OPIC Launches Connect Africa Initiative to Invest More Than $1 Billion Supporting Infrastructure, Communications, and Value Chain Connectivity
July 2, 2018
(OPIC)
WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC), the
U.S. Government’s development finance institution, today launched its Connect
Africa initiative which will mobilize more than $1 billion to projects that
support transportation, communications, and value chains in Africa over the next
three years. The announcement comes as OPIC’s President and Chief Executive
Officer Ray W. Washburne embarks on his first official travel to the continent.
“Africa is home to many of the world’s fastest-growing economies and
presents both a great need for investment and a great opportunity for American
businesses,” Washburne said. “But, too many barriers remain to the flow of
goods and services. By focusing on connectivity, we’re not only helping build
means for economic development, but also laying the foundation for future trade
partners.”
Connect Africa will focus on three areas in order to further integrate Africa
into the global market:
Transportation and Logistics
Infrastructure development supports commerce by making it easier and more
efficient to move goods within countries and across borders. Connect Africa will
focus on facilitating investments in roads, railways, ports and airports, as
well as logistics, including elements such as vehicles, warehouses, and cold
storage units.
Information and Communications Technology
Technology is transforming the way people work, communicate, access
information, and educate their children. The initiative will focus on
technologies that provide access to information through telecommunications,
including internet, wireless networks and mobile phones.
Value Chains
Africa requires greater investment in order to better take advantage of
global and regional value chains. The initiative will focus on facilitating
investments supporting processing raw materials and helping products reach
consumers.
During his travel, Mr. Washburne will travel to Zambia, Rwanda, South Africa,
Uganda, and Kenya where he will meet with Heads of State and visit several OPIC
projects supporting economic development in Africa. Sub-Saharan Africa is a
region of focus for OPIC, comprising more than one-quarter of the Agency’s $23
billion active portfolio.
As part of its Fiscal Year 2019 budget proposal, the Trump Administration
highlighted the need for the United States Government to modernize its approach
to development finance to help grow aspiring partners, promote economic
relationships, and increase investment in regions important to American
interests.
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