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OPIC Board of Directors Approves Over $1 Billion in Support for Investments in Developing Countries

Thursday, September 15, 2016

(OPIC)  WASHINGTON – The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today approved support for new development projects totaling just over $1 billion. These private sector-led development projects will invest in Sub-Saharan Africa, India, the Caribbean, and Central America in a variety of sectors including transportation, financial services, clean energy, and infrastructure.

“Today, OPIC approved over $1 billion in projects that will provide underserved populations with access to transportation, energy, and the financial tools needed to advance their businesses and improve their lives,” said Elizabeth L. Littlefield, OPIC President and CEO. “By supporting projects in various sectors, we will continue to showcase the impact that private sector-led development can have in fast-growing markets around the globe.”

The board of directors’ approval for OPIC support of these projects include:

Up to $225 million in financing to Induslnd Bank Limited to support the expansion of its micro, small and medium enterprise (MSME) lending programs across India, with at least 25 percent of the proposed facility to support women-managed microenterprises. IndusInd reaches MSMEs across broad and diverse industries across India. This OPIC-supported loan will help to address the substantial credit gap in India’s MSME sector.

Up to $100 million in financing to Jamaica Public Service Company (JPS) to facilitate infrastructure upgrades that will improve the quality and cost of electricity services in Jamaica. According to the World Economic Forum’s Global Competitiveness Report, Jamaica ranks 79th in terms of its electricity supply, which indicates that there is significant opportunity in this sector. The OPIC loan will help JPS expand electricity services by creating a smart streetlight program, connecting with new customers, reducing electricity theft through a community renewal initiative, and rehabilitating and upgrading its transmission and distribution network.

Up to $135 million in financing to Platanares Geothermal, sponsored by Reno, Nevada-based Ormat Technologies, Inc. for the development, construction, and operation of a 35 megawatt geothermal baseload power plant in Western Honduras. Honduras requires a 26 percent increase in power generation capacity over the next decade to keep up with projected GDP growth. This project will be the first utility-scale geothermal project in Honduras and is expected to generate sustainable, reliable, and cost-effective power, while contributing to the Honduran Government’s goal of generating 80 percent of its energy from renewables by 2032.