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Committing to continued investment in Africa

August 05, 2014

2014_08_04_OPIC_bilaterals2d1820 (2)

OPIC President Elizabeth Littlefield signs a memorandum of understanding on August 4 with Mohamed El Kettani (right), Chairman and CEO of Morocco’s Attijariwafa Bank; and Thomas McCaffery (left), Wells Fargo executive vice president, expressing their interest in deepening cooperation to expand lending to small and medium enterprises in Morocco and other African countries.

The MOU was one of multiple signed – with businesses in Morocco, Nigeria and Kenya – during the week of the U.S.-Africa Leaders Summit in Washington.

In signing the agreement, Littlefield noted that SME lending was a critical component to job creation and economic stability in the developing world, but it only worked when banks were committed to working with some of the smaller businesses that faced challenges obtaining financing.

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