OPIC President and CEO Highlights U.S. Investments in Uganda
July 21, 2018
KAMPALA, Uganda - Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne today visited Uganda where he met with Prime Minister Ruhakana Rugunda and Minister of Finance Matia Kasaija to discuss investment opportunities to advance development in the country, and visited OPIC-supported projects. Uganda is the fifth stop on a six-country trip to promote U.S. investment in Sub Saharan Africa, strengthen partnerships, and identify opportunities to work with regional allies on projects that drive economic growth and stability throughout the region.
Among the projects visited was the telecommunications company Africell will use OPIC financing to expand mobile networks in The Gambia, Sierra Leone, Uganda and Democratic Republic of the Congo. This project is helping catalyze economic growth and advance OPIC’s efforts to further connect Africa to the global market and supports the mission of OPIC’s new Connect Africa investment initiative.
“Africa leads the world in mobile adoption, which continues to offer opportunities across a range of sectors,” said Washburne. “Supporting investments in technology not only increases connectivity, but also critical economic opportunity and growth.”
Washburne is traveling to Africa to explore investment opportunities and 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 has also included visits to Zambia, Rwanda, South Africa, and Botswana. From Uganda, Mr. Washburne will travel to Kenya to meet with senior government officials and visit OPIC supported projects.
Africa is a longstanding priority for OPIC and accounts for about one-quarter of the agency's $23 billion global portfolio.
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.