OPIC Announces $3.7 Billion in New Commitments for FY2016
The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today announced $3.7 billion in financing and insurance commitments during Fiscal Year 2016 to support economic development in emerging markets. OPIC’s portfolio reached a record-setting $21.5 billion across 100 developing countries and the Agency marked the 39th year of achieving its mission at no net cost to taxpayers.
“Our financing for development advanced U.S. foreign policy and national security goals, all while helping American businesses gain footholds in Africa, Asia, Latin America and the Middle East,” said Elizabeth L. Littlefield, OPIC President and CEO. “Partnering with businesses is a cost-effective way to lift people out of poverty, build markets, and create more stable and self-sufficient economies. Whether they are building power plants in Senegal where only half of the population has access to electricity, providing affordable mortgages in El Salvador where six out of 10 families live in inadequate housing, or introducing better food production in Zambia where the chronic malnutrition is among the highest in the world, our clients are demonstrating how business can be a powerful force for good.”
When OPIC was formed more than four decades ago, private capital flowing into developing countries was a very small fraction of aid dollars. Today, that ratio of aid to investment has reversed as private businesses, often with initial financing or risk mitigation from development finance institutions, enter these new and growing markets.