The U.S. International Development Finance Corporation (DFC) announced it has committed a record $12 billion in investments for the fiscal year 2024, focusing on projects designed to improve living conditions and spur economic development across the developing world. The funds are aimed at expanding access to essential resources such as food, energy, healthcare, and infrastructure in regions spanning Africa, Latin America, the Indo-Pacific, and the Middle East.
In 2024 alone, the DFC supported projects in 44 countries and now boasts a portfolio encompassing over 110 nations. This year’s new commitments are projected to benefit hundreds of thousands worldwide, financing 450,000 smallholder farmers, generating approximately 4,600 GWh of renewable energy, providing healthcare access to over 11 million patients, and enabling the growth of 380,000 micro, small, and medium-sized businesses.
“Fiscal Year 2024 marked a milestone for DFC, both in terms of investment volume and the breadth of challenges we are addressing globally,” said Scott Nathan, CEO of DFC. “In just five years, DFC’s private-sector-led approach has solidified it as a pivotal instrument in U.S. foreign policy and development finance. This year’s investments will deliver critical financial support for entrepreneurs and businesses, driving growth and stability in the regions where we operate.”
Throughout 2024, DFC completed more than 180 transactions globally. Some of the key projects this year have reinforced essential infrastructure, supported conflict-impacted regions, and improved access to critical goods and services.
In Angola, DFC’s board approved a loan of up to $553 million for the Lobito Atlantic Railway. This funding will aid in modernising over 800 miles of railway lines, essential for transporting minerals crucial to the clean energy transition. Additionally, DFC extended a $3.4 million technical assistance grant to Pensana to assess the viability of a rare earth mine and refining facility along Angola’s Lobito Corridor. This investment is expected to strengthen the critical mineral supply chain.
DFC also contributed significantly to renewable energy initiatives, including a $126 million loan to PT Medco Cahaya Geothermal in Indonesia to support 31.4 MW of geothermal power generation in East Java. In Türkiye, DFC provided a $350 million loan to fund nine onshore wind projects, projected to yield approximately 2.51 TWh of energy annually.
In Ukraine, DFC continued its support amid the ongoing conflict, committing over $580 million to various sectors essential to the country’s recovery. This included political risk insurance to protect companies involved in water infrastructure and agricultural supply chains, providing security and continuity in these vital areas.
The organisation has also prioritised healthcare investments. A €110 million loan to South Africa’s Aspen Pharmacare will boost the production of essential medicines, including diabetes treatments and vaccines for children, improving access across Africa. DFC further bolstered food supply chains with a $10 million loan to Seba Foods in Zambia to enhance storage and production of soy-based products.
Investments this year followed DFC’s commitment to transparency and social impact. For example, in India, a $10 million loan to Nepra Resource Management is supporting the construction of material recovery facilities to reduce landfill waste. In the Western Hemisphere, DFC’s $50 million equity investment will drive infrastructure growth in Latin America, focusing on Brazil, Colombia, Peru, and Mexico.
DFC has made a strong commitment to supporting underserved communities and low-income nations. A $50 million loan in India will help InCred Financial Services expand lending to women entrepreneurs, while a $200 million investment in the Dominican Republic aims to support small businesses, with a particular focus on women-owned enterprises. In the Philippines, a $20 million loan will support affordable housing development for low-income families, expanding access to safe and sustainable housing. Learn more about DFC’s record-breaking year.