OPIC Reaffirms Commitment to Colombia and Latin America
July 18, 2018
BOGOTA, Colombia - The Overseas Private Investment Corporation (OPIC) on Tuesday reaffirmed its commitment to investing in development in Latin America.
“Latin America is a longstanding OPIC priority and Colombia is a key part of our strategy to invest more across the region,” said OPIC Vice President Ryan Brennan. “We look forward to partnering with Colombia’s new government to invest in projects that drive economic growth, build critical infrastructure and create jobs and opportunity in Colombia and throughout Latin America.
Brennan was in Colombia to participate in a discussion on Colombia’s economy and trade at the Concordia Americas Summit, a gathering where leaders from business and government discuss the political and economic priorities for the region. His trip marks the second time OPIC leaders have traveled to Colombia since Ivan Duque Marquez was elected President last month, and coincides with multiple recent OPIC commitments to projects in Colombia.
In June OPIC’s board approved $250 million in financing to support construction of the four-lane Rumichaca-Pasto toll road in southwestern Colombia, which is expected to serve almost seven million vehicles per year by 2020. This week, OPIC announced up to $50 million in financing to Avenida Capital’s Colombia Real Estate Fund II, to support the development of low- and middle income housing and sustainable commercial and mixed used projects in urban areas.
Latin America today accounts for almost one quarter of OPIC’s $23 billion global portfolio.
OPIC, the U.S. Government’s development finance institution, has in recent months launched several initiatives to help drive investment to the region including the 2X Americas Initiative to mobilize $500 million to projects that will support women in Latin America; the Northern Triangle Initiative to mobilize $1 billion in investment as a stabilizing force in El Salvador, Guatemala and Honduras; and an expanded focus on energy investment across Latin America.
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.