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OPIC Board of Directors Strengthens Commitment to Lasting African Development

Friday, September 19, 2014

(OPIC)  WASHINGTON Ė The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. Governmentís Development Finance Institution, has approved support to an investment fund focused on promoting economic growth in Africa.

OPICís board approved a $100 million commitment to Emerging Capital Partnersí (ECP) Africa Fund IV. This fund, selected from OPICís second global engagement call for proposals, is intended to provide expansion capital to high-growth companies throughout Africa.

Support to private equity is a cornerstone of OPICís development strategy, and the agency is one of the largest private equity fund sponsors in developing nations. ďOPIC is a forward-thinking agency focused on supporting projects in the developing world and working to ensure that our development impact endures. At a time when a growing share of our portfolio is focused on Sub-Saharan Africa, our support to the ECP Africa Fund IV will help foster the expansion of businesses that are so critical to local job creation and sustained African economic growth,Ē said Elizabeth Littlefield, OPICís President and CEO.

During the quarterly meeting, OPICís board also approved Mildred Callear as OPICís Vice President for Financial and Portfolio Management. Ms. Callear will oversee efforts to maintain and ensure the progress of OPICís active worldwide portfolio.