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OPIC approves over $400m to development projects in Africa

Africa Global Funds
Sept. 18, 2018, 12:51 p.m.

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The Overseas Private Investment Corporation (OPIC) has approved $426m in financing and political risk insurance across three projects that will advance development in Africa.

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The Overseas Private Investment Corporation (OPIC) has approved $426m in financing and political risk insurance across three projects that will advance development in Africa.

OPIC has approved a $126m in political risk insurance to support the expansion of Afriflora, the country’s largest rose producer which grows, harvests and exports cut roses from three farms across the country.

Flowers are one of Ethiopia’s major exports and expanded projection will create hundreds of new jobs, many which will be held by women.

In addition, OPIC will invest $200m in Union Bank of Nigeria in order to expand lending to small and medium enterprises, as well as women-led and women-owned businesses, and to invest in upgrades to the bank’s digital banking projects.

Finally, OPIC has approved a $100m in financing to CAL Bank to support lending to infrastructure projects as well as small and medium enterprises in Ghana. 

Ghana’s infrastructure ranks 103rd out of 137 countries according to the World Economic Forum’s Global Competitiveness Report.

OPIC, the US Government’s development finance institution, approved these projects during the final board meeting of the fiscal year. 

The projects approved by the Board will improve lives and promote stability in many regions that are critical to US foreign policy, and are a testament to the hard work and dedication of the staff at OPIC.

“At a time when the world’s emerging markets are in great need of development finance, OPIC’s support for these projects will mobilize private investment through a model that is financially sustainable, promotes American best standards and protects local communities and workers,” said Ray W. Washburne, OPIC President and CEO.

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