(Ecofin Agency) - During its last administrative board meeting for this year, the Overseas Private Investment Corporation (Opic), the American institution that funds its citizens’ investments in emerging countries approved an $895 million funding facility for development projects in Africa, Asia, and Latin America.

These resources are to be used to develop four projects launched by the institution in 2018. These projects are notably Connect Africa launched in July 2018 to fund American companies that invest in the transport, logistics, Information technology, and value chain sectors in Africa.

There is also the 2X Women, an initiative started in March 2018 and which consists of funding companies and projects initiated by women. With this facility, Opic will also invest in the Northern Triangle and Indo-Pacific initiatives.

The American institution will also use part of these funds to support financial institutions in the above-mentioned continents. Media sources reveal that Opic has already approved a $200 funding for Union Bank. Thanks to this, the Nigerian bank will increase its loans to SMEs and modernize its infrastructures.

Chamberline Moko