OPIC Achieves $1 Billion in Global Microfiance Support
Thursday, March 24, 2016
The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today announced that the agency has surpassed $1 billion in financing support to global microfinance institutions, lenders and frameworks since 2010. OPIC provides financing to microfinance institutions through investments in microfinance vehicles, targeted credit facilities to individual microfinance institutions (MFIs), risk-sharing agreements, and guaranties supporting innovative industry efforts. OPIC’s financing has supported more than 100 microfinance institutions in more than 30 countries.
“Reaching the $1 billion mark in microfinance support is a proud moment for OPIC as an agency,” said Elizabeth Littlefield, OPIC’s President and CEO. “As a small organization, we are always seeking innovative ways to more directly spark bottom-up economic growth in developing regions. This new capital invested in these markets has impact far beyond its face value.”
OPIC, which last week committed $125 million in financing to ACLEDA Bank Plc to support microfinance and small enterprise loans in Cambodia, also supports lending to a range of MFIs working across Africa, Asia, Eastern Europe, and Latin America and the Caribbean. These institutions provide loans ranging from as little as a hundred to several thousand dollars. Collectively, OPIC’s support has provided access to finance to millions of people, allowing them to grow their businesses, increase productivity and better support their families.