Business as a force for good: OPIC celebrates another banner year
Simpa Networks, a new OPIC client is working to provide solar power to tens of thousands of rural Indians.
OPIC this week announced fiscal year financial results showing another strong year in 2014, including $3 billion in financing and insurance commitments in emerging markets, which mobilized an additional $3.2 billion in private-sector investment. OPIC also extended its longstanding track record of helping to reduce the federal deficit, and generated $358 million for the U.S. Treasury in 2014.
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.
Renewable energy was one of the highlights of the year with OPIC setting a new record of more than $1.2 billion in commitments to both large and small-scale renewable energy projects across four continents. These projects include construction of what will be the largest solar project in Latin America as well as a small business that plans to distribute solar kits to 50,000 homes and businesses in rural India. Collectively, these new renewable energy projects are expected to add 1,055.7 megawatts of renewable energy and avoid 1.9 million tons in CO2 emissions. Over the past five years, OPIC’s commitments to renewable energy have increased almost 10-fold.