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Caspian Impact Investments raises $20 million in financing from OPIC


March 31, 2015

 

WASHINGTON – Caspian Impact Investments (CII) today announced that it closed a debt financing commitment of $20 million from the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution.

The OPIC commitment supports the growth of CII India, an impact investment fund. Launched in 2013, CII India is an Indian multi-sector social impact debt provider that provides debt to enterprises engaged in small business lending, microfinance, food & agriculture and affordable housing, with plans to diversify in to other impact sectors including healthcare and livelihoods over the next 12-18 months. The mission of CII is to provide debt capital to a wide range of fast growing institutions that serve low income or underserved communities, directly or indirectly, in a responsible, transparent and sustainable manner.

Viswanatha Prasad, Managing Director at Caspian, said “Caspian Impact Investments aims to be the leading debt provider to impact enterprises in India.  We see a big opportunity to provide debt to impact enterprises where commercial debt from local financial institutions is not easily available.  We are delighted to have OPIC as a long-term partner to anchor the Fund’s growth alongside our shareholders. The fund has already disbursed INR 1.4 billion to over 25 clients.”

Elizabeth Littlefield, President and CEO of OPIC, said, “The significance of Caspian’s work in India lies in their core focus on serving the underserved. When I visited India earlier this year, I saw firsthand the potential and dynamism of the business community, and I look forward to OPIC’s continued engagement there alongside compelling partners like Caspian. Amid the excitement of a quickly-expanding economy, it is crucial to maintain growth that is inclusive of all people. The high-impact SMEs Caspian seeks to finance are exactly what’s needed to catalyze this type of balanced growth.”

Ms. Littlefield traveled to India in January with U.S. President Barack Obama, who noted that OPIC financing would help to expand lending in many of India’s regions currently underserved by banks and financial services.

CII India is managed by its investment advisor, Caspian Impact Investment Adviser Private Limited.
 

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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 and national security objectives. 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 $76 billion in U.S. exports and supported more than 278,000 American jobs.