OPIC Board Approves $150 Million for Investment in African Priority Sectors
December 20, 2012
(OPIC)
Agribusiness, energy & infrastructure, financial services lack access to
long-term capital
WASHINGTON, D.C. – Agribusiness, energy and infrastructure, and financial
services – three sectors critical to Africa’s development – got a significant
boost when the Board of Directors of the Overseas Private Investment Corporation
(OPIC) recently approved $150 million for a new company designed to support
their growth.
By supporting companies poised to become regional leaders in those sectors, the
project will fill a financing gap in Africa that has prevented investors from
taking advantage of sound opportunities.
The company, Amethis Africa Finance Ltd. (AAF), will provide long-term financing
for fast-growing businesses contemplating expansion in the financial services
sector, with a focus on retail banks serving SMEs; infrastructure and energy;
and the rapidly-growing agribusiness sector.
In the process, AAF’s executive team, with a proven record in asset management
and African development, will help strengthen companies’ management and
accounting practices. AAF is currently raising additional capital from a number
of private African, European and U.S. investors.
“Agribusiness, infrastructure, energy and financial services are all critical
to Africa’s economic growth – and consequently offer great investment prospects
– but to date have lacked access to long-term financing,” said OPIC President
and CEO Elizabeth Littlefield. “Amethis Africa Finance will help bridge that
financing gap by enabling African companies with the greatest potential to grow
those sectors more quickly and efficiently.”
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