OPIC Board Approves $150 Million for Investment in African Priority Sectors
December 20, 2012
(OPIC)
Agribusiness, energy & infrastructure,
financial services lack access to long-term
capital
WASHINGTON, D.C. – Agribusiness, energy and
infrastructure, and financial services – three
sectors critical to Africa’s development – got
a significant boost when the Board of Directors
of the Overseas Private Investment Corporation
(OPIC) recently approved $150 million for a new
company designed to support their growth.
By supporting companies poised to become
regional leaders in those sectors, the project
will fill a financing gap in Africa that has
prevented investors from taking advantage of
sound opportunities.
The company, Amethis Africa Finance Ltd. (AAF),
will provide long-term financing for
fast-growing businesses contemplating expansion
in the financial services sector, with a focus
on retail banks serving SMEs; infrastructure
and energy; and the rapidly-growing
agribusiness sector.
In the process, AAF’s executive team, with a
proven record in asset management and African
development, will help strengthen companies’
management and accounting practices. AAF is
currently raising additional capital from a
number of private African, European and U.S.
investors.
“Agribusiness, infrastructure, energy and
financial services are all critical to Africa’s
economic growth – and consequently offer great
investment prospects – but to date have lacked
access to long-term financing,” said OPIC
President and CEO Elizabeth Littlefield.
“Amethis Africa Finance will help bridge that
financing gap by enabling African companies
with the greatest potential to grow those
sectors more quickly and efficiently.”
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