OPIC partners pay back: International Community School in Kumasi, Ghana
Latest in an ongoing series looking at some of the OPIC partners who have repaid their loans in full. Read more about some of our other partners who have repaid their loans here.
The International Community School (ICS) in Kumasi, Ghana, which used OPIC financing to expand access to quality education in Ghana’s second largest city, has joined the long list of OPIC partners who have repaid their loans in full. As a self-sustaining agency that operates at no net cost to American taxpayers, OPIC generates money from providing financing and political risk insurance. In 2016, 44 OPIC partners made their final loan repayment, representing a total of more than $1 billion repaid over the life of these loans.
In 2006, OPIC committed a $1.75 million loan to the Kumasi school to add science labs and computer work stations, and expand capacity so that it was able to more than double enrollment and offer more than 1,000 students a rigorous curriculum to prepare them for competitive college and career paths. OPIC approved a second loan in 2011, of $950,000 to support further upgrades.
The school’s ability to repay the loan underscores the effectiveness of OPIC development finance model which is based on investment rather than aid. OPIC works with clients that have strong business plans and carefully reviews projects before committing support. Last year was the 39th consecutive year that OPIC generated money for deficit reduction.