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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