OPIC partners pay back
Last year, OPIC recognized its partner Sante GMT with an Impact Award for development impact. This year, the Georgia producer of milk and dairy products, which has helped create income for thousands of rural Georgian farmers, earned a different distinction, joining the long list of OPIC partners that have repaid their loans in full.
In 2007, OPIC provided Sante with a $4 million loan, which it used to increase and modernize its production facility. In subsequent years, OPIC committed additional financing, totaling $13.8 million, to help Sante invest in energy efficiency and add butter, cheese and dessert foods to its production. The company also used the financing to establish a network of milk collection facilities throughout the country, which has generated income for thousands of rural farmers who previously had no reliable way of selling the milk produced on their land.
In fiscal year 2015, 35 OPIC partners repaid a total of $656.2 million in loans and financing, underscoring the strength of OPIC’s development finance model. 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.