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OPIC Opens New Office in Kenya to Drive US-Led Investment

Source: 9/22/2016, Location: Africa

The Overseas Private Investment Corporation (OPIC), the U.S. Governmentís development finance institution, announced the opening of OPICís first-ever East Africa office, located in Nairobi, Kenya, with Suresh Samuel as Managing Director. This announcement comes on the heels of the U.S.-Africa Business Forum (USABF). East Africa is a fast growing region and need for investment in power, infrastructure, water, agriculture, and other development sectors is growing.

ďI am thrilled to announce that we are opening a third office in Africa to increase OPICís regional presence,Ē said Elizabeth L. Littlefield, OPIC President and CEO. ďThis office will cultivate a strong U.S. business presence in a fast-growing investment environment. OPICís Kenya regional office is the start of an important chapter for this Agency and for lasting development throughout East Africa.Ē

OPIC began supporting private investment in Kenya in 1974. Since then, OPIC has provided $845 million in finance and political risk insurance support for investments in 52 projects in Kenya. OPIC currently has about $700 million of active financing and political risk insurance commitments in Kenya. Recent projects include wind power in Kenya, agriculture across Sub-Saharan Africa, and power generation in Nigeria.

The opening of this office in Nairobi signals both OPICís commitment to continue catalyzing investment in this critical region and a recognition of the increasing private sector interest in East Africa as an exciting destination for investment opportunities in emerging markets.

During President Obamaís Administration OPIC has opened three offices in Africa, including offices in Abidjan, Cote díIvoire, and an office in Johannesburg, South Africa. These OPIC offices will support the regionís business development and promote the benefits of private sector-led development throughout Sub-Saharan Africa.

OPIC has been active in Africa since 1972 and has supported over $11.7 billion of investments in over 500 projects. OPICís portfolio has grown by 250 percent since 2009, with more than $6.2 billion invested across the continent and $5 billion of that invested in Sub-Saharan Africa.

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