OPIC partners pay back: Joshi Technologies
Latest in an ongoing series
Tulsa, Oklahoma-based Joshi Technologies, which used OPIC financing to improve the yields of an aging oil field in Colombia, has joined the long list of OPIC partners who have repaid their loans in full.
Joshi Technologies developed an innovative drilling technology to improve yields from aging oil fields, but struggled to obtain the financing needed to move forward with international production. OPIC provided a $3.8 million loan to to support oil production from the Palagua field in Colombia that was thought to be near the end of its producing life. Since OPIC’s first committed financing to Joshi more than a decade ago, the aging oil field has produced more than 4,000 barrels of oil per day.
“As an American small business seeking to do business in Colombia, I knew that no bank in the U.S. would give us a loan. Without OPIC, it would not have been possible,” said Sadanand Joshi, President of Joshi Technologies.
OPIC is able to consistently generate money from the projects it supports by working with clients, such as Joshi Technologies, who have strong business plans and are able to repay their loans. In 2016 alone, 44 OPIC partners made their final loan repayment, representing a total of more than $1 billion repaid over the life of these loans. This business model allows OPIC to operate on a self-sustaining basis at no cost to American taxpayers and in fact, enables us to consistently return money to the U.S. Treasury. OPIC has generated $3.7 billion in deficit reduction over the last 10 years.
Read more about some other OPIC partners that have repaid their loans in full
The Eye Fund
Juan Santamaria International Airport
American International School of Abuja
International Community School in Kumasi, Ghana