(Ecofin Agency) - The U.S. International Development Finance Corporation (DFC) claims over $13 billion across more than 300 projects in Africa. To mark its fifth anniversary, the institution inaugurated a new office in West Africa to strengthen its presence in the region.

The U.S. International Development Finance Corporation (DFC) officially inaugurated its first regional office for West Africa in Abidjan on Thursday. The move aims to strengthen U.S.-Africa partnerships by mobilizing investments to stimulate economic development and address key challenges in the region.

The launch ceremony was attended by Côte d’Ivoire’s Minister of Commerce and Industry, Souleymane Diarrassouba, and the President of the Economic, Social, Environmental, and Cultural Council, Eugène Aka Aouélé who welcomed the decision to establish the office in their country, a major player in the West African Economic and Monetary Union (UEMOA) and the second-largest economy in the Economic Community of West African States (ECOWAS).

“Africa is increasingly attracting much-needed capital, and I believe DFC will continue to establish itself as a major financial partner for private sector development,” said Biro Condé, DFC’s regional managing director in Abidjan.

 “The establishment of DFC’s first regional presence in Côte d’Ivoire for Francophone West Africa is a direct response to the growing need for private-sector-driven efforts. […] Côte d’Ivoire is already an economic leader, and DFC is a key tool to increase the volume of our trade,” added Jessica Davis Ba, the U.S. Ambassador to Côte d’Ivoire.

A Strategic Priority for DFC

Africa is a key focus of DFC’s investment portfolio, with the agency reporting over $13 billion in investments across 300 projects in 36 countries. One of the strategic sectors is the development of critical minerals. In February 2024, Nisha Biswal, DFC’s Deputy CEO, announced the institution’s plan to double investments in this sector, increasing from $750 million in 2023 to $1.4 billion in 2024.

While these minerals, crucial for the global energy transition and U.S. industries like electric vehicles, have attracted investments in Southern Africa, it remains unclear whether the Abidjan office will prioritize this sector or focus on other areas, such as agriculture or energy, in West Africa.

“During the 2024 fiscal year, DFC invested over $3.2 billion in 72 projects across sub-Saharan Africa, spanning infrastructure, energy, critical minerals, food security, health, and small business support. […] Currently, DFC’s portfolio in Côte d’Ivoire amounts to $41.5 million, distributed among the agriculture, energy, and financial inclusion sectors,” noted Biswal. She also indicated that further investments are being planned for the region.

On the sidelines of the office inauguration, DFC and USAID signed a $7 million financing agreement to support Advans Côte d'Ivoire. This initiative specifically targets women-led micro, small, and medium-sized enterprises (MSMEs), with a particular focus on the agricultural sector.

Moutiou Adjibi Nourou

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