OPIC President and CEO Meets with Rwandan President; Highlights U.S. Investments in Rwanda
July 12, 2018
Visits OPIC-supported coffee processing company
KIGALI, RWANDA - Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne today visited Rwanda, where he met with Rwandan President Paul Kagame to discuss investment opportunities to advance development in the country, and visited several OPIC-supported projects.
Among the projects Washburne visited were Rwanda Trading company, a unit of Westrock Coffee of Little Rock, Arkansas, which used OPIC political risk insurance to modernize Rwanda’s coffee industry and provide training to thousands of local coffee growers to help them increase yields. While in Rwanda, Washburne also met with Minister of Infrastructure Claver Gatete and Minister of Finance Uzziel Ndagijimana.
“The future of Africa’s development and economic growth depends on the private sector,” Washburne said. “With support to American companies such as Westrock Coffee, OPIC is helping to bring critical investments and U.S. business values to Rwanda.”
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. Earlier this month, Washburne traveled to Zambia where he toured progress on The country’s first utility scale solar power facility supported by an OPIC loan. His travel on the continent will continue to South Africa, Botswana, Uganda, and Kenya where he will 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.