Latest news with #DFC
Reuters
4 days ago
- Business
- Reuters
Trump administration proposes bigger role for Development Finance Corporation
LONDON, July 25 (Reuters) - The Trump administration wants to provide the U.S.'s flagship development agency more leeway to finance projects in high-income countries, while quadrupling its spending power and enhancing its national security focus, according to a White House proposal seen by Reuters. The plan would represent a big change for the U.S. International Development Finance Corporation, a relatively small agency which until now has been dedicated to supporting poor countries, mainly with projects that boost their energy and critical minerals development and preserve nature. The White House proposal would increase the amount of funding the agency can disburse, either in loans, equity, insurance or guarantees, bringing it to $250 billion from $60 billion, while allowing it to operate more freely in high-income countries and to take bigger equity stakes in projects, according to the document. Currently, the DFC only rarely funds projects in wealthy countries, and only with special authorization. Trump's team is also proposing to add the U.S. Defense Secretary to DFC's board for the first time, to reflect, it said, the DFC's enhanced national security mission. DFC would hire more staff, make more equity investments, and have more flexibility to make larger investments without congressional approval, according to the document. Acting DFC head Dev Jagadesan said the changes would help DFC better support the foreign policy, national security and economic development mission of the United States, according to a letter dated June 18 introducing the proposal to the U.S. House of Representatives seen by Reuters. Officials at the White House and the DFC did not immediately respond to requests for comment. The proposal comes amid an ongoing government review of DFC's governing rules, set to be approved by Congress by early October, and as staff await the official appointment of Trump's pick for new DFC chief Ben Black. Black, son of Apollo Global Management co-founder Leon Black, raised worries earlier this year among aid advocates about the direction of the DFC after he criticized the agency's historical support for "virtue-signaling" green projects. He has also advocated for investment to develop Greenland's resources. Greenland is an autonomous territory of Denmark, which is classified by the World Bank as a high-income country. The DFC was formed in 2019 with a mandate to mobilize private capital to address development challenges and advance U.S. foreign policy priorities in developing countries. It committed $12 billion of investments in projects across food, energy, health and critical infrastructure in fiscal year 2024 and has total outstanding commitments of $49 billion. DFC is now set to play a key role in a deal signed by the United States and Ukraine earlier this year that will give the United States preferential access to new Ukrainian mineral deals, in return for continued U.S. support for Ukraine's response to the Russian invasion. Ukraine is classified by the World Bank as an upper middle-income country. Last week, DFC and Ukraine issued an official call for proposals, opens new tab to find an administrator for the U.S.-Ukrainian Reconstruction Investment Fund, a joint initiative of the Governments of the United States and Ukraine aimed at mobilizing private investment in the Ukrainian economy. The fund will invest in strategically important sectors, particularly mining, hydrocarbons and infrastructure, the RFP said.
Daily Record
5 days ago
- General
- Daily Record
Ayrshire war hero awarded Provost's Medal at 107 years old
Harry Richardson, a bomber pilot during the Second World War, was presented with the Provost's Medal by Iain Campbell, Provost of South Ayrshire. An Ayrshire war hero has been presented with the Provost's Medal at the age of 107 - some 80 years after taking to the skies during the Second World War. Harry Richardson was a bomber pilot during the war and earned a Distinguished Flying Cross (DFC) for his bravery and his airmanship during his service. Provost Iain Campbell presented the medal to Harry in a ceremony in County Buildings, Ayr. The Provost's Medal recognises national or international achievement at the highest level for people who were born in or are residents of South Ayrshire. In the last 13 years, the medal has only been awarded on one other occasion. Local hero Harry, who was a bomber pilot during World War 2 serving from 1939 to 1947, celebrated his 107th birthday in Prestwick in February. During his RAF career, Harry was posted to 149 Squadron. Upon completion of this tour, he transferred to training bomber pilots. Harry then moved to India and the Far East with 159 Squadron. At the end of the war, he assisted with the repatriation of Prisoners of War. Harry then joined the National Air Traffic Service as an Air Traffic Controller, where he successfully climbed through the ranks, assisting in the planning of the Air Traffic Service over the Atlantic. Earlier this year, he was honoured during the 80th anniversary of VE Day and was present at the VE Day 80 concert at Horse Guards Parade in London, sitting next to King Charles III and Queen Camilla. In addition to the Provost's Medal, Harry was also given the Lord Lieutenant Award. This award was presented to him by Lord Lieutenant Iona McDonald. The civic ceremony was attended by Harry Richardson DFC and his family, alongside Alex Lobban, Chair of the Royal Air Forces Association (RAFA) Club Ayr & Prestwick Branch; and Sqn Ldr James Martin 602 (City of Glasgow) Sqn RAuxAF. Speaking humbly after the presentation, Harry said: 'Thank you very much for this award which I shall treasure for the rest of my life.' Provost Campbell said: 'The Provost's Medal is a significant and rare honour, reserved for only the greatest of achievements. I'm delighted to be able to bestow this honour upon Harry Richardson. 'Harry's dedication to his country is already well-known. The Distinguished Flying Cross is just one of the accolades he has achieved for his admirable bravery during his service. 'It was my absolute pleasure to welcome Harry, his loved ones and esteemed guests to County Buildings to recognise his outstanding achievements.' Lord Lieutenant Iona McDonald said: 'Harry is a remarkable man who along with many others served with distinction during the Second World War. I was delighted to present him with a Lord Lieutenant's certificate marking his contribution to the RAF and aviation.' Alex Lobban, Chair of the Royal Air Forces Association (RAFA) Club Ayr & Prestwick Branch, said: 'On behalf of Ayr & Prestwick Branch Royal Air Forces Association it was an honour and privilege to be present at the Award Ceremony for our member Harry Richardson DFC. Our appreciation goes to the Lord Lieutenant and Provost for their support of Harry.' Sqn Ldr James Martin 602 (City of Glasgow) Sqn RAuxAF said: 'It was a privilege to attend today's Civic Reception in Ayrshire, on behalf of Air Officer Scotland, in recognition of the extraordinary RAF service of Harry Richardson DFC. Our sincerest congratulations to Harry, on the receipt of the prestigious Award of the Provost Medal and Lord Lieutenant certificate, so richly deserved.'
