The US Overseas Private Investment Corporation (Opic) has announced its intention to dedicate a staff member to South Africa, as of 2013.
When appointed, the person will help implement Opic’s US-Africa Clean Energy Finance Initiative (US-ACEF), a scheme designed to encourage private sector investment in clean energy projects in Africa.
The announcement comes amid Opic’s continued investment in South Africa. In September, it approved US$250mn in loans for a 60MW solar power plant; part of the US$629mn package of financing and political risk insurance Opic is currently providing to South Africa. In the past two years, its delivery of loans, guarantees and risk insurance to the African continent has risen by 300%.
Of the appointment, Opic CEO Elizabeth Littlefield says: “We are very bullish on Africa, and we expect that the dedication of a senior staff member for South Africa will mean new opportunities for Opic to support investment to key African countries through its financing and risk mitigation instruments.”