USAID launches digital invest program to mobilise private capital for digital finance and internet service providers in developing markets as part of President Biden’s global infrastructure initiative
Within the framework of President Biden’s initiative to strengthen global infrastructure, the United States International Development (USAID) kicked off the Digital Invest program under the Digital Connectivity and Cybersecurity Partnership (DCCP). The program is a new blended finance program that aims at mobilising private capital for digital finance and internet service providers (ISPs) serving traditionally excluded consumer populations worldwide. During the first year of the new program, USAID will leverage US$3.45 million in U.S. government funding to accelerate the mobilisation of an estimated US$335 million. In this vein, Digital Invest will promote diverse competition, advance the use of secure network equipment, and reduce the gender digital divide through investments in safe, affordable, and inclusive digital services for underserved consumers in developing markets. This will be done by providing technical assistance, fund capitalization support, and direct portfolio engagement to help financiers support earlier stage, higher-risk projects, and startups with clear development impact, including the advancement of gender equality and women’s economic empowerment.