US OPIC announces 2X Africa initiative in Addia Ababa

21 Apr '19

2 min read

Pic: Overseas Private Investment Corporation

David Bohigian, acting president and chief executive officer of the Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution, recently announced the launch of OPIC’s 2X Africa initiative to support investment in women in Africa. The announcement was made during the visit of an official US delegation to Ethiopia.

Through the initiative, OPIC aims to unlock the full economic potential of women in Africa by catalysing $1 billion, directly investing $350 million, to businesses and funds owned by women, led by women, or providing a good or service that intentionally empowers women on the continent, according to an OPIC press release.

Bohigian signed a letter of interest in Addis Ababa with a women-owned business called Muya to help support the company through OPIC financing. Muya, founded in 2005 by female entrepreneurial fashion designer Sara Abera, produces high quality household products.

Muya is the first Ethiopian company to obtain membership in the World Fair Trade Organisation.

Launched under OPIC’s broader 2X Women’s Initiative, 2X Africa will advance the White House-led Women’s Global Development and Prosperity (W-GDP) Initiative.

OPIC’s 2X Women’s Initiative aims to harness the multi-trillion dollar opportunity women represent by catalyzing investment in projects that support the world’s women. One year since the launch of the initiative, OPIC in March announced that it had surpassed the initiative’s initial target to mobilize $1 billion to the world’s women. (DS)

Fibre2Fashion News Desk – India

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