DFC approves 42 transactions totaling more than $5.1 billion in priority sectors in Q3 fiscal 2024

July 9, 2024

WASHINGTON, DC – During the third quarter of fiscal year 2024, the U.S. International Development Finance Corporation (DFC) approved 42 new board and subboard projects totaling more than $5.1 billion in transactions that advance U.S. foreign policy objectives and drive development impact. Transactions approved this quarter include a package of more than $350 million in political risk insurance for projects in Ukraine and $120 million in small business loans in Mongolia. These projects span DFC’s priority sectors – infrastructure and critical minerals, energy, food security and agriculture, health, and small business support – and mobilize private capital to address some of the world’s most pressing challenges. Transactions may be subject to additional steps prior to commitment and closing, including congressional notification.

Transactions approved by DFC’s board of directors this quarter include:

  • Bridging Mongolia’s financing gap: A $120 million loan to Trade and Development Bank JSC will fund the expansion of lending programs for small and medium-sized enterprises, with at least 30 percent of this amount going to renewable energy installations, energy efficiency improvements and sustainable agriculture programs.
  • Accelerating Clean Energy Development in Africa: A $40 million equity investment in Helios CLEAR Fund SCSp will help finance climate-first businesses, scale and accelerate green initiatives, protect livelihoods from the impacts of climate change, and support Africa’s contribution to global net-zero emissions goals.
  • Four projects protecting private investment in Ukraine: A $50 million reinsurance line brokered by Aon and distributed by ARX will build a portfolio of war insurance policies for companies operating in Ukraine and help ARX expand its war insurance offerings in Ukraine; A $150 million political risk insurance will help sustain ongoing operations in Ukraine’s agricultural export sector, supporting Ukrainians’ livelihoods and generating significant exports to alleviate food insecurity; A $152 million political risk insurance will support a Ukrainian manufacturing company; and a $5 million political risk insurance will help Ukrainian students access higher education during the war.
  • Improving Turkey’s Transport Infrastructure: $350 million in political risk insurance for Meridiam Eurasia 2 will support the implementation of a 31-kilometer greenfield highway project connecting Nakkaş with Başakşehir in Istanbul, reducing travel times, boosting economic activity and reducing traffic congestion on important trade routes.
  • Two transactions to increase energy access in Mozambique and South Africa: A loan of up to $99 million to Central Eléctrica da Namaacha, along with $80 million in political risk insurance for Globeleq Africa Limited, will support the development, construction and operation of a 120-megawatt wind farm project in Mozambique. The country’s first wind farm project will increase the supply of low-cost, clean electricity to the national grid and regional markets to ensure greater access to reliable energy.
  • Building Affordable Housing in Kenya: A $180 million loan to Acorn Master Finco One LLP will finance the construction and operation of new, EDGE-certified, affordable student housing in Nairobi and across Kenya. The financing will allow Acorn to expand its affordable student housing portfolio in Kenya from 20,000 beds to nearly 70,000 beds. With early support from USAID and Prosper Africa, the transaction represents a whole-of-government partnership with Kenya’s private sector.

More information can be found on the DFC Board website.

In addition, DFC approved the following investments at the sub-board level:

