OPIC President and CEO Highlights U.S. Investments in Zambia

July 10, 2018

(OPIC) Tours Zambia’s first utility scale solar power facility supported by OPIC financing

Lusaka, Zambia - Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne today traveled to Zambia where he toured Zambia’s first utility scale solar power facility which is being supported by a $19 million OPIC loan to Arizona-based First Solar.

In recent years, Zambia has been highly dependent on hydropower. However, lower than expected rainfall has led to energy shortages hindering the country’s economic growth. The 54MW photovoltaic power plant will be operated in partnership with the Industrial Development Corporation (IDC), the Zambian public investment fund.

“Access to dependable and affordable energy is essential for developing countries to grow and for people to reach their full potential,” said Mr. Washburne. “And, the U.S. private sector is playing an important role in establishing that resource in emerging markets. OPIC looks forward to the project’s continuing construction and bringing online a reliable energy source for thousands of Zambians.”

While in Zambia, Mr. Washburne also met with Zambian ministers to discuss investment opportunities in the country. His travel on the continent will continue to Rwanda, South Africa, Botswana, Uganda, and Kenya where he will meet with senior government officials and visit OPIC supported projects. OPIC’s global portfolio of investments totals more than $23 billion. About one quarter of those investments are in Africa. Earlier in July, OPIC announced its Connect Africa investment initiative targeting $1 billion for projects that support transportation, communications, and value chains in Africa over the next three years.

As part of his National Security Strategy, President Trump highlighted the need for a modernized approach by the U.S. government to development finance to help grow aspiring partners, promote economic relationships, and increase investment in regions important to American interests.

banner1

Welcome to the Exporting Source

Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.

The Export Practitioner
 

Providing readers with expert reports on changes to U.S. export licensing rules, enforcement policies and regulations for defense and dual-use products and technology.

Washington Tariff & Trade Letter

Providing exclusive, behind-the-scenes news and analysis every week of U.S. trade policies, regulations and legislation, export controls, trade sanctions, and enforcement of antidumping and countervailing duty laws.

Mastering Deemed Exports
 

An invaluable video training tool that helps exporters, universities and research laboratories alert all employees to the potential fines and legal sanctions that can come from violating EAR and ITAR restrictions on giving certain foreign nationals access to controlled U.S. technology.