DFC Makes More Than $9.1 Billion in Financial Commitments for Fiscal Year 2023

Media Release


Includes $3.4 Billion in Transactions Approved and Committed in the Fourth Quarter


WASHINGTON – With more than $9.1 billion committed to new projects in Fiscal Year 2023 (FY23), the U.S. International Development Finance Corporation (DFC) has increased its commitments markedly year-over-year since its establishment in 2019. On the heels of a strong fourth quarter, the 132 new transactions in FY23 advance developmental impact and strategic priorities around the world. The commitments align with DFC’s five priority sectors: energy, infrastructure, health, agribusiness, and small business support. DFC’s commitments reflect the pressing need to address many of the world’s greatest challenges through the mobilization of private sector capital.

“I am proud of our team and encouraged by our record-setting results,” said DFC CEO Scott Nathan. “DFC financing enables reliable access to energy and supports high-quality infrastructure, including safe and secure digital connectivity. We are investing to strengthen health and food systems, while also supporting the small businesses that are vital to generating jobs and opportunity. All of this activity is in pursuit of our mission of cultivating a robust private sector to achieve sustainable developmental outcomes and strengthen the strategic position of the United States. As FY 2024 begins, we are determined to do even more, using our full suite of tools to increase the developmental and strategic impact of our transactions.”

DFC brings U.S. values of accountability, transparency, high environmental and labor standards, and community involvement to its investments. These values are critical to DFC’s success and set it apart from strategic competitors.

In the fourth quarter, at the Board level, DFC committed projects including:

  • Bolstering critical mineral supply chains in Mozambique: A $150 million loan to Twigg Exploration and Mining Limitada will support the company’s investments in graphite mining and processing operations in Balama, Mozambique. The loan will increase production and diversify the global supply chain for graphite, which is a critical mineral for transport electrification and the clean energy transition. DFC’s support will also contribute to job creation and investment in local infrastructure.
  • Supporting entrepreneurs in Nepal: An up to $100 million loan to Siddhartha Bank will increase the Bank’s capacity to on-lend to micro, small, and medium enterprises (MSMEs) in Nepal.
  • Strengthening transportation infrastructure in Sri Lanka: A $553 million loan to Colombo West International Terminal Private Limited will support the development and construction of the West Container Terminal, a deep-water container terminal at the Port of Colombo that will expand shipping capacity in the region and support the local economy.
  • Bolstering clean energy manufacturing and diversifying critical supply chains in India: A $425 million loan to TP Solar Limited, a wholly-owned subsidiary of Tata Power Renewable Energy Limited, will finance the construction and operation of a greenfield 4 gigawatt (GW) solar cell and 4 GW solar module manufacturing facility in India. This investment will support India’s ambitious program to increase renewable energy generation while advancing the global energy transition to diversify supply away from PRC dominance.
  • Improving infrastructure across Africa: An equity investment in African Infrastructure Investment Fund 4 will support transportation and digital infrastructure, helping advance efforts towards a clean-energy transition.
  • Investing in renewable energy in the Middle East, North Africa, and Eurasia: A $50 million equity investment in Alcazar Energy Partners II SLP will finance renewable energy infrastructure projects in emerging markets across the Middle East, North Africa, and Eurasia.
  • Expanding access to capital in Indonesia: A $100 million loan portfolio guaranty to Bank Sahabat Sampoerna will support the expansion of financing to MSMEs and women-owned and -led enterprises in Indonesia.
  • Increasing sustainable forestry in West Africa: An equity investment of up to $24 million to Miro Forestry will support the expansion of sustainable forestry on degraded land in Ghana and Sierra Leone.
  • Advancing clean energy in India: A $35 million equity investment in SAEL Industries Ltd. will finance the expansion of solar and waste-to-energy power generation and operations, diversifying India’s energy portfolio.
  • Anchoring jobs and investment in Türkiye: A loan of $550 million to Ceyhan Polipropilen Üretim Anonim Şirketi will finance the development of a polypropylene production plant that will primarily produce durable products using highly efficient Honeywell UOP technologies to greatly reduce carbon intensity. The facility will serve as an anchor for high-skilled employment and workforce development.
  • Two deals mobilizing capital to support small businesses in Vietnam: A $100 million loan to Tien Phong Commercial Joint Stock Bank in Vietnam will expand the Bank’s digital financing to underserved MSMEs in Vietnam. One third of proceeds will fund women-owned businesses or female low-income customers in Vietnam. A $300 million loan to Vietnam Prosperity Joint Stock Commercial Bank will increase lending to SMEs that focus on women’s economic empowerment and climate solutions in Vietnam.

