The U.S. International Development Finance Corporation (DFC) has approved 17 new transactions in the first quarter of FY2024 at the board and sub-board levels, totaling more than $3.3 billion.

The transactions, which span the globe, will advance key DFC priorities to promote health, food security, critical infrastructure, energy, support for small businesses, and more, DFC said in a statement on last Friday.

According to the statement DFC has approved a $126 million loan to PT Medco Cahaya Geothermal to finance the development of 31.4MW of geothermal power generation capacity in East Java, Indonesia, expanding Indonesia’s renewable energy production for one of the country’s largest power systems.

An equity commitment has also been made to Eversource Climate Investment Partners II to invest in and drive climate change adaptation and energy transition projects, including renewable energy, electric transportation, circular economy, and sustainable water, food, and agriculture projects in emerging markets across India and the Indo-Pacific.

DFC will also expand the use of its $1 billion loan facility with Gavi, the Vaccine Alliance, to focus not only on COVID-19 vaccines but other routine childhood vaccines and potential future outbreak vaccines to address critical health challenges globally.

DFC has also approved a $200 million loan to Banco Popular Dominicano, S.A. to provide capital for the bank to further on-lend to small businesses and women entrepreneurs in the Dominican Republic.

It also approved a loan guaranty for Citi’s €208 million ($229 million) loan to Bulgartransgaz EAD to strengthen regional energy security.

DFC’s support will help countries diversify away from Russian gas supplies through the expansion of an underground gas storage capacity serving Bulgaria and southeastern Europe.

DFC and Citi will also co-finance a $320 million loan to CRDB Bank to increase the bank’s capacity for on-lending to small businesses in Tanzania and Burundi, especially enterprises led and owned by women.

A $250 million loan has also been made to Indorama Eleme Fertilizer and Chemicals Limited/SPV Line III, which will increase fertilizer production by financing the construction of the company’s third ammonia-urea fertilizer facility in Port Harcourt, Nigeria.

Up to $250 million in DFC support will also allow the development of new water treatment and distribution infrastructure to provide reliable, safe drinking water to underserved communities in Southern Angola.

A $250 million loan has also been approved to a special purpose vehicle (SPV) established by Prodigy Finance Ltd. to support student loans to graduate students from developing nations, improving access to high-quality graduate education by providing students with the necessary financing to obtain graduate degrees at international universities.

Additionally, DFC approved a $50 million equity investment in TechMet to support the development of the Phalaborwa Rare Earths project, a rare earth element processing facility in South Africa that will develop a more diverse, resilient, and sustainable critical mineral supply chain, drive the clean energy transition, and create economic opportunity for local communities.

A $30 million follow-on loan to the IIX Women’s Catalyst Fund, an affiliate of Impact Investment Exchange (IIX), has also been made to provide credit support for the issuance of the sixth IIX Women’s Livelihood Bond, the world’s first Orange Bond series designed to build a women-inclusive financial system and to empower 100 million women and girls worldwide by providing financing to women-owned and -led enterprises globally.

DFC has also approved a $10.7 million loan to Ukrainian Catholic University will finance the expansion of the university’s campus in Lviv to support the continued education of students amid the war.

A $10 million loan has also been made to Seba Foods Zambia Ltd. dba 260 Brands to support the expansion of the company’s storage and production capacity for maize-based, soya-based, and other nutritious and affordable consumer food products, strengthening the food value chain in Zambia. 

DFC has also approved a $28 million loan portfolio guaranty to ProCredit Bank Ukraine to support lending to Ukrainian small businesses and catalyze investment in Ukrainian businesses, especially those in the agricultural sector working to strengthen food security in Ukraine.

An up to $17.1 million loan has also been approved to African Eagle Hotels and Resorts to finance the construction and operation of an international hotel in Lusaka, Zambia, creating new jobs and growing the local economy.

Two $10 million loans have also been made to SIMA Commercial & Industrial Solar Green Bond B.V. to help catalyze investment in small and medium-sized renewable energy projects by providing shorter-term working capital loans to local small and medium-sized enterprise (SME) developers, as well as engineering, procurement, and construction companies.

The loan will also meet the longer-term project finance needs that provide commercial and industrial solar solutions to SMEs in the productive use sector, enabling greater access to consistent and reliable clean energy. 

It is noted that (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.

Its investments adhere to high standards and respect the environment, human rights, and worker rights.  

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