Report of the 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

ANNUAL REPORT 

ON DEVELOPMENT IMPACT 

FISCAL YEAR 2018 

Submitted Pursuant to 

Section 240A of the 

Foreign Assistance Act of 1961, 

As Amended 

October 2019 
 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

Table of Contents 

Development Impact Overview 2 

Women’s Economic Empowerment 4 

Connect Africa 5 

Indo-Pacific 5 

Supporting the U.S. Economy and Businesses 6 

OPIC’s Internal Procurement Activities 6 

Social Assessment: Labor and Human Rights 8 

Project Screening and Assessment 8 

Rejected Transactions 8 

Environmental, Health, and Safety 9 

Project Screening and Assessment 9 

Rejected Transactions 9 

Greenhouse Gas Reporting 9 

Portfolio Monitoring and Evaluation 11 

Compliance with OPIC Conditions and Covenants 12 

Exhibits 13 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

DEVELOPMENT IMPACT OVERVIEW

OPIC is the U.S. Government’s development finance institution with the mission to mobilize private capital 

to help address critical development challenges around the world. OPIC’s tools include direct loans, loan

guarantees, political risk insurance, and senior debt financing for emerging market private equity funds.1 

This report summarizes the projected impact of the new projects committed in 2018.2 

OPIC 

in 

FY18 

78 New 

Projects 

$6.4 Billion in 

Total New 

Investment in 

30 countries 

55% of Projects 

with U.S. Small 

Business 

Over 12,000 

New 

Permanent 

Host Country 

Jobs 

500MW in 

Renewable 

Power 

Generation 

>1.2 Billion in 

Total New 

Investment to 

2X Projects 

Note: jobs and procurement data projected over 

initial five years of project operation 

The seventy-eight new projects that OPIC committed in 2018 are expected to: 

 Bring a total of $6.4 billion in new investment to thirty developing and emerging markets 

 Create over 12,200 new permanent host country jobs over the next five 

years New Projects by Country 

o Over 5,000 managerial and professional/technical jobs Income 

o Over 7,200 unskilled jobs 

 Generate nearly 500 MW in power, 100% of which is renewable 

 Serve approximately 800,000 micro-, small-, and medium-sized 

enterprises, most of which are woman-owned or -managed businesses 

 Support approximately 19,000 mortgages, of which over 25% will be to 

women borrowers 

 Benefit low- and middle-income countries (74%) 

High 

26% 

Low and Middle 

74% 

1 OPIC currently supports over forty equity funds that invest in growing companies operating in OPIC-eligible 

countries around the world. 

2 The 2018 reporting period covers fiscal year 2018 (October 1, 2017 to September 30, 2018). A 

comprehensive list of OPIC’s active projects can be accessed by visiting OPIC’s publicly-available 

transparency webpage at https://www.opic.gov/content/opic-data (note: list includes investment fund 

commitments and does not include investment fund subprojects.) 

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Latin America and the Caribbean comprised the largest share of new projects, followed by sub-Saharan 

Africa and Asia. Fifty-eight of the 78 new projects, or 74 percent, were committed in low- and middle-income 

countries. 

Projects in the financial services and infrastructure sectors accounted for the largest share of OPIC projects. 

Over three-quarters of the financial services projects support micro-, small-, and medium-sized enterprise 

(MSME) lending. OPIC’s infrastructure projects included renewable energy, transportation, and health care, 

as well as logistics. The newly-committed energy projects expect to generate over 500MW using renewable 

energy sources. 

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Women’s Economic Empowerment

The world’s fastest growing emerging market is not a country or a region; it is the world’s women. OPIC 

launched the 2X Women’s Initiative during Women’s History Month in March 2018, committing to catalyze 

$1 billion to invest in women in developing countries. By year end, OPIC surpassed the initial target by 

approximately $400 million. 

The U.S., the U.K., Canada, France, Italy, Japan and Germany later established the 2X Challenge, committing 

to mobilize $3 billion to economically empower women across the developing world. 

In addition to mobilizing investment in projects that directly benefit women, OPIC is applying a gender lens 

to all the projects it considers to help ensure women will benefit while also making better investment 

decisions. 

Investing in the World’s Women

An OPIC loan is helping WaterHealth India install hundreds of water purification plants selling clean water at 

a fraction of the cost of bottled water. The project will improve the health and quality of life for millions of 

Indians, particularly women who typically have the primary responsibility of obtaining water for the family. 