Zawya
21-07-2025
- Business
- Zawya
The U.S. International Development Finance Corporation (DFC) Strengthens United States (US)-Africa Critical Mineral Ties Ahead of African Mining Week (AMW) 2025
The U.S. International Development Finance Corporation (DFC) approved two new investments for critical minerals projects in sub-Saharan Africa this month. The funding aims to accelerate economic development across the region while reinforcing US supply chains for minerals essential to the country's defense, energy, security and advanced technology sectors. The investments will also drive infrastructure expansion, boost employment and increase export revenues for the African markets. The announcement comes ahead of the upcoming African Mining Week (AMW) conference – Africa's premier gathering for mining stakeholders. The event will showcase the role being played by U.S. institutions such as the DFC in enhancing US-Africa ties in mining and investment. AMW will feature a dedicated US-Africa Roundtable, connecting U.S. policymakers and institutional investors with African governments, project developers and stakeholders for partnership formation, deal signing and policy alignment. AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@ In the last two years, the DFC has been advancing US–Africa mining collaboration through a growing portfolio of investments, loans and technical assistance grants. Among these is the DFC's $5 million funding package for Blencowe Resources, aimed at developing the Orom-Cross graphite project in Uganda. In July 2025, Blencowe received a $750,000 tranche as part of this commitment, following an earlier $500,000 disbursement in May. The final $250,000 payment will support the project's definitive feasibility study. With a JORC Indicated and Inferred Resource of 24.5 million tons at 6.0% total graphite content, Orom-Cross is expected to operate for 21 years, contributing to Uganda's economic transformation and in meeting growing global demand for battery-grade graphite. Other recent DFC commitments include a $553 million loan for the Lobito Corridor, a project aimed at improving mineral transportation for Angola, Zambia and the Democratic Republic of Congo. The DFC also approved a $3.4 million technical assistance grant for the Longonjo Rare Earths Project in Angola, a $50 million equity investment in the Phalaborwa Rare Earths Project in South Africa and a $3.2 million grant for Chillerton's green copper mining project in Kakosa, Zambia. In Tanzania, the DFC is also backing Kabanga Nickel Limited with a loan to support the development of one of Africa's most significant nickel sulphide deposits. With this growing investment footprint, the DFC continues to position itself as a key partner in unlocking Africa's mineral potential while advancing US strategic interests. AMW 2025 will serve as a powerful platform to build on this momentum, facilitating collaboration, catalyzing new investments and reinforcing US-Africa partnerships in mineral development. Distributed by APO Group on behalf of Energy Capital&Power.
