Turkiye’s Akbank recently raised USD 300 million through the issuance of subordinated bonds to three development finance institutions. Half of the fresh cash is from the US International Development Finance Corporation (DFC) for on-lending for business and consumer purposes to women in “underdeveloped cities” in the country. The remainder is
Tag: DFC
MICROCAPITAL BRIEF: DFIs Invest $109m in Horizon Capital IV to Support SMEs in Ukraine, Moldova
Six public-sector organizations recently invested in the second funding round of Horizon Capital IV with the goal of enabling the equity fund to supply more working capital to “fast-growing, technology-enabled small and medium-size businesses” in Ukraine and Moldova. The fund also seeks to
MICROCAPITAL BRIEF: DFC to Support Mastercard Community Pass Program to Expand Access to Digital Services in Africa, India
The International Development Finance Corporation (DFC), which is backed by the US government, recently agreed to collaborate with the US-based financial technology firm Mastercard to strengthen Mastercard’s Community Pass program. Community Pass supports digital connectivity, smartphone penetration and identification systems in rural parts of India, Kenya, Mauritania, Mozambique, Tanzania and Uganda. DFC has agreed to invest up to USD 50 million in
MICROCAPITAL BRIEF: DFC, Gazelle Finance Announce Technical Assistance Funding for SMEs Displaced from Ukraine to Georgia by War
The US International Development Finance Corporation (DFC) and Georgia-based Gazelle Finance recently launched a facility to assist Ukrainian enterprises that have been displaced to Georgia as a result of the war between Russia and Ukraine. In particular, the funding is for technical assistance for small and medium-sized enterprises (SMEs). DFC CEO Scott Nathan noted the intent of the facility to
MICROCAPITAL BRIEF: DFC, USAID, African Union’s AUDA-NEPAD Partner to Expand Access to Finance for MSMEs in Tanzania, Zambia, Malawi, Nigeria
The US Agency for International Development (AID) and the US International Development Finance Corporation (DFC) recently joined with the African Union Development Agency (AUDA-NEPAD) to provide loan guarantees to support micro-, small and medium-sized enterprises (MSMEs) in Tanzania, Zambia, Malawi and Nigeria. The goals of the partnership are to
MICROCAPITAL BRIEF: USADF, DFC Launch African Small Business Catalyst to Support SMEs in Sub-Saharan Africa
Two institutions backed by the US government, the US African Development Foundation (USADF) and the US International Development Finance Corporation (DFC), recently announced the launch of African Small Business Catalyst (ASBC), “a business accelerator for early growth-stage small and medium-sized enterprises (SMEs) in sub-Saharan Africa.” Through April 15, 2022, SMEs in Cote d’Ivoire, Nigeria, Senegal and Uganda may apply for loans ranging from USD 100,000 to USD 1 million paired with technical assistance and grants up to USD 100,000. In future years, ASBC expects to expand to serve other countries in Africa. The program’s
MICROCAPITAL BRIEF: Scott Nathan Takes Helm as CEO of DFC, Major Funder of Microfinance in Low-, Middle-income Countries
Scott Nathan recently was confirmed by the US Senate to serve as CEO of the US International Development Finance Corporation (DFC), which partners with “the private sector in the developing world to improve livelihoods and address global challenges like climate change, pandemic threats and persistent economic disparities.” Mr Nathan has worked in
MICROCAPITAL BRIEF: Medical Credit Fund Raises $37m from the Netherlands’ Government, Philips, European DFIs to Boost Financing for SMEs to Fight Malaria, Boost Maternal Health in Africa
Medical Credit Fund (MCF), one of the four nonprofit members of the Netherlands-based PharmAccess Group, recently raised a mix of equity and debt totaling EUR 32.5 million (USD 36.7 million) to “expand the Fund’s presence and support to healthcare providers in sub-Saharan Africa.” In particular, the new funding is slated for investment in
MICROCAPITAL BRIEF: ATB Secures $23m Loan Guarantee from DFC for Local-currency Lending to MSMEs in Tunisia
Arab Tunisian Bank (ATB) recently acquired a guarantee in the amount of USD 22.75 million from the government-backed US International Development Finance Corporation (DFC) to support its local-currency lending to “inland and hard-to-reach” micro-, small and medium-sized enterprises (MSMEs) in Tunisia. The focus on inland areas is motivated by
