OPIC President and CEO Highlights U.S. Investments in Kenya
July 23, 2018
Nairobi, Kenya - Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne today visited Kenya to explore investment opportunities, meet with government officials and visit some of the projects OPIC has supported in the country. Kenya is the final stop on the six-country trip to promote U.S. investment in Sub Saharan Africa, strengthen partnerships, identify new opportunities to work with regional allies on projects that drive economic growth and stability.
Among the projects Washburne visited was Mobius Motors which is being supported by a $5 million OPIC loan. Mobius manufactures vehicles in Africa designed for Africa’s roads and drivers supporting more opportunity for logistical connectivity.
Earlier in his travel, Washburne met with American engineering and construction firm Bechtel on the agency’s ready support for the Nairobi-Mombasa Expressway. The more than 470 km road is critical to enhancing the strategic transportation infrastructure along the Nairobi-Mombasa corridor -- a major corridor of national and regional commerce and integration.
“Whether it’s transportation, digital networks, or value chain, reliable connectivity has the power to transform emerging market economies,” Washburne said. “And, the American private sector has the ability to play a huge role in this growth by bringing critical investment, value, and American business practices.”
Washburne is traveling to Africa to highlight OPIC's new Connect Africa initiative to invest more than $1 billion in transportation, technology and value chains on the continent. The trip included visits to Zambia, Rwanda, South Africa, and Botswana, and Uganda.
Africa is a longstanding priority for OPIC and accounts for about one-quarter of the agency's $23 billion global portfolio. With the new Connect Africa initiative, OPIC will focus on investments that will foster a more connected and prosperous future for Kenya and all of Africa.
As part of his National Security Strategy, President Trump highlighted the need for a modernized approach by the U.S. government to development finance to help grow aspiring partners, promote economic relationships, and increase investment in regions important to American interests.
Learn more about OPIC's Connect Africa Initiative.
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 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.