Wednesday, February 8, 2023
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BusinessDFC chief visits Ethiopia  

DFC chief visits Ethiopia  

The Chief Executive Officer of the United Development Finance Corporation (DFC), Adam Boehler visited Ethiopia this week and held a meeting with sections of the leadership including Prime Minister Abiy Ahmed (PhD), on how to support the slew of reform initiatives on the nation’s developmental goals.

“In Ethiopia, we met with the Central Bank governor, the Finance Minister, the Prime Minister, and the President. We see great potential in the country and we are here to listen and support the slate of reforms that have been put in place over the last 18 months,” he said at a press conference held inside Sheraton Addis yesterday.

This was his first visit to Ethiopia for the head of the newly created organization that replaced the Overseas Private Investment Corporation (OPIC), in charge of investing USD 60 billion in developing nations and provides needed resources and capital on projects that create jobs. He was appointed last month and was the managing director of Pluribus Ventures. Furthermore, he was associated with Bridgewater Associates, a noted hedge fund.

“We are prepared to make multi-billion-dollar investments in Ethiopia and its people. This collaboration is an opportunity for Ethiopia and the US, to strengthen our relationship around the shared goal of economic growth and prosperity,” the CEO said, adding: “We are not here to tell anyone how things are ought to be done, but to listen and offer support and help the country meet its goals.”

The agency is known to work with businesses and help find innovative ways to solve pressing issues by way of helping finance the constructions of needed infrastructure, expanding access to telecommunications, and finance women entrepreneurship.  

“Our budget has been doubled to USD 60 billion and notably, we have just signed a memorandum of understanding with the African Development Bank worth USD 5 billion. We do not only want to help American businesses succeed in Ethiopia, but also Ethiopian businesses in areas of equity deals, debt reinsurance and other areas,” the CEO added. 

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