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

Additionally, DFC committed projects at the sub-Board level including:

  • Two deals mobilizing capital for sustained support of Ukrainian small businesses: In collaboration with USAID/Ukraine, a $20 million loan portfolio guaranty to Bank Lviv (PJSC JSB Lviv) will support continued lending to MSMEs in western Ukraine, including women-owned and -led businesses; and a $40 million loan portfolio guaranty to Raiffeisen Bank JSC will expand MSMEs access to credit across the country.
  • Strengthening Morocco’s agricultural supply chain: A $9.3 million loan to Ifria Cold Chain Development Company Agadir SAS will finance the development of a 10,000-pallet cold chain warehouse in Oulad Teima, Morocco, extending the shelf life of food products, reducing food waste, and improving market linkages.
  • Improving yields for farmers in Africa: A $10 million second loss guaranty to the African Fertilizer and Agribusiness Partnership, Inc. will expand the sale of fertilizer on credit to small and medium-sized enterprises (SME) agricultural input hub agro-dealers in Kenya, Zambia, and Ghana, improving the availability and accessibility of fertilizer to smallholder farmers and helping to increase yields.
  • Guaranteeing access to trade finance in Ukraine: A $50 million guaranty for the IFC’s Global Trade Finance Program will increase access to trade financing for Ukrainian banks and enhance the resilience of the local economy.
  • Connecting rural communities to financing in Indonesia: $20 million to Amartha will support on-lending to women microenterprises using a digital lending platform that connects lenders with underserved borrowers, primarily in rural areas.
  • Improving agricultural and pharmaceutical supply chains in Senegal: A $10.5 million loan to Ifria Cold Chain Development Company Senegal SUARL will finance the development of a cold chain warehouse, increasing the availability of temperature-controlled, large-scale cold chain storage for food and pharmaceutical products in Senegal.
  • Increasing access to financing for tech startups in India: A $15 million equity investment in Ankur Capital Fund III will provide capital to support innovative, early-stage tech companies in India.
  • Expanding financial inclusion for SMEs in Guatemala: An up to $45 million loan to Banco Promerica, S.A. in collaboration with USAID/Guatemala will support lending to SMEs and women entrepreneurs in Guatemala, with a focus on women-owned and -led SMEs and SMEs outside of Guatemala City.
  • Increasing economic inclusion in Serbia: A $39 million loan portfolio guaranty to 3 Bank JSC Novi Sad will support small businesses, with an emphasis on women-owned and -led businesses and small registered agricultural households.
  • Increasing global access to affordable healthcare: A $50 million loan to GeneSys Biologics Private Ltd. will help expand its insulin manufacturing facilities in India, which is expected to provide greater availability and affordability of critical diabetes treatments worldwide.
  • Supporting SMEs in Nigeria: A $7 million loan portfolio guaranty to First City Monument Bank (FCMB) will support lending to SMEs in the health sector in Nigeria.
  • Supporting entrepreneurs building tech-enabled solutions in Latin America: A $15 million equity investment in Dalus Capital Fund III, LP will support entrepreneurs leveraging technology to build scalable solutions to address challenges in Latin America, including supporting tech-enabled companies in the climate space.
  • Growing sustainable agricultural finance and strengthening financial institutions in Africa: A $19.25 million loan portfolio guaranty to Fonds Européen de Financement Solidaire II (FEFISOL II) S.A., SICAV-RAIF will support microfinance institutions and agricultural SMEs in low-income and lower-middle-income countries in Africa.
  • Investing in tech startups in West Africa: A $10 million equity investment in Janngo Capital Startup Fund SLP will increase funding for innovative tech startups in Africa, with a particular focus on Francophone West Africa and companies led by women.
  • Mobilizing finance in Timor-Leste: A $3 million loan to Kaebauk Investimentu No Finansas in collaboration with USAID/Timor-Leste will expand lending to microenterprises and unbanked borrowers in rural areas of Timor-Leste.
  • Strengthening market access for fish farmers in East Africa: In partnership with the U.S. African Development Foundation and USAID, a $500,000 loan to KeepItCool (Raino Tech4Impact Ltd.), an innovative African startup, will support the company’s cold chain services for underserved smallholder fishermen, fish farmers, and traders in East Africa.
  • Improving food security in India: A $33 million loan to Leap India Food & Logistics will help build grain silos that will modernize food storage in India and improve local food security.
