OPIC Leads Delegation to Promote U.S. Investment in Armenia
August 14, 2018
(OPIC)
YEREVAN, ARMENIA – Executive Vice President
of the U.S. government’s Overseas Private
Investment Corporation (OPIC) David Bohigian
and other U.S. government officials traveled to
Yerevan to promote U.S. investment in Armenia.;
The delegation met with senior government
officials, business leaders from U.S.-based
companies, and beneficiaries of OPIC support.
This is the first stop on a trip to the
Caucasus to promote U.S. investment in the
region, strengthen partnerships, and find
opportunities to deepen business ties that
drive economic growth and stability.
This morning, the U.S. delegation met with
Armenian Deputy Prime Minister Tigran Avinyan.
“I am honored to visit Armenia on behalf of
the United States government to meet the new
leadership, strengthen our relationship, and
identify opportunities for greater U.S.
investment,” said Mr. Bohigian. “OPIC seeks
to help build a more stable and independent
Armenia through projects that adhere to strong
standards and deter corruption through
transparency. We seek to further Armenia’s
development through investments in
infrastructure and other key sectors to drive
economic growth, create jobs, and provide
lasting benefits to the people.”
Mr. Bohigian also delivered remarks at the
Armenian launch of the Gazelle Fund, an
OPIC-supported investment fund that provides
growth capital to commercially viable small and
medium enterprises, especially in agriculture
and light industries. Drawing on reflows from
a lending program originally funded by USAID,
the Gazelle Fund bridges the gap between small
and growing enterprises – known as gazelles
– and the financing they need to expand.
With the Gazelle Fund, companies can use
low-collateral loans and equity to catalyze
private sector growth and expand private sector
employment. In addition to Armenia, the
Gazelle Fund also serves Georgia, Kyrgyzstan,
and Moldova.
“OPIC support plays a critical role in
breaking through barriers presented by the lack
of adequate access to finance on local
markets,” Mr. Bohigian said. “I am
delighted to see the Gazelle Fund and U.S.
investors bring their investments and business
values to Armenia, which will grow the small
and medium enterprises that are crucial for a
dynamic, diversified, and healthy economy.”
OPIC has committed $88 million in finance and
insurance across 14 projects in Armenia,
covering a range of sectors, including tourism
and financial services. It currently has almost
$168 million invested in the Caucasus.
While in Yerevan, Mr. Bohigian also met with
board members of the American Chamber of
Commerce, the Innovative Solutions and
Technologies Center (a public-private
partnership between USAID and IBM), and clients
of First Mortgage Company, which through OPIC
support was able to provide mortgages to
middle- and low-income borrowers.
OPIC is the U.S. government’s development
finance institution. As part of his National
Security Strategy, President Trump highlighted
the need for a modernized approach by the U.S.
government to development finance to help grow
aspiring partners, promote economic
relationships, and increase investment in
regions important to American interests.
Learn more about the Gazelle Fund at gazellefinance.com
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