OPIC finance to address MSMEs challenges
The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today approved financing for projects that advance global development by improving critical infrastructure, increasing energy supply, and supporting financing for small businesses.
“The Board approved projects that will help address critical development challenges in countries around the world, creating opportunity and strengthening economies to grow and support communities,” said OPIC Acting President and CEO David Bohigian.
OPIC is preparing to transform into a new, modernized agency called the U.S. International Development Finance Corporation (DFC). Equipped with a total investment cap of $60 billion-more than double OPIC’s $29 billion investment cap-DFC will have more tools and resources to invest in developing countries around the world, providing businesses with the means to better manage risk, fostering economic development, and advancing U.S. foreign policy.
Acting President Bohigian’s report on Projects approved includes, 1: Support for marine conservation in Barbados, 2: Increasing commerce and tourism in Senegal, 3: Providing financing for Small and Medium Enterprises (MSMEs) in India, 4: Support for two wind farms in Argentina, 5: Boosting economic growth through energy production in Argentina.
For India, the Board approved $185 million in OPIC financing for Cholamandalam Investment and Finance Company Limited to provide critical funding to over 25,000 small and medium sized enterprises (SMEs) in low-income areas of India that lack access to financing options. Loans from Cholamandalam will help entrepreneurs’ secure financing necessary to purchase vehicles and equipment to expand their business.
