The government-backed US International Development Finance Corporation (DFC) recently launched with goals to “help businesses expand into emerging markets, foster growth and improve lives in the developing world, while reinforcing US foreign policy and national security interests.” DFC is taking over the work of the Overseas Private Investment Corporation, which had similar goals and an investment cap of USD 29 billion, and the
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MICROCAPITAL BRIEF: Wells Fargo, OPIC Commit $108m to Banco Pichincha for MSMEs Supporting, Controlled by Women in Ecuador
The Overseas Private Investment Corporation (OPIC), an agency of the US government that promotes economic partnerships in countries deemed important to US interests, recently committed to loan USD 100 million to Banco Pichincha of Ecuador for on-lending to micro-, small, and medium-sized enterprises (MSMEs) that are “owned by, led by, or support women.” Wells Fargo, a US-based financial services provider, also has committed USD 8.5 million to the project, which is expected to reach
MICROCAPITAL BRIEF: Cholamandalam of India to Borrow $185m from Citibank, Guaranteed by OPIC, for Vehicle Finance for SMEs
Cholamandalam Investment and Finance Company, a member of India’s Murugappa Group, recently agreed to borrow USD 185 million from US-based financial services firm Citibank. The Overseas Private Investment Corporation (OPIC), an agency of the US government that promotes economic partnerships in countries deemed important to US interests, is guaranteeing repayment of the loan. Chola plans to use the proceeds to extend
MICROCAPITAL BRIEF: responsAbility Securitizes $175m for 26 Microfinance Institutions, SME Lenders from Investors Including Alecta, Calvert, OPIC
A Switzerland-based “impact asset manager,” responsAbility Investments, recently securitized USD 175 million for lending to 26 funders of micro-, small and medium-sized enterprises (MSMEs). The three-year securitization offers listed bonds at senior and mezzanine levels with unspecified “commercial” fixed rates of return, as well as a junior level with
MICROCAPITAL BRIEF: CDC, FinDev Canada, Mastercard Foundation, OPIC, PROPARCO Sponsoring 2X Invest2Impact Competition, Offering $1m to “High-potential” Women Entrepreneurs in East Africa
A group of development finance institutions (DFIs), along with the Canada-based Mastercard Foundation, recently announced they will sponsor the 2X Invest2Impact business competition with the aim of supporting “the growth of high-potential, women-owned businesses [in East Africa] to increase their commerciality and impact.” The DFIs co-sponsoring the competition include the following government-backed institutions: CDC Group, a UK-based organization formerly known as the Commonwealth Development Corporation; FinDev Canada; the US government’s
MICROCAPITAL BRIEF: OPIC Commits $10m to Ilu Women’s Empowerment Fund, Managed by Deetken Impact and Pro Mujer, for Entrepreneurship, Housing, Leadership, Microfinance, Value Chains
The Overseas Private Investment Cooperation (OPIC), an agency of the US government that promotes economic partnerships in countries deemed important to US interests, recently announced that it has committed senior debt totaling USD 10 million to the Ilu Women’s Empowerment Fund, an investment vehicle managed by Canada-based private equity firm Deetken Impact and US-based nonprofit Pro Mujer. Various Canadian foundations, credit unions and other investors, which have not been identified publicly, previously invested USD 15 million in the fund. Of the USD 25 million now committed to the
MICROCAPITAL BRIEF: Overseas Private Investment Corporation (OPIC) Loans $10m to FinLux ELLEN Sarl to Promote Solar Electricity Access in Chad in Partnership with Bren-Tronics
The Overseas Private Investment Corporation (OPIC), the development finance institution of the US government, recently loaned USD 10 million to FinLux E Longlife Energies Nouvelles (ELLEN), a firm registered in France, to distribute solar-powered devices to households, small businesses, medical clinics and educational institutions in Chad. To minimize the upfront cost to users, “the Project Company will retain ownership” of the devices.
