Total annual commitments more than doubled since agency’s launch five years ago
Driving global development with more than 180 strategic transactions

WASHINGTON, Oct. 24, 2024 /PRNewswire/ — The U.S. International Development Finance Corporation today announced that it committed a record $12 billion in investments in Fiscal Year 2024 to projects that are improving lives and promoting economic growth across the developing world by expanding access to food, energy, healthcare, critical infrastructure, and financial services.

In Fiscal Year 2024, DFC tackled some of the world’s greatest challenges by supporting transactions in 44 countries, with a total portfolio spanning over 110 countries across Africa, the Middle East, Latin America, Europe, and the Indo-Pacific. DFC’s new commitments are expected to finance 450,000 smallholder farmers, generate 4,600GWh of renewable energy, improve healthcare for more than 11 million patients, and fuel growth for 380,000 micro, small, and medium-sized businesses.

“Fiscal Year 2024 was a remarkable year for DFC, both in terms of volume of investment and our impact on some of the world’s most pressing challenges. In just five years since its creation, DFC’s private-sector-led approach has established DFC as a pivotal instrument in U.S. foreign policy and a key player in the development finance space,” said DFC CEO Scott Nathan. “The new investments made this year will provide badly needed financing to entrepreneurs and businesses, driving economic growth and stability in the countries where we work. I’m proud of the hard work and accomplishments of the DFC team to support development and bolster U.S. national security.”

In Fiscal Year 2024, DFC committed to over 180 transactions. Activity included:

Invested where American values and interests intersect. DFC’s dual focus on global development and American national security helps ensure its investments benefit both the United States and the host countries.

• In Angola, DFC’s board approved a loan of up to $553 million to the Lobito Atlantic Railway to support the upgrade and rehabilitation of more than 800 miles of rail and a mineral port to help ensure the reliable transport of minerals that are critical to the clean energy transition. In a related transaction, DFC also committed a $3.4 million technical assistance grant to Pensana to conduct feasibility studies to advance development of a rare earth mine and refining facility in the Lobito Corridor.
• In Indonesia, an up to $126 million DFC loan to PT Medco Cahaya Geothermal will finance the development of approximately 31.4MW of geothermal power generation capacity in East Java.
• In South Africa, a $50 million equity investment in TechMet will support the development of the Phalaborwa Rare Earths project, a rare earth element processing facility that will develop a more diverse, resilient, and sustainable critical mineral supply chain, drive the clean energy transition, and create economic opportunity for local communities.

Provided critical support to the people and businesses impacted by the war in Ukraine. DFC continued its support for Ukraine, committing more than $580 million to a wide range of sectors crucial to the country’s recovery and stability amid the conflict. This included one of its signature tools to address the most urgent Ukrainian economic needs and lay a foundation for long-term resilience: political risk insurance.

• $10 million in political risk insurance will support the rebuilding of a water treatment and water filtration equipment manufacturing facility destroyed during Russia’s invasion.
• $50 million in political risk insurance will support a reinsurance facility brokered by Aon and distributed by ARX to build a portfolio of war risk insurance policies for companies operating in Ukraine and to support ARX in expanding its war risk insurance offering in the country.
• $150 million in political risk insurance will help maintain the country’s agriculture operations and alleviate food insecurity.

Strengthened global supply chains. DFC invested in infrastructure to bolster access to essential goods and services including food, energy, healthcare, technology, and critical minerals.

• In South Africa, a €110 million DFC loan will help Aspen Pharmacare expand its capacity to deliver medicines, diabetes insulin, and pediatric vaccines, increasing local access to life-saving medicines and vaccines across Africa.
• In Zambia, a $10 million loan to Seba Foods Zambia Ltd. will support the expansion of the company’s storage and production capacity and provide affordable, soy-based consumer food products, strengthening the food value chain in Zambia.
• In Türkiye, a $350 million loan to Enerjisa Enerji Üretim A.Ş. will finance the development, construction, and operation of nine onshore wind power plants in Western Türkiye that are expected to generate approximately 2.51 terawatt-hours per year.

Advanced high-standard, transparent investing to achieve sustained impact. DFC adheres to the highest standards on worker rights and the environment and works to ensure its investments deliver a sustained positive impact.

• In India, DFC committed a $10 million loan to Nepra Resource Management for construction of material recovery facilities for the recycling and sustainable disposal of material waste that will reduce waste in landfills.
• Across Africa, a $250 million tier 2 capital loan to Africa Finance Corporation will strengthen the capital position of a key pan-African multilateral development finance institution to support its operating activities, including investment activities consisting of infrastructure projects critical to economic growth and development.
• In the Western Hemisphere, a $50 million equity investment in PI Fund V (Ontario), L.P. will increase investments in Latin American infrastructure and address financing gaps to develop critical projects, with a primary focus on Brazil, Colombia, Peru, and Mexico.

Supported the world’s low-income countries and underserved communities. DFC focuses a majority of its transactions in low- and lower-middle-income countries and prioritizes investments that benefit women and other underserved populations.

• In India, a $50 million loan to InCred Financial Services Ltd. will support lending to women and women-owned businesses using a technology-enabled lending approach designed to expand access to underserved entrepreneurs and individuals.
• In the Dominican Republic, where nearly one quarter of the population lives below the poverty line, DFC committed $200 million in financing to Banco Popular Dominicano, S.A. to support lending to small businesses, with a focus on women entrepreneurs.
• In the Philippines, DFC committed a $20 million loan to Lhoopa Singapore Pte. Ltd. that will support a digital platform focused on the development of affordable housing for low-income families throughout the country.

