OPIC Extends Successful Pilot Program, Strengthens U.S.-led International Development
February 11, 2016
(The Exporting Source)
WASHINGTON – The Overseas Private Investment
Corporation (OPIC), the U.S. Government’s
Development Finance Institution, today
announced the extension of the Portfolio for
Impact (PI), a successful pilot program first
launched in May, 2014. The PI program
facilitates financing of highly developmental
and innovative early-stage projects, which
otherwise face challenges in attracting growth
capital.
“The Portfolio for Impact is a proud example of
OPIC’s ability to respond to unique development
strategies and successfully support U.S.
investment in some of the world’s most
challenging economies,” said Elizabeth
Littlefield, OPIC’s President and CEO. “By
extending the term of this program, OPIC can
now reach even more high-impact projects that
would otherwise not have been able to secure
growth financing. This means tangible
development effects like sustainable
agriculture, access to water and power, and
clean cooking solutions for people in emerging
economies around the world.”
OPIC’s overall lending portfolio supports
private businesses that are working around the
world in critical development sectors like
education, access to finance, housing,
healthcare, clean water and sanitation, and
renewable energy. But sometimes these
businesses cannot secure the necessary
financing to scale, due to smaller size, unique
business models, and operation in untested
regions or sectors. The PI pilot program aims
to lift these projects that might have
otherwise faced challenges to progress.
During the initial phase of PI, OPIC
commitments of over $30 million have supported
seven projects operating across the developing
world, including India, Indonesia, and multiple
African countries. Highlights from this total
include:
$4 million in financing to Envirofit
International, a Colorado-based social
enterprise that distributes cutting edge, high
quality, low cost, clean cookstove technology
across the world.
$3.7 million in financing to Big Tree
Farms, an Oregon-based company that is
advancing sustainable, organic coconut and
cocoa agriculture across Indonesia.
$4.75 million in financing to PAMIGA, an
impact investor that for over a decade has been
supporting access to finance for poor
individuals, households, small farms and
businesses in rural sub-Saharan Africa through
its network of microfinance institutions.
OPIC’s successful PI pilot program will be
extended an additional five years, with goals
to finance up to $200 million over the life of
the pilot to an increased number of these
high-impact projects. Businesses interested in
working with OPIC can read more about the
Portfolio for Impact at www.opic.gov.
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