OPIC achieves major milestone, surpassing its initial Power Africa commitment
Two years ago President Obama launched one of the most ambitious development initiatives of his Presidency and enlisted the support of OPIC in Power Africa, designed to bring more electricity to the hundreds of millions of people in Sub-Saharan Africa who have none.
OPIC committed $1.5 billion to the initiative and this week we reported that we’ve surpassed that initial commitment, more than a year ahead of schedule. To date, we’ve approved $1.6 billion in finance and insurance commitments, which will support the installation of about 1,500 megawatts of new power capacity.
This is a major achievement not only for OPIC and Power Africa but for the millions of Africans benefiting from this initiative, who will have an improved quality of life, better access to education, healthcare, and food; and increased opportunities because of the increased supply of electricity.
To read more about this milestone see the following links.
Press release: OPIC surpasses Power Africa Financing Milestone: “OPIC is changing the investment landscape in Africa’s energy sector, making transformative power deals possible,” said Power Africa coordinator Andrew Herscowitz.Read more
Africa, moving into the light: “Electricity is not just about whether light switches, appliances, and machinery work. Electricity improves and saves lives wherever it is available, reliable and affordable,” OPIC President and CEO Elizabeth L. Littlefield wrote in The Huffington Post. Read more
Four lessons Power Africa has taught so far: “Successful projects require not only large amounts of time and money, but also attention to all the small details. This is particularly true in developing countries that have less of a track record of successful power development,” OPIC Chief Operating Officer John Morton wrote in Institutional Investor. Read more