The United States’ International Development Finance Corporation (DFC) has approved 29 new projects worth over $3 billion for Nigeria and other parts of the world for the third quarter of this fiscal year.
Key sectors covered include critical infrastructure, health, food security, energy, and small business support.
Part of these were a $15 million equity investment in Husk Power Systems, Inc., a mini-grid company, which will support the expansion of access to energy for rural communities in Nigeria and India and through small-scale electricity generation and distribution networks.
A $25 million equity investment in LeapFrog Emerging Consumer Fund IV, a growth equity fund, will support investment in companies providing innovative healthcare solutions and financial services across Africa, South Asia, and Southeast Asia, an equity investment in Joliba Capital Fund to support the expansion of its investments in small and medium sized businesses across West and Central Africa and a $150 million loan to Summa Airports (SL) Limited will finance the expansion, renovation, and operation of the Freetown International Airport in Sierra Leone.
There is a $40 million equity investment in Pembani Remgro Infrastructure Fund II to support investments in infrastructure and related projects across Africa, including logistics, energy transition, and digital infrastructure
The $11.5 million loan guaranty to Absa Bank Limited in support of a local currency term loan to Lula Lend (Pty) Limited (Lulalend) will enable Lulalend to expand its lending portfolio to MSMEs in South Africa using the company’s automated, while data-centric credit scoring, a $15 million loan to ASA International Group will support the expansion of lending across Africa and Asia.
Also, a $150 million loan to Summa Airports (SL) Limited is expected to finance the expansion, renovation, and operation of the Freetown International Airport in Sierra Leone, among the others.
The U.S. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world.
Source: The Nation
