OPIC partners pay back
Part 2 in an ongoing series
Five years ago, OPIC agreed to provide $55 million financing to Aeris Holding, the operating company of the Juan Santamaria International Airport in San Jose, Costa Rica, to complete a major restructuring that would double the passenger capacity of one of the busiest airports in Central America.
Aeris recently joined a long list of OPIC partners that have repaid their loans in full.
Aeris, an affiliate of HAS Development Corp. of Houston, prepaid the loan by issuing debt in the capital markets, a milestone achievement that indicates it has become bankable by private sources of finance. Today the airport handles the vast majority of international air travel into Costa Rica.
While the airport today offers a good example of the sort of critical infrastructure development that has long been a cornerstone of OPIC’s work, it is also emblematic of strength of OPIC’s development finance model. In fiscal year 2015, 35 OPIC partners repaid a total of $656.2 million in loans and financing.
By providing loans when private financing is not available, OPIC helps helps businesses make a positive impact in emerging markets. By carefully screening loan applications and requiring that projects show strong business plans as well as a strong projected impact, OPIC is able to maintain a very low default rate and operate on a self-sustaining basis. Last year was the 38th consecutive year that OPIC generated money for deficit reduction.