, diagnostics, and other critical medical supplies and exposed systemic weaknesses in health systems. DFC issued a Health and Prosperity Call for Applications in May 2020 to address these urgent needs and has since invested in projects that strengthen pandemic preparedness and health system resilience. For example, DFC approved an up to $1 billion loan to Gavi to expand access to COVID-19 vaccines, a €100 million loan to Aspen Pharmacare in South Africa to expand manufacturing capacity for both COVID-19 and other vaccines, and a $7.7 million local currency guaranty commitment to Portea Medical in India to expand in-home healthcare services during the COVID-19 pandemic.
There is still more work to be done with gaps in health financing, sustainable health commodity manufacturing, and equitable access to quality public health and healthcare services. Despite causing enormous suffering, the COVID-19 pandemic spurred innovation by shining a spotlight on health systems’ capacities, and the need for uninterrupted essential health services during an emergency. DFC is inspired by the entrepreneurs who found creative solutions to provide remote health services during lockdown or transport oxygen and other medical supplies to the last mile. DFC recognizes these new opportunities and is eager to expand investment in global health innovation.
Looking ahead, DFC plans to build on the initial success and lessons learned from the Global Health and Prosperity Initiative (HAPI) and to expand investments in health commodity manufacturing and supply chain, health services and infrastructure, and digital health. DFC will also continue to prioritize investments in water, sanitation, and hygiene, nutrition, and gender equity to enable a healthier and more prosperous world. The Corporation understands the complexity of health care transactions and collaborates with other DFIs, donors, and health stakeholders to enable success for our partners. DFC looks forward to supporting the next generation of health entrepreneurs.
To learn more about DFC’s health work, visit: https://www.dfc.gov/our-work/health-and-prosperity.
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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.