Saturday, March 23, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
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News > Investors

OPIC advances first financing project in Chad

Staff writer
March 6, 2019, 1:34 p.m.
497

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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