The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, has announced the opening of its first-ever East Africa office, located in Nairobi, Kenya.
The announcement comes on the heels of the U.S.-Africa Business Forum (USABF).
“I am thrilled to announce that we are opening a third office in Africa to increase OPIC’s regional presence,” said Elizabeth L. Littlefield, OPIC President and CEO.
She added, “This office will cultivate a strong U.S. business presence in a fast-growing investment environment. OPIC’s Kenya regional office is the start of an important chapter for this Agency and for lasting development throughout East Africa.”
The Nairobi office will be managed by Suresh Samuel, an Associate Director in Structured Finance at OPIC.
The opening of the Nairobi office shows both OPIC’s commitment to accelerating investment in East Africa, and recognition of the increasing private sector interest in East Africa as an exciting destination for investment opportunities in emerging markets.
OPIC now has three offices in Africa – the others are located in Abidjan, Cote d’Ivoire, and Jo’burg, South Africa. All of them were opened during Obama’s administration.
The three offices will support the region’s 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 US$11.7 billion of investments in over 500 projects. It recently disbursed a loan of US$1.4 million to Mawingu Networks, a provider of solar-powered wireless Internet across rural Kenya.