Thursday, August 22, 2019 UTC
Recognized by industry leaders for extensive coverage on African Asset Management

AGF 2019 Events - October 24th, Radisson Blu Hotel, Johannesburg

AGF Forum: PE Fund Operations

The 2019 AGF Forum will assemble cutting-edge thinkers, management of leading Private Equity Firms (CFOs, COOs, CTOs), and Asset Managers to discuss the major developments that affect private investment fund operations.

8AM - 5PM

More Info

AGF Service Providers Awards

The 4th edition of the prestigious Awards has opened for entries in the build up to the Awards night in Johannesburg, South Africa. Deadline for submissions: September 1st; judging period is from July 2018 to June 2019.

7PM - 11PM

Submissions Open
News > Investors

OPIC advances first financing project in Chad

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

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.

Receive ONE magazine and TWO locked articles of your choice for FREE when you register an account
Share:

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.
 

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration