
OPIC Launches Connect Africa Initiative to Invest More Than $1 Billion Supporting Infrastructure, Communications, and Value Chain Connectivity
Monday, 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.