On the Heels of USABF, OPIC Announces New Office in Africa to Drive U.S.-Led Investment in Region
September 22, 2016
This marks OPIC’s third office opened in Africa during the Obama Administration
WASHINGTON – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today announced the opening of OPIC’s first-ever East Africa office, located in Nairobi, Kenya, with Suresh Samuel as Managing Director. This announcement comes on the heels of the U.S.-Africa Business Forum (USABF). East Africa is a fast growing region and need for investment in power, infrastructure, water, agriculture, and other development sectors is growing.
“I am thrilled to announce that we are opening a third office in Africa to increase OPIC’s regional presence,” said Elizabeth L. Littlefield, OPIC President and CEO. “This office will cultivate a strong U.S. business presence in a fast-growing investment environment. OPIC’s Kenya regional office is the start of an important chapter for this Agency and for lasting development throughout East Africa.”
OPIC began supporting private investment in Kenya in 1974. Since then, OPIC has provided $845 million in finance and political risk insurance support for investments in 52 projects in Kenya. OPIC currently has about $700 million of active financing and political risk insurance commitments in Kenya. Recent projects include wind power in Kenya, agriculture across Sub-Saharan Africa, and power generation in Nigeria.
The opening of this office in Nairobi signals both OPIC’s commitment to continue catalyzing investment in this critical region and a recognition of the increasing private sector interest in East Africa as an exciting destination for investment opportunities in emerging markets.
During President Obama’s Administration OPIC has opened three offices in Africa, including offices in Abidjan, Cote d’Ivoire, and an office in Johannesburg, South Africa. These OPIC offices will support the region’s business development and promote the benefits of private sector-led development throughout Sub-Saharan Africa.
OPIC has been active in Africa since 1972 and has supported over $11.7 billion of investments in over 500 projects. OPIC’s portfolio has grown by 250 percent since 2009, with more than $6.2 billion invested across the continent and $5 billion of that invested in Sub-Saharan Africa.
Businesses and investors interested in partnering with OPIC in the region should visit www.opic.gov.
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OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. 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, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. 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.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC aims to raise the industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.