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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's 2X Women's initiative surpasses $1bn goal

Africa Global Funds
March 26, 2019, 10:01 p.m.
422

Word count: 387

The Overseas Private Investment Corporation has surpassed initial targets to catalyze $1bn to global women’s economic empowerment through its 2X Women’s Initiative.

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The Overseas Private Investment Corporation has surpassed initial targets to catalyze $1bn to global women’s economic empowerment through its 2X Women’s Initiative.

Launched in 2018, OPIC’s 2X Women’s Initiative aims to unlock the multi-trillion dollar opportunity women represent by catalyzing investment in projects that support the world’s women. 

As part of the initiative, OPIC committed to mobilizing $1bn to business and funds owned by women, managed by women, or providing a product or service that intentionally empowers women.

Since launching 2X, OPIC has also accepted the 2X Challenge alongside peer G7 development finance institutions to collectively catalyze $3 billion to the world’s women.

“The case for investing in women is clear: when we invest in women, we invest in a more prosperous, stable world,” said OPIC Acting President and CEO David Bohigian. 

“Surpassing $1bn in capital catalyzed to the world’s women is a proud moment for OPIC, and underscores the agency’s commitment to unlocking the opportunity women represent to scale our impact across the globe. As we celebrate the achievements of 2X to date, we recognize the work left to be done and will continue to advance the Administration’s commitment to global women’s economic empowerment.”

OPIC’s commitments to women through 2X span more than 40 projects across Africa, Eastern Europe, the Indo-Pacific, Latin America, and the Middle East. Some of these projects include:

In Africa, 2X has provided financing to help One Acre Fund provide seeds, fertilizer, and training to mostly female smallholder farmers across Sub-Saharan Africa.

In addition, 2X has provided a loan to support Twiga Foods, which supplies fresh produce from Kenyan farmers and delivers it to a mostly female network of urban vendors, helping them increase their sales and profits.

Another example is the provision of the political risk insurance to support the expansion of Heaven Holdings, a female-led business operating a hotel and restaurant in Rwanda, where tourism and hospitality serve as the principal drivers of economic growth.

OPIC Managing Director for Global Women’s Issues Kathryn Kaufman has led the 2X initiative since its launch.

“By expanding women’s access to capital, quality employment, and products and services that empower them, we not only improve the lives of women, but also uplift their families, communities, and countries,” said Kaufman. 

“Through 2X, OPIC has recognized that potential and prioritized the world’s women.”

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