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Ross Connelly, acting president and CEO of the Overseas Private Investment Corporation (Opic), has signed an agreement facilitating the provision of US$75mn in new Opic financing to a US$100mn Citigroup lending facility in Pakistan.


The new Opic investment guarantee supplements an existing US$75mn agreement with Citigroup, and was approved by Opic’s board of directors in January.

The signing capped a recent week-long trip to Islamabad and Lahore, during which Connelly and an Opic delegation met with senior Pakistani officials and representatives of American and Pakistani companies to facilitate increased US investment in the country. Opic is providing nearly US$125mn in financing and political risk insurance to projects in Pakistan. Historically, the agency has supported more than 100 projects in Pakistan with over US$970mn.

“We came to Pakistan to encourage US investment in this country, and have been encouraged ourselves by the improving investment climate, evidenced by the country’s strong economic growth and political stability,” Connelly says. “Investor interest in Pakistan is likely to be rewarded by positive returns. Opic looks forward to increasing its support for American investment in the country.”

“Opic’s on-lending framework agreements with Citigroup have generated strong developmental benefits in host countries, by leveraging private capital, increasing bank-market liquidity, and transferring bank skills and assets,” Connelly adds. “We expect that today’s lending framework will produce similar positive results, to the benefit of ordinary Pakistanis.”