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OPIC Signs Letter of Interest to Invest in Cashew Company in Mozambique


June 20, 2019

Project Promises to Enable Exports and Bring Developmental Impact

photo, two men sitting at table signing documents, OPIC, Overseas Private Investment Corporation, development finance, Worku Gachou, Mozambique, Prosper Africa, letter of interest, US Africa Business Summit, Sunshine Nut Co

 

MAPUTO, Mozambique – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, announced at the U.S.-Africa Business Summit that the agency will explore a new project with Sunshine Nut Co., which specializes in cashew processing operations in Mozambique.

OPIC Managing Director for Africa Worku Gachou signed a letter of interest to finance the project at an event marking the launch of Prosper Africa, a new U.S. Government initiative to increase two-way trade and investment between the U.S. and Africa. OPIC support for the project is subject to OPIC’s comprehensive project review process before it is finalized. Gachou was joined by Sunshine Nut Co. founder Don Larson and Interim Coordinator for Prosper Africa Matthew Rees.

“By connecting the country’s cashew growers with markets, Sunshine Nut is creating opportunities that empower farmers and help their communities prosper,” said Gachou. “We’re pleased to begin exploring a new project with the company that will drive economic growth and support communities across Mozambique.”

By strengthening the agriculture value chain, the project supports the mission of OPIC’s Connect Africa initiative to invest $1 billion in enhanced connectivity on the continent.

The 2019 Corporate Council on Africa (CCA) U.S.-Africa Business Summit takes place June 18-21. The summit serves as a forum for the U.S. and African private and public sector to connect, collaborate, and shape trade and investment policy.

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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.