OPIC Board Approves $400 Million to Support Local Financial Institutions' Lending to SMEs, Renewable Energy & Mortgage Finance
March 30, 2012
(OPIC)
WASHINGTON, D.C. – The Board of Directors of the Overseas Private Investment
Corporation (OPIC) approved a $400 million framework agreement which will enable
Wells Fargo to provide U.S. dollar funding to financial institutions in emerging
markets so that they can expand their lending to small and medium-sized
enterprises (SMEs), housing and renewable energy projects.
Loans made under this framework are designed to encourage medium-term lending to
SMEs that are contributing to sustainable economic growth but have a hard time
getting access to credit, especially loans of tenors longer than one or two
years. The financing is expected to catalyze growth and expand employment in
developing countries around the world.
OPIC will partially guarantee loans made by Wells Fargo to its financial
institution customers in OPIC-eligible countries. Of the $400 million, $240
million is designated for support of local bank lending to portfolios of SMEs;
$100 million for renewable energy projects; and $60 million for housing
finance.
“Access to medium-term credit for SMEs, homebuyers and renewable energy
entrepreneurs has long been limited in emerging markets – even more so during
this time of constrained global liquidity. This agreement enables OPIC to
address this by working through Wells Fargo and its network of local banks,
which are better suited to serve local clients,” said OPIC President and CEO
Elizabeth Littlefield.
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.