RE: IDFC21 Feb 2026 07:18
Chatgpt
**Board of Directors Approval – 20 February 2026**
On 20 February 2026, the Board of Directors of the **U.S. International Development Finance Corporation (DFC)** approved funding support for the Songwe Rare Earth Project located in **Malawi**.
The approved financing is intended to advance the development of the project as part of DFC’s strategic mandate to strengthen diversified and responsible global supply chains for critical minerals. The Songwe project is expected to contribute to the supply of rare earth elements essential for clean energy technologies, advanced manufacturing, and national security applications.
The approval authorizes DFC management to proceed with the execution of the financing arrangements in accordance with applicable policies, due diligence requirements, and standard conditions precedent.