The Africa Investment Advisor Program will establish a regional team based in Africa that will equip DFC to more proactively advance investments and expand its portfolio in this priority region, DFC said in a statement.
The US development finance institution noted that the decision to set up a regional team in Africa was timely given that the continent is currently struggling to respond to both the health and economic fallout occasioned by the COVID-19 pandemic.
“The launch of this team at a time when many investors are skittish about emerging markets underscores DFC’s commitment to Africa,” said DFC Managing Director for Africa Worku Gachou.
Worku Gachou further noted that now more than ever Africa needs private sector investment.
“DFC continues to see significant opportunity on the continent and is eager to leverage its new regional footprint to unlock that potential,” added Gachou.
“The deployment of DFC investment advisors to Africa advances one of our top priorities: increasing trade and investment between the United States and Africa,” said Assistant Secretary of State for African Affairs Tibor Nagy.
“The new advisors will complement and enhance our deal teams at U.S. embassies across the continent to create more opportunities for U.S. and African companies.”
Africa is a leading DFC priority: the agency currently has roughly $8 billion invested across more than 300 projects on the continent.
These investments are in building critical infrastructure; expanding access to healthcare, energy, and technology; and advancing financial inclusion, particularly for small businesses and women entrepreneurs.
Africa is also the focus of multiple DFC initiatives including Connect Africa, 2X Africa, and its Health and Prosperity Initiative.
They will be crucial to DFC’s work as they will be providing their colleagues in Washington with on-the-ground project due diligence and monitoring.
The positions will be funded by the U.S. Department of State and contracted through CrossBoundary, an impact-driven investment and advisory firm with a long track-record in Sub-Saharan Africa and frontier markets globally.