MICROCAPITAL BRIEF: SunFunder Raises $42.5m for Solar Energy Transformation Fund from OPIC, Calvert, Ceniarth, IKEA Foundation
SunFunder, a Kenya-based financier of solar energy firms, recently raised USD 37.5 million in debt for its new Solar Energy Transformation (SET) Fund as well as USD 5 million in first-loss grant funding from the IKEA Foundation, an affiliate of the Sweden-founded IKEA group of furniture companies. The goal of SET is to raise USD 85 million to fund the delivery of energy to 3 million people over
MICROCAPITAL BRIEF: Water.org’s WaterEquity Borrows $10.5m from Overseas Private Investment Corporation (OPIC) to Invest in Clean Water, Sanitation
The Overseas Private Investment Corporation (OPIC), the development finance institution of the US government, recently informed MicroCapital that it has loaned USD 10.5 million to WaterCredit Investment Fund 3, which is managed by WaterEquity, a “social impact investment manager” founded by US-based NGO Water.org. WaterEquity, which seeks “to deliver universal access to safe water and sanitation,” was launched in 2016. Since then, it reports having reached 400,000 people via investments in 13 microfinance institutions and
MICROCAPITAL BRIEF: OPIC Loans $150m to Vitas Lebanon for Small, Medium-sized Enterprises (SMEs); Women; Rural Microfinance
The Overseas Private Investment Corporation (OPIC), an agency of the US government that facilitates investment by US-based firms in developing countries, recently loaned USD 150 million to the local member of US-based Vitas Group for on-lending to “small, medium-sized enterprises, women, and rural borrowers, and to groups that face substantial barriers to financial services in Lebanon.” Vitas Lebanon has loan products designed for consumption,
MICROCAPITAL BRIEF: OPIC Loans $138m to Banco Regional for Small, Medium-sized Enterprises (SMEs) in Paraguay
The Overseas Private Investment Corporation (OPIC), an agency of the US government that facilitates investment by US-based firms in developing countries, recently loaned Banco Regional SAECA USD 138 million for on-lending to small and medium-sized enterprises in Paraguay. A portion of the loan proceeds are intended to increase financing options
MICROCAPITAL BRIEF: OPIC Loans $150m to Banco Industrial for Affordable Housing in Guatemala
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned Banco Industrial USD 150 million for on-lending for low- and middle-income homeownership in Guatemala. The loan proceeds are intended to allow 3,000 people to become
MICROCAPITAL BRIEF: Banco Sudameris, OPIC, Citi Cooperate on $125m Loan Package for SMEs in Paraguay, Focusing on Women Entrepreneurs
As part of its 2X Women’s Initiative, the US government’s Overseas Private Investment Corporation (OPIC) has partnered with Colombia-based Banco Sudameris and US-based Citi to assemble USD 125 million for Banco Sudameris to lend to small and medium-sized enterprises (SMEs) in Paraguay. This includes USD 23.44 million
MICROCAPITAL BRIEF: OPIC Loans $5m to Motorcycle Leasing Firm Tugende of Uganda
The Overseas Private Investment Corporation (OPIC), an entity of the US government that facilitates investments aligned with US foreign policy, recently loaned USD 5 million to Tugende Limited, a Ugandan motorcycle leasing company. Michael Wilkerson,
MICROCAPITAL BRIEF: OPIC Loans $143m to CrediQ for SME Vehicle Loans, Leases in Costa Rica, El Salvador
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned USD 143 million to CrediQ Inversiones of Costa Rica and CrediQ El Salvador, two vehicle financing providers owned
MICROCAPITAL BRIEF: OPIC Loans $100m to Grupo Lafise for Housing, Consumer, SME Lending in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned USD 100 million to the Panama-based Grupo Lafise, whose holdings provide retail banking, investment banking, export
MICROCAPITAL BRIEF: OPIC Loans $100m to IndusInd Bank for Microfinance Lending to Women in India
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently issued an eight-year loan in the amount of USD 100 million to India’s IndusInd Bank to increase its microenterprise lending
MICROCAPITAL BRIEF: G7 Nations Triple OPIC Target, Pledge to Mobilize $3b for 2X Challenge for Women Entrepreneurs
Seven development finance institutions (DFIs) from the G7 group of seven large economies recently pledged to raise an additional USD 2 billion by 2020 for the “2X Challenge: Financing for Women” initiative, which was unveiled by the US-based Overseas Private Investment Corporation (OPIC) with a target of USD 1 billion in March 2018.