Overseas Private Investment Corporation (Opic) has approved up to US$80mn in financing to support the establishment of a private equity investment fund that could ultimately invest as much as US$250mn in growing businesses throughout the Caribbean.

The loan will support the AIC Caribbean Fund, which will make investments in businesses located in countries of the Caribbean Community (Caricom), with an emphasis on Jamaica, Barbados and Trinidad and Tobago. The fund will focus on the tourism, telecommunications, health care, energy, and financial services sectors, and has a target capitalisation of US$250mn.

Opic selected as fund manager AIC International Investment, a subsidiary of AIC Group, a Canadian mutual fund company with a track record of successful investments in the Caribbean.