DFC announces five new investments in Africa
The U.S. International Development Finance Corporation (DFC) board of directors has approved $1 billion of investments that will advance development in Africa, Latin America, the Indo-Pacific, and emerging markets across the globe. The investments mark one of the largest tranches approved during a board meeting under DFC and its predecessor agency.
“These projects will uplift some of the most underserved communities around the world,” said DFC chief executive officer Adam Boehler. “They demonstrate DFC’s commitment to use its enhanced toolkit to deliver transformative results. The impact of these projects will be particularly meaningful as the world continues to fight the health and economic fallout of the pandemic.”
African projects approved by the board include:
– An up to $30 million investment in AfricInvest Fund IV will support businesses in highly developmental sectors such as healthcare and financial services across Côte d'Ivoire, Kenya, Nigeria, Egypt, and other African countries. The fund’s investments will help expand access to particularly impactful products and services in communities where their availability is limited.
– An up to $25 million investment will support SPE AIF I LP, a fund which will invest in businesses in key industries across North and sub-Saharan Africa. The fund will focus on businesses expanding access to healthcare and education, strengthening supply chains, and streamlining logistics.
Additional African projects approved by DFC since its last board meeting that did not require board-level approval include:
– A $14.6 million loan guaranty to World Business Capital will expand lending through Sterling Bank to SMEs in Nigeria.
– A $4 million loan will help Iungo Capital make debt and equity investments in SMEs across East Africa.
– An up to $7 million guaranty to One Acre Fund will support the procurement and provision of agricultural inputs on credit to smallholder farmers across Kenya.
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