  • Expanding access to healthcare in Rwanda: $15 million in insurance to Goodlife Rwanda, a multi-faceted project encompassing a private pharmacy chain, a pharmaceutical and consumer goods wholesaler, and an independent healthcare clinic chain, will help support consumers underserved by existing health providers and private sector pharmacies.
  • Bolstering climate finance in India: A $10 million loan to Clime Finance Private Limited will support on-lending to MSMEs engaged in climate adaptation and mitigation activities in India.
  • Broadening credit access in the developing world: In collaboration with USAID’s Bureau for Resilience and Food Security, a $10 million loan portfolio guaranty to MCE Social Capital and MCE Empowering Sustainable Agriculture Fund (MESA) will support lending to small and growing businesses across the developing world.
  • Increasing plastic recycling in Kenya: A $5 million loan to Mr. Green Africa will expand the company’s plastic waste recycling capacity.
  • Supporting critical healthcare services in Ukraine: Political risk insurance for the Superhumans Center will support the hospital’s efforts to provide critical healthcare for war trauma survivors in Ukraine.
  • Expanding financial inclusion in rural India: A $12 million loan to Pahal Financial Services Private Ltd. will support the expansion of the company’s microfinance portfolio, targeting rural and semi-urban women in India.
  • Promoting lending to small businesses in Iraq: In collaboration with USAID/Iraq, a $50 million loan to the National Bank of Iraq will promote lending to small businesses in Iraq, especially first-time borrowers and women-owned and -led businesses.
  • Increasing affordable housing in India: An up to $20 million loan to Ummeed Housing Finance Private Limited will expand available home financing to low- and middle-income communities, helping meet the growing demand for affordable housing and homeownership among women in India.
  • Expanding sustainable transportation in Nepal: In collaboration with USAID/Nepal, a $5 million loan portfolio guaranty to Nabil Bank Ltd. will mobilize $10 million in lending to expand Nepal’s EV sector, promoting sustainable transportation.
  • Strengthening weather and climate information services for farmers in East and West Africa: In partnership with USAID, a $1 million direct investment into Ignitia AB, an early-stage woman founded tech company, will enable smallholder farmers in East and West Africa to get more accurate and timely weather data, as well as access climate smart advisories.
  • Aiding the transition to EVs in India: A $10 million loan to Upgrid Electrilease Private Limited (BatterySmart), a company that manages a battery swapping network for two-wheelers and three-wheeled electric rickshaws, will support the transition to electric vehicles in India.
  • Increasing lending to health-focused SMEs in Benin: A $7.5 million loan portfolio guaranty to Orabank Benin will support lending to SMEs in Benin, especially those in the health sector and those that are led by women or persons with disabilities.
  • Expanding India’s recycling capacity: An up to $30 million loan for Dalmia Polypro Industries Private Ltd. will support the construction of a new post-consumer recycling facility, expanding India’s capacity to reduce plastic waste.
  • Driving electric vehicle (EV) production in Kenya: A $10 million loan to Roam Electric Ltd. will support the design and development of electric motorcycles and buses as well as charging stations for motorcycles and buses throughout Kenya.
  • Mobilizing capital to support entrepreneurs in Southeast Asia: An up to $50 million loan portfolio guaranty for Beacon Fund will support loans to businesses that are women-owned or -led, or which primarily benefit women in Indonesia, the Philippines, and Vietnam.
  • Investing in SMEs in Bosnia and Herzegovina: A $7.5 million loan portfolio guaranty to ProCredit Bank will support lending to SMEs, with a focus on Bosnian diaspora-owned SMEs.
  • Supporting EV infrastructure in the West Bank: A $10 million loan to Ritz Leasing in collaboration with USAID/West Bank and Gaza will support electric vehicle transport and related infrastructure for SMEs in the West Bank.
  • Promoting innovative food security solutions in India: An $8.9 million loan to Science for Society Techno Services Private Ltd. will enable the expansion of clean energy, farm-gate food processing, and reduce food waste and carbon emissions while increasing income for rural women.
  • Strengthening the EV sector in Nepal: A $2.5 million loan portfolio guaranty to Sanima Bank Ltd. in collaboration with USAID/Nepal will support $5 million in lending for the expansion of Nepal's EV sector.
  • Creating an alternative working capital solution for SMEs in South Africa: An $8 million loan to fintech company Us Plus Ltd. will provide flexible working capital to SMEs in South Africa via invoice and purchase order financing.
Many of these investments are subject to Congressional Notification.


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, food security, and small business support. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.