OPIC partners pay back: Global Partnerships
Latest in an ongoing series
Read more about some other OPIC partners that have repaid their loans in full.
One of the ways OPIC supports lending to some of the world’s poorest and most remote communities is through partnerships with financial intermediaries that have a strong presence in developing countries. OPIC has provided multiple loans to Seattle-based Global Partnerships, a nonprofit social investment fund, to support microfinance lending to poor communities in Latin America, such as the community in Peru pictured above.
One factor that distinguishes Global Partnerships is its investment philosophy, which is based on a belief that poor people need more than just money. Along with providing loans to small farmers and entrepreneurs, it provides services such as education, training and healthcare.
In addition to its strong record providing valuable financing and services to communities in need, Global Partnerships has also brought fiscal discipline to its operation, and has consistently repaid its OPIC loans, most recently this summer when it repaid $6,775,000 to the Global Partnerships Social Investment Fund 2010.
Because so many people have benefited from Global Partnerships’ support, it is challenging to capture the scope of its work. In 2014, Global Partnerships CEO Rick Beckett described some of the recipients: “… the micro-entrepreneur in Haiti who works 12 hours a day in her baking and catering business so she can provide for her children, and faithfully repays her tiny loan … or the small lot owner in Peru, who for the first time has access to training on how to improve his crop quality and can increase his income and send his children to school … or the woman in Honduras who starts a micro-pharmacy to bring affordable, essential medicines to a rural community.”
OPIC is able to operate as a self-sustaining U.S. Government agency because it works with clients that have strong business plans for supporting development, and generates money from the projects it supports. In fiscal year 2015, 35 OPIC partners repaid their OPIC loans in full, representing a total of $656.2 million over the life of the loans