Another OPIC loan is helping Twiga Foods Ltd. supply fresh produce from Kenyan farmers and deliver it to 

urban vendors, the majority of whom are women, helping them increase their sales and profits. 

OPIC financing and political risk insurance is helping SunFunder lend to emerging market off-grid solar 

businesses to meet their working capital, construction, inventory finance, and structured finance needs. 

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Connect Africa 

Investing in Africa is a longstanding OPIC priority and accounts for more than one-quarter of OPIC’s global 

portfolio. The continent presents both a great need for investment in development and a significant 

opportunity for investors. In 2018, OPIC worked to extend its investment on the continent, making official 

visits to ten countries to explore new projects. 

OPIC’s new Connect Africa initiative will invest $1 billion over three years to projects that will foster

economic growth and better connectivity with global economies. Connect Africa will focus investment in 

telecommunications and internet access; value chains that connect producers of raw materials with end 

users; and essential infrastructure, such as roads, railways, ports and airports. 

Expanding food production in Malawi 

Through its partnership with Global Communities, OPIC is 

working to expand food production in Malawi by providing 

loans and technical support to small agribusinesses. 

Bolstering a major industry in Botswana 

OPIC has helped create hundreds of new jobs in Botswana’s

domestic diamond industry by investing in a diamond 

cutting and polishing facility that has kept value-added 

functions such as sorting, marketing and manufacturing in 

the country. 

Adding electricity across the continent 

OPIC is a key partner in the U.S. Government’s Power Africa initiative to harness the resources of the private

sector to bring more electricity to Sub Saharan Africa. To date, OPIC has supported construction of 20 utilityscale power plants and off-grid renewable power projects in Ghana, Guinea, Kenya, Nigeria, Senegal, South 

Africa, Tanzania, Togo and Zambia. 

Indo-Pacific 

When investors look to the future of the global economy, more and more of them are looking toward the 

Indo-Pacific. This vast region stretching from India to Southeast Asia is home to more than half of the world’s

population and multiple rapidly emerging economies that will play a central role in global peace and security. 

OPIC in 2018 committed to a heightened focus to help transform the region into a global economic leader 

in trade, innovation, and technology. 

Partnering with regional allies 

OPIC entered new partnerships with U.S. allies, including an agreement with the Japan Bank for International 

Cooperation and a trilateral partnership with Japan and Australia, to support more infrastructure 

development in the Indo-Pacific. 

Expanded presence in the region 

OPIC in 2018 added a managing director in Tokyo to supplement the existing OPIC office in Bangkok and 

expand local outreach and business development. 

OPIC at work in the Indo-Pacific 

Through its support of the Unitus Livelihood Impact Fund, OPIC is 

supporting multiple small businesses that are creating jobs and 

expanding access to financial services in South East Asia. 

OPIC financing is helping IndusInd Bank Ltd. provide microfinance 

loans to female entrepreneurs, empowering many of the women 

to start or grow businesses. 

OPIC political risk insurance is supporting a business that is introducing pathology laboratories to hospitals 

in rural parts of Pakistan to help advance early diagnosis and improved treatment. 

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SUPPORTING THE U.S. ECONOMY AND BUSINESSES

While OPIC projects support economic growth and job creation in the host countries, many projects also 

have a positive impact on the U.S. economy. OPIC carefully screens each new project to ensure that it does 

not have a negative effect on the U.S. economy, does not result in the loss of U.S. jobs, and evaluates the 

potential for positive impacts on U.S. exports and jobs over a five-year period.3 

In 2018, new OPIC projects are expected to generate over $28 

million in U.S. exports, supporting forty U.S. jobs. 

Approximately forty-three of the newly-committed projects 

involved a U.S. small business or investment fund manager as 

a sponsor.4 Three projects involved a U.S. woman-owned 

business and six involved a U.S. minority-owned business or 

investment fund manager.5 

Many OPIC projects provide opportunities for small businesses to sell their products and services abroad. 

New 2018 projects are expected to procure nearly $6 million per year over the next five years from eleven 

small businesses located in six states and the District of Columbia. 

U.S. small businesses 

and fund managers 

New Projects 

in 2018 

Total 43 

Woman-owned 3 

Minority-owned 6 

OPIC’s Internal Procurement Activities 

OPIC is deeply committed to expanding opportunity to and participation of small businesses in the 

Corporation’s procurement activities. OPIC data on small business performance goals, along with Federal 

agency contracting data, is reported via the Federal Procurement Data System - Next Generation (FPDS-NG) 

at www.fpds.gov. 

