OPIC Board of Directors Approves Financing for Wells Fargo SME Portfolio
March 26, 2014
(OPIC)
WASHINGTON – In a quarterly meeting March 20,
the Board of Directors of the Overseas Private
Investment Corporation (OPIC) approved a $200
million financing guaranty to Wells Fargo in
support of the U.S. Bankers’ Guaranteed Lending
Facility, a lending program designed to assist
U.S.-owned small and medium sized enterprises
(SME) doing business in countries where OPIC is
authorized to operate.
OPIC’s support will help Wells Fargo to expand
their SME lending into emerging markets, and
create a positive development impact while
generating stable financial returns.
“This commitment confidently extends OPIC’s
enduring support for emerging-market SME
lending, a sector critical to job creation and
economic growth in developing countries,” said
Elizabeth Littlefield, OPIC’s President and
CEO. “Our previous commitments to Wells Fargo’s
SME efforts have proven both productive and
impactful to development. I’m eager to see the
entrepreneurial innovation around the world for
which this renewed OPIC support unlocks the
potential.”
“Since 2007, Wells Fargo has worked with OPIC
to help support U.S. businesses globally,” said
Sanjiv Sanghvi, head of Wells Fargo’s Global
Banking Group. “We continue to build upon our
longstanding relationship with OPIC as we serve
the growing international needs of our middle
market customers.”
This marks OPIC’s second commitment to Wells
Fargo’s SME lending activity, following a
successful $100 million program with the bank
which began in 2007 and subsequently produced
award-winning loans to U.S. entrepreneurs. OPIC
looks forward to further support of impactful
investment in developing markets resulting from
today’s commitment to Wells Fargo.
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