OPIC Commits Additional $500 Million for Women’s Economic Empowerment in Latin America
September 6, 2019
(OPIC)
ASUNCIÓN — David Bohigian, Acting President and CEO of the Overseas Private
Investment Corporation (OPIC), today joined President of Paraguay Mario Abdo
Benítez to announce that OPIC has surpassed initial targets to mobilize $500
million to women in Latin America through its 2X Americas initiative.
Underscoring its continued commitment to the region’s women, OPIC also
unveiled a new target of an additional $500 million with private sector and U.S.
Government partners to encourage investments that meet the 2X Criteria.
Through a memorandum of understanding (MOU) signed today, Citi, one of OPIC’s
longstanding private sector partners and a global financial services leader,
will work together with OPIC and other private sector partners to achieve the
new 2X Americas target by investing in projects that meet the 2X Criteria in
Latin America. In addition to this regional commitment, USAID will provide $1
million in technical assistance to ensure that banks in Paraguay receiving OPIC
financing through 2X Americas have the resources they need to support female
entrepreneurs.
“Surpassing our $500 million 2X Americas goal is an exciting milestone that
shows the promising investment opportunity women across Latin America
represent,” said Bohigian. “By bringing together OPIC with our private
sector partners and USAID’s technical expertise, we can multiply our impact in
the region and unleash the enormous potential of women in Latin America.”
“At Citi we firmly believe that empowering women’s economic
development is both the right thing to do and necessary for global economic
growth,” said Jane Fraser, Citi Latin America CEO. “In our more than 100
years in Latin America, we have found immense value in partnering with and
funding locally-based organizations and look forward to continuing that work
through our partnership with OPIC and USAID.”
The McKinsey Institute forecasted a GDP growth opportunity of $2.6 trillion for
Latin America by 2025 if the gender gap is bridged. Launched at the Summit of
the Americas in Lima, Peru in April 2018, 2X Americas aims to unlock this
multi-trillion dollar opportunity. The initiative falls under OPIC’s broader
2X Women’s Initiative, a key component of the White House-led Women’s Global
Development and Prosperity (W-GDP) Initiative. Since launching 2X, OPIC has
helped pioneer gender-lens investing and set a global standard for investing in
women.
Advisor Trump is leading an official U.S. delegation to South America that
includes Bohigian, Deputy Secretary of State John Sullivan, and USAID
Administrator Mark Green to advance W-GDP. The delegation also traveled to
Argentina and Colombia, where OPIC and the Inter-American Development Bank (IDB)
signed letters of intent to support two investment funds focused on reaching
women.
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