Ethiopia is a priority in USA’s plan to support investment in developing countries, says Overseas Private Investment Corporation (OPIC).
In a press conference via telephone Acting President and Chief Executive Officer of the Corporation David Bohigian told the media that USA is ready to support investment in developing nations. Over the last 50 years OPIC has been working to ensure that countries are more prosperous and under the Development Finance Corporation the BUILD Act, is working to ensure that we focus even more of our efforts in countries that have less than 4,000 USD per capital GDP, Bohigian explained.
OPIC has currently invested over 5 billion USD in Africa, the CEO said adding this catalyzes billions of dollars more, and that kind of investment really promotes stability, prosperity, connectivity and trade. According to him, a capital of 60 billion USD, which should help catalyze hundreds of billions more, and that is more than double our current capacity is allotted for the first time.
The Development Finance Corporation will be making equity investments, which will be particularly useful in private equity funds throughout the continent. “We focus on key areas that can improve livelihood of a community as well as sectors like infrastructure, housing, energy, and education. Ethiopia is a primary beneficiary of US support, and we are actively looking for projects and deals to support in that country” said Bohigian.
So that’s going to lead us into more investments into sub-Saharan Africa, as well as Africa as a whole, to be able to ensure that U.S is helping people there get electricity, help them get affordable housing, help them get education and beyond. He further noted “I have the opportunity to visit Ethiopia and learn that the progress is exciting about the opportunities and the potential that the country has for economic growth and increased OPIC commitments.”
The USA will also supply technical assistance and feasibility studies to be more proactive in identifying and developing opportunities for development, he added. We’ll also be focused more on economically empowering women, where today we’ve already mobilized more than 1 billion USD and Senior Adviser Ivanka Trump and I traveled to Ethiopia earlier this year to talk about the Africa piece of the 2X initiative.