Hi Dubai
17-07-2025
- Business
- Hi Dubai
Dubai T100 Triathlon Returns in November 2025 with Expanded Races and Global Spotlight
The Dubai T100 Triathlon Weekend is set to return for its second edition from November 13–16, 2025, and promises to be bigger and better than ever, according to the Dubai Sports Council (DSC). Organised in collaboration with the Professional Triathletes Organisation (PTO), the event builds on the success of its 2024 debut and is part of the Dubai Fitness Challenge (DFC) calendar. General registration is now open for amateur athletes across multiple categories, including the 100km race (2km swim, 80km bike, 18km run) and the Sprint distance (750m swim, 20km bike, 5km run). New additions this year include a Schools Event and a Corporate Relay, designed to enhance community involvement and promote healthy lifestyles. The 2024 edition saw participation from nearly 10,000 amateur athletes and witnessed world-class performances by top triathletes, including Marten Van Riel (Belgium) and Taylor Knibb (USA), who were crowned the first-ever T100 World Champions. The event also featured a community-focused 5km Music Run, welcoming participants of all ages and fitness levels. Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment (DFRE), stated that the event supports the Dubai Economic Agenda D33 by strengthening the city's reputation as a leading sports tourism destination. Eisa Sharif from DSC highlighted that Dubai's world-class infrastructure and inclusive sporting environment have solidified its place as a global triathlon hub. PTO CEO Sam Renouf confirmed the 2025 event will build on its growing status as a 'bucket-list race' in the T100 World Tour, which has already visited Singapore, San Francisco, and Vancouver, with upcoming stops in London and beyond. With its strategic expansion and inclusive approach, the Dubai T100 Triathlon Weekend 2025 is expected to attract even greater global participation and offer an energising, festival-like experience for athletes and spectators alike. News Source: Dubai Media Office
Yahoo
14-07-2025
- Business
- Yahoo
Millennial Potash Announces U.S International Development Finance Corporation's Strategic Project Development Support for its Banio Potash Project in Gabon
West Vancouver, British Columbia--(Newsfile Corp. - July 9, 2025) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is excited to announce that the U.S. International Development Finance Corporation ("DFC") has committed up to US $ 3,000,000 in project development funding (approx. CDN $ 4,080,000) in its Banio Potash Project in Gabon and on July 8 conducted a joint signing ceremony in Washington D.C. for this investment agreement with the President of Gabon, His Excellency Brice Oligui Nguema in attendance. The strategic investment, done under the DFC's Project Development Program, will support a Feasibility Study ("FS") on the Company's Banio Potash Project in Gabon which will be initiated in the coming months. DFC is the U.S. Government's development finance institution that partners with the private sector to mobilize capital for strategic investments around the world. Farhad Abasov, Millennial's Chair, commented, "Millennial is very excited to announce a strategic investment by DFC in Millennial's Banio Potash Project in Gabon. DFC senior executives have visited Gabon several times over the past few months and have expressed their interest in exploring U.S. private sector investment opportunities in the country. The U.S. Ambassador to Gabon has recently visited the project site and came away impressed with the Company's technical progress as well as our first-class team. The Government of Gabon is fully supportive of the DFC investment as well. DFC also recognizes the importance of food security, especially in Africa, and is keen to invest in the Banio opportunity as a means to stabilize and enhance food availability throughout the continent. The DFC strategic investment comes in at the right time for Millennial as we are close to finishing the second stage of our drill program and are in the process of transitioning from an exploration stage to development. The DFC project development funding demonstrates the increasing strategic importance of Millennial's Banio Potash Project not only for Africa but for other key potash consuming markets in the world. The DFC involvement also derisks the project on many accounts and supports the successful start of a bankable feasibility study later this year. We look forward to working very closely with DFC at the feasibility study stage and beyond since DFC has a capability to help the company fund further development of the project. MLP appreciates the assistance it has received from the Government of Gabon and would like to express our deep gratitude to His Excellency President Brice Oligui Nguema for his continued support and commitment to our Banio Potash Project and attending the signing ceremony in Washington D.C. Millennial extends it's thanks to the entire DFC team involved with the project as well as the US Embassy and Ambassador Vernelle Trim FitzPatric in Libreville. We would also like to thank the team at Cygnum Capital for working with both MLP and DFC to facilitate this agreement." "DFC is excited to collaborate with Millennial Potash on this groundbreaking initiative, which will help accelerate food production across the African continent. By boosting domestic potash production, we are ensuring farmers have steady access to vital fertilizers, crucial for increasing crop yields and fostering sustainable agriculture. This significant investment will position Gabon as an emerging exporter within the continent, enhancing its position in the global agricultural supply chain and fueling long-term economic growth across Africa. DFC is proud to support projects like this that deliver tangible benefits to local communities, while also advancing broader goals of food security, economic resilience, and partnership across Africa," said DFC Head of Investments Conor Coleman. DFC's project development funds will develop the Company's Banio Potash Project for potential debt financing. Project development funds from DFC will be released over the course of the feasibility study and will be based on milestone activities completed that form integral parts of the feasibility study. No interest is payable on any project development funds, and repayment of project development funds is triggered by the Company reaching financing or investment to construct the Banio Potash Project. No security interest is granted pursuant to the project development agreement. MLP has initiated early-stage feasibility study work at Banio including a LiDAR survey to generate a Digital Terrain Model, a bathymetry survey of the lagoon, creep geotechnical tests and dissolution testwork on recently acquired drill core from holes BA-001-EXT and BA-004. DFC has prepared a press release regarding this investment in MLP which can be located at Millennial Potash Corp. signing ceremony with Chairman Farhad Abasov (seated), DFC Head of Investments and Chief of Staff Conor Coleman (seated), President of Gabon His Excellency Brice Oligui Nguema (standing right), and DFC Acting CEO Dev Jagadesan (standing left) To view an enhanced version of this graphic, please visit: Dignitaries from International Development Finance Corporation, Millennial Potash Corp and government officials from Gabon including the President, His Excellency Brice Oligui Nguema To view an enhanced version of this graphic, please visit: To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662 8184 or email at info@ Keep up to date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram, and YouTube. MILLENNIAL POTASH CORP. "Farhad Abasov"Chair of the Board of Directors Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations. To view the source version of this press release, please visit Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
