The US International Development Finance Corporation (DFC) has approved an up to $30m investment in AfricInvest Fund IV and an up to $25m investment in SPE AIF I LP, a fund which will invest in businesses in key industries across North and Sub-Saharan Africa.

SPE AIF I LP will focus on businesses expanding access to healthcare and education, strengthening supply chains, and streamlining logistics.

Meanwhile, AfricInvest Fund IV will support businesses in highly developmental sectors such as healthcare and financial services across Cote 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.

The funds investments approved by the Board are in addition to more than a dozen other projects including those that did not require Board-level approval.

For example, DFC will provide an up to $7m guaranty to One Acre Fund that will support the procurement and provision of agricultural inputs on credit to smallholder farmers across Kenya.

Overall, DFC has approved $1bn of investments that will advance development in Africa, Latin America, the Indo-Pacific, and emerging markets across the globe.

These investments will deliver far-reaching development impact around the world by expanding access to energy, financial services, and economic opportunity.

“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.”

The approved projects will strengthen health systems, bolster food security, and support other highly impactful development outcomes.

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. 

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% of investments in low- and lower middle-income countries.

Many of the approved projects advance DFC’s 2X Women’s Initiative, which aims to catalyze investment in projects that are owned by, led by, or empower the world’s women and supports the Administration's Women's Global Development and Prosperity Initiative (W-GDP).

Other agency priorities supported by these projects include its Health and Prosperity Initiative, Portfolio for Impact and Innovation (PI2), and Connect Africa initiative as well as the Administration’s Prosper Africa and América Crece initiatives.