ADDIS ABABA – The U.S. International Development Finance Corporation (DFC) is currently investing seven billion USD in Africa across projects aiming at building critical infrastructure, expanding access to technology, healthcare, and financial services and empowering women economically.
DFC has active projects in roughly 90 countries across the world, including in priority regions such as Africa, said U.S. Embassy Spokesperson John Ice speaking to The Ethiopian Herald.
According to him, DFC is also working to invest one billion USD in Africa’s information and communications technology, transportation infrastructure, and value chains through its Connect Africa initiative. Further, the agency is collaborating with key partners like the African Development Bank to multiply its impact on the region, the Spokesperson added.
The agency recently committed 25 million USD in financing to a private sector investment fund that will support a geothermal power plant in Tulu Moye, Ethiopia. The agency supports private sector investment in emerging markets by providing financing, insurance, and other financial tools to businesses when they are unavailable or insufficient from commercial sources.
These tools can mobilize significant private capital into developing countries to address pressing development challenges, which are too great to meet with government resources alone, he noted.
It is to be recalled that the U.S. State Secretary, Mike Pompeo during his recent visit to Ethiopia has said the corporation is well-resourced, funded and well-structured and meant to catalyze private sector investment while 60 billion of finance capacity is allocated for finding projects.
The Ethiopian Herald Friday Edition, March 2/2020
BY DESTA GEBREHIWOT
