US OPIC approves $150m investment facility for key African sectors
The US Overseas Private Investment Corporation (OPIC) has approved an investment amount of $150 million to boost three key sectors in Africa.
The sectors are agribusiness, energy and infrastructure, and financial services which the OPIC says have been lacking long-term capital.
The Board of Directors of the US agency approved the facility for a new African-focused company, Amethis Africa Finance Ltd. (AAF), it announced December 20, 2012.
According to the OPIC, AAF will provide long-term financing for fast-growing businesses contemplating expansion in the financial services sector, with a focus on retail banks serving SMEs; infrastructure and energy; and the rapidly-growing agribusiness sector.
“Agribusiness, infrastructure, energy and financial services are all critical to Africa’s economic growth – and consequently offer great investment prospects – but to date have lacked access to long-term financing,” said OPIC President and CEO Elizabeth Littlefield.
Ms Littlefield stated that Amethis Africa Finance will help bridge that financing gap by enabling African companies with the greatest potential to grow those sectors more quickly and efficiently.
By Ekow Quandzie