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AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Investors

OPIC advances first financing project in Chad

Staff writer
March 6, 2019, 1:34 p.m.
841

Word count: 252

The Overseas Private Investment Corporation (OPIC) has committed $10m to support the introduction of off-grid solar kits and appliances in Chad.

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The Overseas Private Investment Corporation (OPIC) has committed $10m to support the introduction of off-grid solar kits and appliances in Chad.

OPIC’s loan will help FinLux Ellen Sarl distribute solar kits and appliances to individuals, schools, health clinics and small businesses in Chad, providing them with an affordable source of reliable electricity. 

The project is the 33rd OPIC has committed under the US Power Africa initiative and the first time OPIC has ever committed financing to a project in Chad, one of the poorest countries in the world. 

Last year, Chad ranked 186 out of 189 on the Human Development Index.

“OPIC is proud of its work supporting investment in the places where it is needed most – in this case bringing development finance to an electricity project in Chad,” said David Bohigian, OPIC Acting President and CEO. 

“Expanding access to electricity is one of the most effective ways to empower people, improve their quality of life and foster economic growth,” he said.

Approximately 40% of Chad’s 15 million people live below the national poverty line and only four percent has regular access to electricity. In rural areas, electricity is particularly scarce, with only about one percent of the population having access.

The solar kits and appliances that FinLux is distributing in Chad are based on a battery produced in New York State and adapted for rural electrification in Sub-Saharan Africa. 

Because women comprise half of the company’s workforce, the project also advances OPIC’s 2X Women’s initiative.
 

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