13 Jul 2023

A US$55 billion (P726 billion) investment for north and sub-Saharan Africa by America over the next three years, announced at last December’s US-Africa December summit underscores Washington’s commitment to partnering with Africa for its prosperity. 

Mr Scott Nathan, CEO for US International Development Finance Corporation (DFC), which is America’s development bank, and head of the US government delegation to the 15th US-Africa Business Summit held here, said this during his key-note address July 12. 

He said Washington was looking to continue the important relationships that were amplified and expanded at the December summit – when President Joe Biden announced the funding - and would use this year’s summit to carry forward the momentum in “building stronger US - Africa trade, investment, and commercial ties” as the world emerged from unprecedented global health and economic challenges. 

“Access to capital is the lifeblood of business and economic growth, and we are focused on mobilising capital to the private sector,” he said. 

Mr Nathan told the gathering that the DFC was committed to using all tools, including loans, political risk insurance and equity investments to partner with African companies to unleash the power of the private sector and promote African-driven prosperity. 

“Access to capital is the lifeblood of business and economic growth, and we are focused on mobilising capital to the private sector,” he said. 

He added the DFC had, since December, invested US$110 million (P1 452 million) in new projects across Africa. 

In recent weeks, its board of directors had approved a further US$750 million (P9 900 million) in additional deals in critical sectors such as infrastructure, energy and support for small businesses. 

The bank, he said, had further potential deals in the pipeline that he was confident would be announced in the coming weeks and months. 

That would increase the DFC’s already large portfolio of more than US$11 billion (P145 billion) dedicated to investments in the continent. 

The DFC’s funding was already bearing fruit, he said. 

For example, its support for innovative partnerships, had seen thousands of smallholder farmers across Sub-Saharan Africa increasing their harvests and connecting to larger markets. 

Mr Nathan implored delegates to ensure their contacts and interactions translated into real deals and meaningful projects that drove greater prosperity for Africa. ends