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Press release by Overseas Private Investment Corporation
Washington DC, December 13, 2018 - The Overseas Private Investment Corporation (OPIC), the US government's development finance institution, on Thursday approved more than US$1.3bn in financing and political risk insurance across six projects that will advance development in Africa, the Indo-Pacific and Latin America.
Approved during the first board meeting of fiscal year 2019, the projects will expand access to financial services, energy, and housing, and advance several OPIC initiatives including the 2X Women's Initiative to mobilize capital to women, and the Northern Triangle Initiative to drive investment to Central America.
"These projects will mobilize billions of dollars in private-sector capital to address urgent global development challenges. They underscore OPIC's commitment to advancing development in a manner that is financially sustainable, adheres to the highest standards, and empowers local communities and workers," said OPIC President and CEO Ray W. Washburne. "I want to thank all of our partners and OPIC staff for their contributions to these projects, which will improve so many lives around the world."
Read President Washburne's report to the board here.
Projects approved include:
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.