OPIC Board of Directors Approves $315 Million in Financing and Insurance for Projects in Emerging Markets
September 14, 2017
(OPIC)
Ukraine project lessens Kyiv’s energy
dependence on Russia
Costa Rica lending will support women
borrowers
WASHINGTON – The Board of Directors of the
Overseas Private Investment Corporation (OPIC)
today approved $315 million in new financing
and insurance to support two private sector-led
projects that will invest in Ukraine’s energy
sector and Costa Rica’s financial services
sector.
“I’ve just returned from Ukraine, where I
saw firsthand some of the country’s
challenges, as well as its potential for
high-impact development projects,” said Ray
W. Washburne, OPIC President and Chief
Executive Officer. “Both of the projects
approved today illustrate how OPIC can help
businesses in places where investment is
greatly needed. These projects build on
OPIC’s long history of supporting American
interests around the world.”
The board of directors’ approval for OPIC
support included:
Up to $250 million in political risk
insurance to support the development,
construction, and commissioning of the
Energoatom Central Spent Nuclear Fuel Storage
Facility in Ukraine. This storage facility will
be developed to store spent fuel from three of
Ukraine’s four nuclear power plants, offering
an efficient and secure process that will
reduce Ukraine’s energy dependence on Russia.
Camden, New Jersey-based Holtec International
will supply dry storage casks, transportation
casks, ancillary equipment, and engineering and
training to the facility over an expected
five-year period.
Up to $65 million in financing to Banco BAC
San José, S.A. to support the expansion of the
bank’s lending to small and medium-sized
enterprises (“SMEs”), leasing to consumers
and SMEs, and mortgage program for low and
middle-income home buyers. Twenty percent of
the OPIC loan will go towards women SME
borrowers, mortgagors and lessees. The OPIC
loan will support the bank’s ability to
channel resources to a population with
traditionally less access to credit.
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