American Corp. approves $1 billion funding to support projects in developing countries reeling from COVID-19
Jun 05, 2020
Washington D.C. [USA], June 5 : The US-based Development Finance Corporation has approved an investment of USD one billion to support global development projects in developing countries, including Africa, Latin America, as well as the Indo-Pacific region, reeling from COVID-19.
The US International Development Finance Corporation (DFC) funding marks 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," DFC Chief Executive Officer Adam Boehler said in a statement.
"They demonstrate DFC's commitment to using 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," he added.
The approved projects will strengthen health systems, bolster food security, and support other highly impactful development outcomes. Several projects also expand access to financial services for women, small businesses, and other underserved groups at a time when capital is in desperate need. The projects have a particular focus on development impact, with nearly 60 per cent of investments in low- and lower-middle-income countries.
The Board also approved DFC's first transactions using equity and technical assistance--new tools granted to the agency by Congress when it created DFC.
These investments will deliver far-reaching development impact around the world by expanding access to energy, financial services, and economic opportunity.
The US DFC is America's development bank. 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.