Learn more about DFC’s record-breaking year. 

The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

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LONDON, Oct. 24, 2024 /PRNewswire/ — H.I.G. WhiteHorse Europe, a credit affiliate of global investment firm H.I.G. Capital (“H.I.G.”), is pleased to announce that it has arranged a financing package for Altares (“Altares” or the “Group”).

Supported by Naxicap Partners since 2016, Altares is a leader in the business data and analytics market, offering its expertise to B2B customers across the entire data value chain in Finance Intelligence, Sales Intelligence, ESG, and Compliance.

H.I.G. WhiteHorse Europe acted as sole arranger and sole underwriter of a €93 million financing package, which will refinance Altares’ existing indebtedness and support its next stage of growth.

Luc Querton, President of Altares, said: “We strive to reveal growth opportunities for our clients, support them in managing credit risks, advise them on the ESG profiles of their third parties, and help ensure compliance with applicable regulations. This financing allows us to sustain our growth while continuing to deliver innovative technologies which meet our clients’ increasingly complex requirements across these four areas.”

Pascal Meysson, Head of H.I.G. WhiteHorse Europe, said: “Altares benefits from a unique brand image and leadership position in the growing business data, digitalization, and analytics industry. The financing we provided reflects our confidence in the expansion strategy implemented by Altares’ management team, alongside Naxicap Partners.”

About Altares

A leader in business insights, Altares collects, structures, analyses and enhances B2B data to make them “smart” and powerful to facilitate decision-making by its customers. The Group offers its expertise across the entire data value chain in financial risk, compliance, sales and marketing, and master data management. Altares has an exclusive partnership in France, Benelux and North Africa with Dun & Bradstreet, the world’s leading global provider of business decisioning data and analytics for almost 200 years. This makes Altares the partner of choice for executives in all sectors offering them unprecedented access to database of over 550 million companies in more than 240 countries. For more information, visit altares.com.

About Naxicap Partners

As one of the top private equity firms in France, Naxicap Partners has €6.7 billion in assets under management. As a committed, responsible investor, Naxicap Partners builds solid, constructive partnerships with entrepreneurs so that their projects can succeed. The firm has 95 investment professionals spread across five offices in Paris, Lyon, Toulouse, Nantes, Frankfurt, and Zurich. For more information, visit naxicap.com/en.

About H.I.G. Capital

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H.I.G. is a leading global alternative investment firm with $65 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and affiliates.

Contact:

Pascal Meysson
Head of H.I.G. WhiteHorse Europe
[email protected] 

Laurent Vaille
Principal
[email protected]

H.I.G. WhiteHorse Europe
10 Grosvenor Street
2nd Floor
London W1K 4QB
P +44 (0) 207 318 5700
hig.com

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Xsolla, a global video game commerce company, is pleased to announce the expansion of its payment solutions in Cambodia and Indonesia, providing access to localized payment methods tailored to each region. This initiative aligns with Xsolla’s broader strategy to strengthen its presence across Southeast Asia (SEA) and support game developers in effectively monetizing and distributing their games in these rapidly growing markets.

In Cambodia, Xsolla introduces eight new payment methods, including Internet banking options and digital wallets, tailored to the preferences of Cambodian users. This strategic expansion covers up to 90% of the payments market, ensuring that nearly every player in Cambodia can pay using their preferred method. For example, Bakong KHQR, a QR code-based payment system, holds 45% of the market share, while Acleda Bank accounts for 15%. Supported by the country’s ongoing digital transformation, with digital payment transactions surging by 28.7%, these solutions, including Wing Money, Pi Pay, and others, will enable game developers to reach nearly 2 million gamers in Cambodia, facilitating seamless checkout experiences and boosting sales.

In Indonesia, Xsolla is introducing several new payment methods to help game developers tap into the country’s vast gaming market, with over 185 million gamers out of a 275 million-strong population. Approximately 80% of consumers in Indonesia are unbanked or underbanked. With smartphone penetration reaching up to 80%, Alternative Payment Methods (APMs) are the most preferred option in Indonesia. By integrating these APMs, Xsolla can cover up to 90% of the market. This includes E-wallets, which account for 39% of the market, Bank Transfers at 27%, Cards at 17%, and Cash at 11%. Popular platforms such as ShopeePay, Jenius, and Akulaku are among the new payment options, simplifying transactions for Indonesian gamers and boosting market reach for game developers in one of the fastest-growing digital markets globally.

“Xsolla’s commitment to empowering game developers to access new markets is central to our mission. By introducing localized payment methods in Cambodia and Indonesia, we provide our partners with the tools they need to succeed in these dynamic and rapidly growing gaming environments. This expansion is part of our ongoing efforts to support developers globally and help them overcome payment challenges,” said Chris Hewish, Chief Strategy Officer of Xsolla.

The gaming market in Cambodia is projected to reach $75.21 million by 2027, with mobile games accounting for 66% of the revenue in 2023. In Indonesia, digital transformation opens up significant opportunities for game developers, mainly through localized payment solutions that reduce friction and improve transaction success rates.

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