OPIC Selects Innovex Development Consulting Limited as Originator in Enterprise Development Network
September 21, 2012
WASHINGTON, D.C. –The Overseas Private Investment Corporation (OPIC) has selected INNOVEX Development Consulting Limited, a Pan-African advisory and assurance services firm based in Dar es Salaam, Tanzania, to serve as an originator for a growing alliance with the private sector designed to support small and medium-sized enterprises (SMEs) expanding into emerging markets overseas.
The alliance, the Enterprise Development Network (EDN), is expanding the ability of OPIC – the U.S. government agency charged with facilitating U.S. private sector investment in emerging markets – to provide financing to SMEs doing business in developing countries.
Through the support of financial institutions, business consultants, associations, law firms and regional investment promotion agencies, EDN is designed to enhance SME access to OPIC products and services. By empowering such service providers, the network is resulting in more efficient, cost-effective delivery of services to American businesses.
INNOVEX, established six years ago in Tanzania, is a fast-growing Pan-African advisory and assurance services firm, and one of Africa’s leading development consulting organizations operating in Africa. INNOVEX has a pool of full-time business and financial analysts available to support businesses seeking equity or debt financing, who conduct market research, assess investment potential, and develop project feasibility studies and business plans. In May of this year, two senior INNOVEX staff attended a three-day EDN-Moody’s Analytics training on Emerging Markets Finance Fundamentals in Kigali, Rwanda and received official certification from Moody’s Analytics.
INNOVEX services include: helping clients to obtain OPIC financing and political risk insurance; pre-qualifying investment projects; and preparing and submitting OPIC applications. INNOVEX focuses on providing all these services in Africa, where the return on investment for most businesses is high. INNOVEX also targets investment projects in OPIC priority sectors, including sustainable agriculture; renewable energy; sustainable management of natural resources; housing and mortgage finance; microfinance; transportation infrastructure; water and sanitation; tourism; telecommunications; and medical equipment and hospital facilities.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 276,000 American jobs.