COVID-19: American Corp. to invest $1 billion in project support for developing countries

Amidst the coronavirus pandemic, a US-based development finance cooperation has approved investment worth $1 billion for global development projects. According to reports, the money from the fund will be used to help developing countries, like those in Africa, Latin America, as well as the Indo-Pacific region that has been suffering through the negative effects of the pandemic and subsequent global economic slowdown.

Delivering transformative results

US International Development Finance Corporation (DFC) Chief Executive Officer Adam Boehler, in an official statement, said, “These projects will uplift some of the most underserved communities around the world”. As per reports, this marks one of the largest tranches that has been approved by a board.

He also added that the fund would show DFC's commitment to utilise its resources so as to deliver transformative results. The impacts of these projects according to Adam Boehler will be extremely meaningful as the world continues to tackle the coronavirus pandemic and the economic fallout from the months of lockdowns.

As per reports, the projects that DFC will work on are aimed at strengthening health systems, bolstering food security, and supporting other highly impactful development outcomes. Moreover, some other projects that will be undertaken will be in the financial sector with a specific focus on women, small business and other underserved groups.

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As per reports, DFC’s board has approved the company’s first transactions using equity and technical assistance. These investments will reportedly have a huge impact in low and low-middle income countries by providing access to energy, financial services, and economic opportunity.

The US International Development Finance Corporation is an American development bank that partners with firms in the private sector in order to find solutions to some of the most challenging issues in the developing world. The firm has endeavoured to invest in a wide variety of sectors such as energy, healthcare, critical infrastructure, and technology. The DFC was created as a result of a bipartisan Better Utilization of Investments Leading to Development (BUILD) Act of 2018. The legislation was signed into law by US President Donald Trump on October 5, 2018.

(With inputs from ANI)

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