Kenya (CWBN)_ The U.S. government agency International Development Finance Corporation (DFC) has planned to invest $2.1 billion aiming at the emerging markets in African continent. Hence, Kenya, Ethiopia and South Africa are set to be the major benefiters through this investment. Additionally, the investments for emerging markets in Africa, Eastern Europe, Indo-Pacific, Latin America and the Middle East were approved by the International Development Finance Corporation (DFC) this quarter. Moreover, DFC has also planned to invest $800 million in sub-Saharan Africa to improve internet connectivity by building telecommunications networks and data centers.
The US government development financial institution DFC will also invest an additional amount of $500 million in East Africa to increase connectivity. As per the investment plan, DFC will provide a loan amount of $500 million to the Vodafone-led Global Partnership for Ethiopia to design, develop and operate a new private mobile network provider and to purchase a mobile network provider license. This project aims at creating a new private telecommunications network which will enhance connectivity in Ethiopia while using reliable technology.
Additionally, DFC aims to improve data centers across Africa by investing an amount of $300 million which involves purchasing and expanding the existent data center assets in South Africa and Kenya. This funding will allow entrance into latest emerging markets through the development, construction and operation of data centers in DFC-eligible African countries, enhancing connectivity and promoting economic development.
DFC Chief Executive Adam Boehler said in his statement that DFC’s Board of Directors have sanctioned an amount of $1.6 billion to invest in six development projects in the low-income countries. Mr Boehler detailed the DFC’s investment plans in the countries with low income and fragile economy. He said, “More than 65 per cent of DFC’s capital approved this quarter will be deployed to low and lower-middle income countries, and fragile states. These investments will strengthen small businesses, support female entrepreneurs, expand telecommunications and increase development in emerging markets”.