  • Public Housing Financing in the Philippines: A $20 million loan to Lhoopa Singapore Pte. Ltd. will support a digital platform focused on acquiring, renovating and constructing public housing for low-income communities nationwide.
  • Funding Early-Stage Enterprises Globally: A $10 million loan to GIF Growth will help fund high-growth, early-stage enterprises in Sub-Saharan Africa, South Asia and Southeast Asia.
  • Investing in Mexico’s infrastructure and industry: A $25 million equity investment in Beel Sustainable Credit II will help provide much-needed financing for infrastructure projects across Mexico and contribute to the energy transition and supply chain resilience.
  • Support for Electric Vehicles in Kenya: A $10 million loan to Mogo Auto Limited will support the development of e-mobility in Kenya, continuing DFC’s long-standing support for an e-mobility-led economy in Kenya.
  • Supporting Digital Connectivity in Africa: A $51 million loan to M-KOPA Kenya Limited will support digital connectivity across the country by providing underserved communities with access to affordable smartphones.
  • Strengthening Ukraine’s Key Manufacturing Sector: $10 million in political risk insurance to help rebuild a hardware plant that was destroyed during the Russian invasion.
  • Increased Lending to 2X-Eligible, Climate-Focused Businesses: A $40 million loan portfolio guarantee to Alma Sunbird 2X LLC, managed by Almavest Ltd., will mobilize $63.5 million in U.S. commercial capital to invest in 2X-aligned, climate-focused small businesses worldwide.
  • Funding early climate solutions for a women-led fund in India: A $10 million equity investment in the Avaana Sustainability Fund will support early-stage technology companies that are ready to address the heightened climate risks and sustainability challenges in India.
  • Support for Women Entrepreneurs and Green Loans in the Dominican Republic: A $42 million loan portfolio guarantee to Banco de Reservas de la Republica Dominicana will support women micro-entrepreneurs in the Southwest region, loans targeted at combating climate change, and loans to small businesses across the country.
  • Funding for Women’s Education in Kenya: A $10 million loan to Girls First Finance Loans LLC will support the development of a digital student loan platform. The platform will offer affordable educational loans to students attending technical and vocational schools in Kenya, supported by online counseling, financial education tools, job search support and mentoring programs.
  • Unlocking Funding for High-Impact Customers: A $5 million Technical Assistance (TA) grant to Tetra Tech will support DFC’s early-stage, innovative, and high-impact customers who frequently report TA needs to help them overcome key funding obstacles.
  • Supporting Nepal’s Energy Independence Goals: A $5 million loan portfolio guarantee from Laxmi Sunrise Bank will support lending to Nepal’s electric vehicle sector, helping to finance the country’s investments in a variety of transportation solutions, greenhouse gas reduction initiatives and energy independence.
  • Expanding Electric Buses in Kenya: A $10 million loan to BasiGo Limited will help the company expand its fleet of electric buses from 24 to 168 vehicles by 2025, enhancing urban mobility, creating new opportunities for transport business owners and reducing greenhouse gas emissions in line with Kenya’s National Climate Change Action Plan by replacing diesel-powered buses.
  • Expanding Food Security in Mexico: A $5.2 million loan to Nilus México SRL de CV will help expand the company’s reach in Mexico. Nilus aims to reduce food costs for low-income individuals and communities through community group purchasing, increasing access to affordable, healthy foods in urban food deserts.
  • Sustainable Forest Expansion in Brazil: A $50 million loan to NK 164 Empreendimentos e Participacooes, S.A., a portfolio company of BTG Pactual Timberland Investment Group’s Latin America reforestation strategy, will enable the restoration and planting of trees on degraded cattle pastures in Mato Grosso do Sul, Brazil, to protect and restore natural forests and commercially produce timber.
  • Expanding Microloans to Women in Pakistan: A loan portfolio guarantee of up to $15 million to Pakistan Microfinance Investment Company will support continued lending to microfinance institutions to support businesses in the renewable energy, agriculture and livestock sectors, with a focus on lending to women-owned and -led businesses in Pakistan.
  • Helping Niger Convert Wind Energy to Power: $1.2 million in technical assistance to Savannah Energy RN Limited will support the construction of a 250 MW wind farm in Niger.
  • Strengthening Housing and Small Business Finance in India: A $50 million loan to Vastu Housing Finance Corporation Limited will help address housing shortages and inequality in semi-urban and rural areas of India, especially for women. The project will also provide financial support to small businesses.
  • Expanding Lending to Rural Small Businesses in Ecuador: A $9 million loan guarantee from WorldBusiness Capital to support a loan to Cooperativa de Ahorro y Crédito 23 de Julio Ltda. will expand the savings and loan cooperative’s lending to rural small businesses in Ecuador.
  • Transforming Rwanda’s Mining Industry: A $3.8 million technical grant to Trinity Metals will support environmentally friendly mining practices, increase traceability and improve worker safety at Rwanda’s largest mining company.
  • Protecting Natural Ecosystems in Sierra Leone: $10 million in political risk insurance will support West Africa Blue’s equity investment in a mangrove blue carbon project in the Bonthe and Moyamba regions of Sierra Leone. The project builds on long-standing partnerships with local communities and aims to develop long-term conservation, restoration and income diversification activities financed sustainably through the issuance of high-quality, certified carbon credits.


The US 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 in a variety of sectors, including energy, healthcare, infrastructure, agriculture, and financial and small business services. DFC’s investments are consistent with high standards and respect the environment, human rights, and workers’ rights.