MICROCAPITAL BRIEF: DFC Approves $9m, 10-year Loan to Apollo Agriculture of Kenya
Kenya-based Apollo Agriculture, a technology company that works with small-scale farmers to boost their profits, recently agreed to borrow USD 9.5 million for up to 10 years from the government-backed US International Development Finance Corporation (DFC). Apollo provides the following services in Kenya,
MICROCAPITAL BRIEF: HDFC Bank to Lend $100m to Micro-, Small, Medium-sized Enterprises (MSMEs) in India – Half Led by Women – with Support from DFC, Mastercard, USAID
HDFC Bank, an affiliate of India’s Housing Development Finance Corporation, recently agreed to lend USD 100 million to micro-, small and medium-sized enterprises (MSMEs) in India to support their usage of digital payments, including to adjust to the COVID-19 pandemic. Half of the credit facility is
MICROCAPITAL BRIEF: DFC Announces $150m Loan to Produbanco of Ecuador to Support Women’s Enterprise, SME Lending, Green Projects
Banco de la Producción SA (Produbanco), a bank in Ecuador, recently agreed to borrow USD 150 million from the US International Development Finance Corporation (DFC), a government-backed development finance institution. One half of the funding is for on-lending to small and medium-sized enterprises (SMEs) to support
MICROCAPITAL BRIEF: Citi, DFC Announce $15m Local-currency Loan to CAME of Mexico to Boost Financial Inclusion of 40,000 SMEs
Consejo de Asistencia al Microemprendedor (CAME), a Mexican microfinance institution, recently agreed to borrow MXN 300 million (USD 15 million) through a partnership between US-based bank Citi and the government-backed US International Development Finance Corporation (DFC). The proceeds of the term loan are to be
MICROCAPITAL BRIEF: DFC Boosts 2X Women’s Initiative Goal to $12b; Adds Climate, Technical Assistance Components; Announces Women’s World Banking (WWB) Fund Partnership
The government-backed US International Development Finance Corporation (DFC) recently announced a set of initiatives to boost its promotion of gender equity, including: (1) an increased goal of investing USD 12 billion in women over five years through its 2X Women’s Initiative, which supports “investment in projects that are owned by women, led by women, or provide a product or service that empowers women;” (2)
MICROCAPITAL BRIEF: DFC to Invest $40m in Housing, Microfinance, SME Lending, Agriculture in Guatemala
The government-backed US International Development Finance Corporation (DFC) recently agreed to invest USD 40 million in Guatemala in the following segments: (1) a loan of USD 19.5 million to Guatemala-based real estate company Destino Desarrollos to aid in the construction of “approximately 2,000 homes and associated infrastructure” deemed “affordable” in the cities of Coban, Fraijanes and Quetzaltenango; (2) with support from the US Agency for International Development (AID), a loan guarantee of USD 15 million to Guatemala-based bank Interbanco, to cover the local-currency equivalent of USD
MICROCAPITAL BRIEF: WorldBusiness Capital Loans $15m to Asirvad Micro Finance to Support Rural Women Entrepreneurs in India, with Backing from DFC
Asirvad Micro Finance Limited, a microlender in India, recently accepted a loan of USD 15 million from WorldBusiness Capital, a US-based finance company. The seven-year loan, which is guaranteed by the government-backed
MICROCAPITAL BRIEF: DFC Agrees to Loan $100m to WaterEquity Global Access Fund to Boost Access to Clean Drinking Water, Sanitation
The government-backed US International Development Finance Corporation (DFC) recently agreed to loan USD 100 million to the WaterEquity Global Access Fund and disbursed the first tranche of USD 25 million. US-based investment manager WaterEquity launched the Global Access Fund with the goal of raising USD 150 million to “empower at least 5 million people to access improved water and sanitation across Asia, Latin America and Africa.” The terms of the loan from DFC
MICROCAPITAL BRIEF: DFC to Double $48m in Lending to MicroVest to Promote Investment in Microfinance, SMEs, Women
The US government’s International Development Finance Corporation (DFC) recently committed to doubling its USD 48 million debt funding of US-based asset management firm MicroVest, aiming to “expand financing opportunities for microfinance and SME [small, and medium-sized enterprise] finance institutions that support underserved microenterprises and small businesses worldwide.”
Algene Sajery, the head of global gender equity initiatives for DFC, stated, “DFC is pleased to support MicroVest’s