Finance

DFC commits $25mln for water projects in Africa

Tuesday, 27 April 2021 19:59
DFC commits $25mln for water projects in Africa

(Ecofin Agency) - The U.S. investment fund WaterEquity Global Access Fund is close to securing the first $25 million of a $100 million credit line from the U.S. International Development Finance Corporation (DFC).

The facility will be on-lent to financial institutions in emerging markets that will finance, through microcredit, projects that will provide at least 5 million people in Africa, but also in South America and Asia, with access to clean water.

"We are mobilizing private capital for the WaterEquity Global Access Fund and meeting the demand for investments with measurable development impact and market rates of return," said Algene Sajery, vice president of DFC's Office of External Affairs.

The sanitation and water supply sector is one of DFC's priority areas for investment. The demand for microcredit to meet the needs of people in emerging markets is estimated at $18 billion by U.S. asset manager WaterEquity, which manages the WaterEquity Global Access Fund.

By investing in this Fund launched in November 2019, the U.S. institution intends to raise the capital needed for water and sanitation projects in emerging markets. Of the $150 million the investment vehicle is seeking, DFC has committed $100 million.

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