OPIC Executive Vice President Travels to Togo
January 10, 2018
Visit highlights power of mobilizing private capital to support infrastructure and development
Lomé, Togo - Overseas Private Investment Corporation (OPIC) Executive Vice President David Bohigian yesterday traveled to the West African country of Togo where he met with Togolese Prime Minister Komi Klassou and toured an OPIC-supported power plant that tripled the country's energy supply.
ContourGlobal, a U.S. company, built the Lomé Thermal Power Plant in Togo with support of financing and political risk insurance from OPIC, the U.S. Government's development finance institution. One of the largest investments ever made in Togo, it succeeded in bolstering the country's energy generation capacity and significantly reducing rolling blackouts.
"American companies recognize the opportunities in West Africa - especially in Togo," Bohigian said. "With a growing economy and need for investment in power, infrastrcture, water, agriculture, and other development sectors, OPIC looks forward to growing our partnership with Togo and spurring investment.”
During his visit, Bohigian also visited a local school in Lomé that has received support from ContourGlobal's social projects division. He also highlighted the activities of Mo-Lab, a mobile STEM learning center, which is a U.S. Embassy Lomé initiative created in partnership with ContourGlobal.
Bohigian will continue his travel in Cameroon where he will visit the Magrabi ICO Cameroon Eye Institute which is providing comprehensive, high-quality and affordable eye care procedures.
As part of his National Security Strategy, President Trump last month highlighted the need for a modernized approach by the U.S. Government to development finance to help promote economic relationships and increase investment in regions important to American interests.
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.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.