OPIC Board of Directors Strengthens Commitment to Lasting African Development
September 19, 2014
WASHINGTON – The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s Development Finance Institution, has approved support to an investment fund focused on promoting economic growth in Africa.
OPIC’s board approved a $100 million commitment to Emerging Capital Partners’ (ECP) Africa Fund IV. This fund, selected from OPIC’s second global engagement call for proposals, is intended to provide expansion capital to high-growth companies throughout Africa.
Support to private equity is a cornerstone of OPIC’s development strategy, and the agency is one of the largest private equity fund sponsors in developing nations. “OPIC is a forward-thinking agency focused on supporting projects in the developing world and working to ensure that our development impact endures. At a time when a growing share of our portfolio is focused on Sub-Saharan Africa, our support to the ECP Africa Fund IV will help foster the expansion of businesses that are so critical to local job creation and sustained African economic growth,” said Elizabeth Littlefield, OPIC’s President and CEO.
During the quarterly meeting, OPIC’s board also approved Mildred Callear as OPIC’s Vice President for Financial and Portfolio Management. Ms. Callear will oversee efforts to maintain and ensure the progress of OPIC’s active worldwide portfolio.
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, guaranties, 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 $76 billion in U.S. exports and supported more than 278,000 American jobs.