US DFC approves its first loans and PRI

On 12 March the US International Development Finance Corporation (DFC) approved $881 million in financing and political risk insurance for multiple projects - the first financings to be approved by the DFC’s board since the agency's recent official launch, and deals that are still subject to congressional notification.

Projects approved include:

• A $190 million loan to Nevada-based Trans Pacific Networks (TPN) to support the world’s longest telecommunications cable. It will directly connect Singapore, Indonesia, and the U.S. and have the capability to serve several markets in Southeast Asia and the Pacific. The 5G-enabling digital infrastructure will improve the availability of secure international bandwidth capacity to the Indo-Pacific.
• A $100 million loan to WaterEquity’s Global Access Fund will finance household-level access to clean water and sanitation across Africa, the Indo-Pacific, and Latin America. 
• $250 million and $100 million in political risk insurance to support “blue bonds” that bolster coastal economies in Kenya and Saint Lucia, respectively. The projects will establish long-term sources of funding for critical marine conservation activities in coordination with The Nature Conservancy.
• $241 million in long-term debt financing for a  $441 million 426MW portfolio of solar projects being developed by IEnova in Mexico.