Yesterday, the US International Development Finance Corporation (DFC) approved 17 new board and sub-board transactions totaling more than $3.3 billion for the first quarter of the year.
Global in scope, the transactions will further important DFC initiatives to help small enterprises, energy, vital infrastructure, food security, and health.
Indorama Eleme Fertiliser and Chemicals Limited/SPV Line III obtained a $250 million facility from the DFC to enhance global food security. This credit would finance the development of the company’s third ammonia-urea fertilizer facility in Port Harcourt, Rivers State, thereby increasing fertilizer production.
In a related move, as of this month’s first, the African Growth and Opportunity Act (AGOA) has altered the status of Mauritania, Central African Republic, Gabon, Niger, and Uganda, in that order.
A presidential proclamation signed by US President Joe Biden and released by the US Trade Representative’s office stated that Mauritania has been designated as a beneficiary sub-Saharan African country, meeting the eligibility requirements outlined in section 502 and the requirements outlined in section 104 of the act, based on the actions taken by the government of the country.
On December 21, 2018, the nation was kicked out of AGOA due to its lack of progress in fulfilling the Trade Act’s standards.
Additionally, the president stated that Mauritania meets the requirements to be classified under AGOA as a “lesser developed beneficiary sub-Saharan African country.”
On the other side, because they did not fulfill the conditions, CAR, Gabon, Niger, and Uganda were excluded from AGOA.
Section 506A(a)(1) of the Trade Act initially named Uganda, Niger, CAR, and Gabon as beneficiary sub-Saharan African countries by the President. With effect from January 1, 2024, I have decided to revoke the designations of CAR, Gabon, Niger, and Uganda as beneficiary sub-Saharan African countries for the Trade Act, having now concluded that they do not comply with its standards.”
He stated: “To reflect in the HTS that CAR, Gabon, Niger, and Uganda shall no longer be designated as beneficiary sub-Saharan African countries as of January 1, 2024.”
