OPIC Board of Directors Approves Nearly $500 Million in Support for Investments in Developing Countries

June 15, 2017

(OPIC) WASHINGTON – The Board of Directors of the Overseas Private Investment Corporation (OPIC) today approved $488 million in new financing to support four private sector-led projects that will invest in developing markets in Colombia, India, and Indonesia in the financial service, housing, and energy sectors.

The board of directors’ approval for OPIC support included:

  • Up to $50 million in financing to Avenida Colombia Real Estate Fund II, L.P., managed by U.S. fund manager Avenida Partners LLC. This private equity fund invests into real estate projects for Colombia’s low and middle income populations. OPIC financing will support the fund’s portfolio investments in residential, retail, and mixed-use real estate projects in urban areas of Colombia, furthering the development of sustainable communities that benefit underserved populations.
  • Up to $243 million in financing to Banco Davivienda S.A. to expand access to mortgages for low-income home buyers in Colombia. Insufficient housing is a chronic problem in Colombia. This project will help expand the access to financing needed to purchase homes and help Banco Davivienda increase lending to low-income home buyers.
  • Up to $120 million in financing to PT Energi Bayu Jeneponto to support construction of a 72 MW wind farm in Indonesia. Indonesia’s generation capacity growth has been unable to keep pace with its electricity demand, leading to power shortages and constraining economic growth. With OPIC financing, PT Energi Bayu Jeneponto will help meet this growing electricity demand and strengthen Indonesia’s energy security by diversifying the country’s generation mix.
  • Up to $75 million in financing from OPIC and up to $75 million in syndicated financing jointly arranged by Wells Fargo Bank and OPIC to support growth of Yes Bank Limited’s lending programs for SMEs throughout India. Yes Bank will allocate $50 million for loans to women-owned SMEs and an additional $50 million for loans to SMEs in India’s lower income states. Access to finance remains a significant constraint for Indian SMEs, causing the majority of SMEs to rely on self-financing in order to grow. With this facility, OPIC expects to achieve its 2015 pledge to mobilize $1 billion in loans for small and medium businesses across India.

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