OPIC Commits $50 Million to Global Partnerships' Impact-First Development Fund
November 16, 2018
Nairobi, Kenya – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, and Global Partnerships today signed a commitment letter for $50 million to support the Impact-First Development Fund. Specifically, the fund seeks to create tangible social impact by providing a range of high-impact products and services to bottom of the pyramid populations across a variety of sectors. Global Partnerships Chief Executive Officer Rick Beckett and OPIC Vice President Jim Polan signed the letter.
Many of the most inclusive and impactful solutions to poverty are fully sustainable, but not highly profitable. This fund will focus on delivering highly inclusive and highly impactful products and services that commercial markets fail to support. The fund will invest in social enterprises that deliver high impact products and services, initially in the areas of livelihoods, education, energy, health, housing, sanitation and water.
Supporting OPIC’s 2X initiative, particular attention will be given to the inclusion of women and how women experience and drive social impact.
“OPIC’s work with Global Partnerships aligns closely with our mission to advance development goals in emerging markets, and with our 2X Women’s initiative,” said Jim Polan, OPIC Vice President. “This landmark project has the potential to transform marginalized populations’ access to finance, services, and opportunities. We look forward to our work together and expanding opportunity for people living in poverty.”
“We are thrilled to continue our longstanding relationship with OPIC,” said Rick Beckett, Chief Executive Officer at Global Partnerships. “With OPIC’s support, this fund seeks to demonstrate that investing which is motivated first and foremost by service to poor and marginalized people, rather than by maximizing profit, has the power to sustainably expand opportunity and improve lives across virtually every facet of poverty.”
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
About Global Partnerships
Global Partnerships is an impact-first investor dedicated to expanding opportunity for people living in poverty. For 25 years we have invested in sustainable solutions that help impoverished people increase their incomes and improve their lives, with core investments in livelihoods, education, health, energy, housing, and sanitation. Since inception GP has deployed more than $315 million in impact investments to over 125 partners, bringing meaningful impact to over 11 million lives.