In opening an office in Nairobi, the Overseas Private Investment Corporation, commonly referred to as OPIC, is looking to support investment in power, infrastructure, water, agriculture and developing sectors in the continent’s fast-growing East Africa region.
The new office, which is the third to be opened on the continent during the Obama administration, will be led by Suresh Samuel. OPIC began supporting private investment in Kenya in 1974, since when it has provided $845 million in finance and political risk insurance support for investments in 52 projects in the country.
“This office will cultivate a strong U.S. business presence in a fast-growing investment environment,” said OPIC’s President & CEO Elizabeth Littlefield in the statement announcing the news. “OPIC’s Kenya regional office is the start of an important chapter for this Agency and for lasting development throughout East Africa.”
OPIC has been active in Africa since 1972 and has supported over $11.7 billion of investments in over 500 projects. OPIC’s portfolio has grown by 250 percent since 2009, with more than $6.2 billion invested across the continent and $5 billion of that invested in Sub-Saharan Africa.