WASHINGTON, DC, June 15, 2017 (GLOBE NEWSWIRE) -- The Board of Directors of the Overseas Private Investment Corporation (OPIC) today approved $488 million in new financing to support four private sector-led projects that will invest in developing markets in Colombia, India, and Indonesia in the financial service, housing, and energy sectors.
The board of directors’ approval for OPIC support included:
- Up to $50 million in financing to Avenida Colombia Real Estate Fund II, L.P., managed by U.S. fund manager Avenida Partners LLC. This private equity fund invests into real estate projects for Colombia’s low and middle income populations. OPIC financing will support the fund’s portfolio investments in residential, retail, and mixed-use real estate projects in urban areas of Colombia, furthering the development of sustainable communities that benefit underserved populations.
- Up to $243 million in financing to Banco Davivienda S.A. to expand access to mortgages for low-income home buyers in Colombia. Insufficient housing is a chronic problem in Colombia. This project will help expand the access to financing needed to purchase homes and help Banco Davivienda increase lending to low-income home buyers.
- Up to $120 million in financing to PT Energi Bayu Jeneponto to support construction of a 72 MW wind farm in Indonesia. Indonesia’s generation capacity growth has been unable to keep pace with its electricity demand, leading to power shortages and constraining economic growth. With OPIC financing, PT Energi Bayu Jeneponto will help meet this growing electricity demand and strengthen Indonesia’s energy security by diversifying the country’s generation mix.
- Up to $75 million in financing from OPIC and up to $75 million in syndicated financing jointly arranged by Wells Fargo Bank and OPIC to support growth of Yes Bank Limited’s lending programs for SMEs throughout India. Yes Bank will allocate $50 million for loans to women-owned SMEs and an additional $50 million for loans to SMEs in India’s lower income states. Access to finance remains a significant constraint for Indian SMEs, causing the majority of SMEs to rely on self-financing in order to grow. With this facility, OPIC expects to achieve its 2015 pledge to mobilize $1 billion in loans for small and medium businesses across India.
###
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/883fa5de-ce23-4f93-a86d-078537567e2d