Coronavirus aids DFC Africa poach
Just as every good thing has a
bad side and vice versa.
So, as some are feeling the
negative effects of Coronavirus Disease 19, some are actually benefitting from
it.
And one organization that has
capitalized on it to make its Africa presence more solid is the US
International Development Finance Corporation with its announcement that it’s
launching the Africa Investment Advisor Program which establishes a regional
team based in Africa.
The team will equip it to more
proactively advance investments and expand its portfolio in this priority
region, particularly as Africa continues to respond to both the health and
economic fallout from 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. “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.”
“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 US embassies across the continent to create more
opportunities for US and African companies.”
The new regional team will
consist of investment advisors based across the East, West, Southern and Horn
of Africa. They will be charged with sourcing investment opportunities across
the continent, working alongside US embassies and USAID missions and supporting
DFC colleagues in Washington by providing 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, which was competitively
awarded the program contract.
The announcement comes at an
especially critical time as COVID-19 continues to impact communities across Africa,
where cumulative loss to GDP due to the pandemic is estimated to be as much as
$236bn by 2021.
DFC can play a powerful role on
the continent as commercial capital flees emerging markets across the world in
response to the uncertainty of the pandemic.
To submit an Africa-specific
project proposal for investment consideration, email africa@dfc.gov
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