[December 18, 2014] |
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OPIC Achieves $3 Billion in Commitments for 2014, Catalyzing Billions More, While Supporting American Business Growth in Developing Countries
The Overseas Private Investment Corporation (OPIC), the U.S.
Government's Development Finance Institution, today announced $3 billion
in financing and insurance commitments made during fiscal year 2014.
Consistent with its mission to catalyze private capital flows, OPIC
anticipates that these commitments will also mobilize an additional $3.2
billion in private-sector investment into emerging markets.
"OPIC's trajectory is a testament to the powerful and growing role of
the private sector in international development. Because OPIC's model is
fully self-sustaining, the Agency can achieve our development mission at
no cost to the taxpayer, while enabling U.S. companies, small and large,
to tap into dynamic markets abroad," said Elizabeth Littlefield, OPIC's
President and CEO.
OPIC's commitment to economic development and growth has led to a focus
on investments in the world's lowest income countries, especially in
Africa, which accounted for over a quarter of the Agency's overall 2014
commitments. Projects in Africa ranged from support for a healthcare
facility in Angola to increased lending access for Zambian small and
medium-sized businesses.
Highlights for th year included a new record of more than $1.2 billion
in renewable energy commitments, supporting both large and small-scale
projects across four continents, including what will be the largest
solar project in Latin America once complete. This represents a nearly
10-fold increase in support to the sector over the last five years and a
resounding confirmation of the economic opportunities that U.S.
companies and investors are realizing in these fast-growing regions and
sectors.
OPIC-supported projects were diverse in size, sector, and region.
Examples include a small agricultural expansion project in Senegal,
large partnerships to expand small and medium enterprise lending in
Asian and Middle Eastern markets, and a major telecommunications
modernization project in Colombia.
OPIC continued its strong financial performance in fiscal year 2014.
Through its financing and insurance products, OPIC generated $358
million for the U.S. Treasury and produced its 37th
consecutive year of reducing the Federal budget deficit. In addition,
the Agency's credit portfolio once again performed with lower than 1%
write-offs (net of recoveries), an extraordinary accomplishment for a
development finance institution taking risks in some of the world's most
challenging markets.
OPIC is the U.S. Government's development finance institution. It
mobilizes private capital to help solve critical development challenges
and in doing so, advances U.S. foreign policy. Because OPIC works with
the U.S. private sector, it helps U.S. businesses gain footholds in
emerging markets, catalyzing revenues, jobs and growth opportunities
both at home and abroad. OPIC achieves its mission by providing
investors with financing, guarantees, political risk insurance, and
support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC
operates on a self-sustaining basis at no net cost to American
taxpayers. OPIC services are available for new and expanding business
enterprises in more than 160 countries worldwide. To date, OPIC has
supported more than $200 billion of investment in over 4,000 projects,
supporting almost $77 billion in U.S. exports and more than 278,000
American jobs.
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