Spotlight on OPIC’s Impact Award in the access to finance category
The inaugural OPIC Impact Awards are just over a week away and we’re on the third post in the series to introduce the six categories represented at the event: Renewable Resources, Critical Infrastructure, Access to Finance, Development Impact, Private Equity and American Small Business. Today’s spotlight is on Access to Finance, a category so rich in candidates that we will be honoring three companies that tied for the victory.
Each of our awardees were selected through a rigorous process, where we considered each project’s focus in priority sectors or regions, innovation in overcoming difficulties, quality of results, risk mitigation practice, development impact, and other factors, such as serving as a model in project development and execution.
OPIC supports a number of projects that offer Access to Finance, providing medium and long-term funding through direct loans and loan guarantees to eligible investment projects in developing countries and emerging markets. This financing is used to cover the capitals costs associated with the establishment or expansion of a project in a non-financial industry, such as design/engineering services, facility construction or leasehold improvements and equipment. OPIC financing is also used to fund the expansion of lending capacity, such as microfinance, SME lending or mortgage lending, by a financial services provider. The Access to Finance Award winners have put OPIC financing to use in developing nations with vital need for support.