The board of directors of the Overseas Private Investment Corporation (Opic) has approved US$125mn in financing for the establishment of a lending facility that will enable Citibank to expand its lending in eight Asian countries.
Citibank will share credit risk with Opic in project loans to companies in Bangladesh, India, Indonesia, Malaysia, Philippines, Sri Lanka, Thailand, and Vietnam, with an emphasis on lending to smaller companies. Opic will review and provide its clearance with respect to worker rights issues, environmental effects, and US effects for each downstream project loan.