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OPIC board approves six deals in sectors from renewable resources to small business lending

OPIC’s Board of Directors approved commitments of OPIC support to the following projects at its March 20 meeting:

Risk-sharing agreements to support Citi lending in developing countries. Two risk-sharing agreements designed to provide OPIC guarantee of loans made by Citibank to borrowers in OPIC-eligible countries around the world for both commercial lending and microfinance loans. OPIC’s guarantee limit through the two agreements is set at a maximum of $550 million and $220 million, respectively. In a series of these risk-sharing frameworks over nearly two decades, OPIC and Citibank have loaned over $1 billion to borrowers in more than 50 countries.

Financing guaranty to support Wells Fargo lending to small and medium enterprises. Up to $200 million of financing guaranty to Wells Fargo was approved to support the U.S. Bankers’ Guaranteed Lending Facility, a lending portfolio to U.S.-owned small and medium sized enterprises (SME) in countries where OPIC is authorized to operate. OPIC’s support will help Wells Fargo expand their SME lending into emerging markets.

Political risk insurance for an investment fund focused on African development. The Silverlands Fund will use up to $140 million in OPIC political risk insurance to support its investments in Sub-Saharan Africa. OPIC previously committed financial support to the fund.

Financing for construction of a solar power plant in Israel’s Negev Desert. OPIC committed to provide up to $250 million in financing to Negev Energy – Ashalim Thermo-Solar, Ltd., to support construction of a 110-megawatt concentrated solar power (CSP) plant in Israel’s Negev Desert. Due to thermal storage capability and other efficiency improvements, the capacity of a CSP plant can be more than twice that of a solar photovoltaic plant.

Financing to support lending by Africa Finance Corporation. OPIC committed to provide up to $75 million in financing to Africa Finance Corporation (AFC), a private-sector led lending institution for development in Africa, to help expand its lending capability across Sub-Saharan Africa in key economic growth sectors, including power generation.

OPIC’s Board of Directors convenes quarterly; the next meeting is scheduled for June, 2014.

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