NEW YORK – The U.S. International Development Finance Corporation (DFC) Chief Executive Officer (CEO) Scott Nathan announced DFC has achieved its goal of committing more than $1 billion to strengthen global food security two years ahead of schedule and intends to keep up the pace by investing an additional $1 billion by 2026. These transactions support smallholder farmers and are helping boost food production and mitigate the devastating global effects of food insecurity, especially in the face of Russia’s war of aggression in Ukraine which has compromised grain and fertilizer exports.
“In 2021, we pledged $1 billion in food security investments over 5 years. I am proud to report that not only did we meet our goal, but we did it years ahead of schedule. And as we face a continuing crisis in food security, we at DFC are ready and on track to do it again,” said DFC CEO Scott Nathan. “Food security is critical to DFC’s work. We’re helping smallholder farmers in the world’s most vulnerable communities access equipment, training, and inputs so they can produce more food, while also strengthening their ability to store and distribute it. Our goals must be ambitious as we work with the private sector to bring more produce to market and bolster food security.”
Since first announcing its food security investment goal in 2021 at the 76th U.N. General Assembly, DFC with support from the U.S. Agency for International Development (USAID) surged its efforts to ensure the world’s most vulnerable populations have access to food and smallholder farmers have the tools to increase yields and reach broader markets. Today’s announcement on the sidelines of the 78th U.N. General Assembly exemplifies the United States’ commitment to address the global food crisis and build more resilient food systems.
CEO Nathan’s announcement came during an event on financing Africa’s agricultural growth, hosted by USAID, the World Economic Forum, and the Royal Norwegian Ministry of Foreign Affairs. CEO Nathan joined United States Secretary of the Treasury Janet Yellen, USAID Administrator Samantha Power, Kenya’s President William Ruto, President of the African Development Bank Akinwumi Adesina, and CEO of Acumen Capital Jacqueline Novogratz to discuss how governments, development finance institutions, and the private sector can strengthen food value chains through innovative financing and small business support.
During his remarks, CEO Nathan highlighted how DFC financing is improving food security and climate resiliency among smallholder farmers in developing nations. He shared how DFC’s $20 million loan to the One Acre Fund has provided financing for seeds and fertilizer, along with training and insurance to 1.5 million smallholder farmers in 2022, half of whom are women.
With millions of people on the brink of famine, DFC remains committed to expanding access to food today and helping to protect against future food crises.