OPIC Signs Loan Agreement for Georgian-American University Campus Renovation
April 24, 2013
Tbilisi, Georgia – Overseas Private Investment Corporation (OPIC) Managing Director of Project Finance Kenneth Angell today joined Georgian-American University Chancellor Nino Toronjadze, U.S. Ambassador Richard Norland, and Georgian-American University founder Michael Cowgill for a ribbon cutting ceremony dedicating a new campus for the university.
With support from a $3.5 million OPIC loan, the new Georgian-American University campus is being completely renovated to help expand and improve its education programs and resources for students. This will be the first permanent campus for the university.
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 277,000 American jobs. Visit www.opic.gov for more information.