OPIC is proud to report that its small 

business performance has outpaced 

government-wide activity every year 

Vendor OPIC U.S. 

Government6 

U.S. small business 56% 25% 

U.S. women-owned business 8% 5% 

U.S. disadvantaged business 7 10% 9% 

3 See Exhibit 1, 2, and 3 for more detail on projects’ impact on U.S. jobs and information on OPIC’s U.S

employment calculation model. 

4 Per Small Business Administration, a U.S. small business is defined as: 1) an enterprise with revenues of 

less or equal to $500 million or less or equal to 500 employees or 2) an individual with net worth less than 

$100 million; the value reported above includes U.S.-based fund managers. 

5 To be classified as a U.S. woman-owned business, the business must be at least 51% controlled by one or 

more women, who are U.S. citizens. To be classified as minority-owned business, the business must be 

owned or controlled by someone from the following group: African Americans, Hispanic Americans, Native 

Americans, Alaska Native Corporations, Indian Tribes, Native Hawaiian Organizations and Community 

Development Corporations, Asian Pacific Americans, and Subcontinent Asian Americans; individuals who are 

not members of one or more of these groups can be considered minority, but they must provide substantial 

evidence and documentation that demonstrates that they have been subjected to bias or discrimination and 

are economically disadvantaged. 

6 Average, across U.S. government agencies; source: Federal Procurement Data System - Next Generation 

(FPDS-NG) (www.fpds.gov) 

7 Per Small Business Administration, a U.S. small disadvantaged business must be at least 51% owned and 

controlled by a socially and economically disadvantaged individual or individuals including African 

Americans, Hispanic Americans, Asian Pacific Americans, Subcontinent Asian Americans and Native 

Americans; other individuals can qualify if they show by a preponderance of the evidence that they are 

disadvantaged. All individuals must have a net worth of less than $750,000, excluding the equity of the 

business and primary residence. 

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for the last three years, and OPIC continues to push its achievement towards these strategic goals. Through 

contracting and outreach activities as part of OPIC’s 2X initiative, OPIC has substantively contributed to 

empowering women to spur economic growth and advanced entrepreneurship to support 

underrepresented American businesses. 

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OVERSEAS PRIVATE INVESTMENT CORPORATION 

SOCIAL ASSESSMENT: LABOR AND HUMAN RIGHTS 

Project Screening and Assessment 

OPIC implements policies consistent with its statutory requirements related to social risk identification and 

management, including respect for human rights and the rights of workers. OPIC screens all potential 

projects for eligibility based on labor and human rights criteria.8 If a potential project is not categorically 

prohibited, it undergoes a full review for social risks. 

In 2018, three of the seventy-eight projects OPIC committed to support were reviewed and classified as 

“Special Consideration” to reflect that a potential project has heightened social risks, including adverse 

project-related risks to the workforce as well as potentially affected people. Projects with significant adverse 

social impacts or those being developed in regions with recent conflict, compromised regulatory systems, or 

the presence of vulnerable groups such as large numbers of contracted workers or Indigenous Peoples may 

qualify for Special Consideration. This designation requires additional oversight in the form of an 

independent audit, a project site visit, and annual reporting for projects with a heightened potential for 

social risks, including labor or human rights violations. 

OPIC consults with the U.S. Department of State Bureau for Democracy, Human Rights, and Labor (DRL) on 

this review to ensure consistency between OPIC and DRL regarding relevant human rights matters in OPIC 

eligible countries. 

OPIC uses its social assessment to evaluate the potential risks to workers at the project or to other people 

or groups potentially impacted by project activities, and to identify means to improve the project by 

preventing and minimizing such risks as a condition of OPIC support. The process includes the following: 

 Identification of potential risks to project-affected people, including individuals, workers, 

groups or local communities 

 Comparison of the project’s expected performance in relation to internationally-accepted 

standards and practices 

 Evaluation or design of project requirements necessary to enable OPIC support 

 Evaluation or design of associated management and monitoring measures 

Rejected Transactions 

OPIC works diligently to ensure that its policies regarding social risks, including those concerning labor rights 

and human rights, are well understood. Before formal applications are submitted, OPIC advises potential 

clients on projects that are potentially problematic from a social perspective. 

1. Before formal applications are submitted, OPIC endeavors to advise clients regarding project plans 

that could be problematic from an environmental, health or safety perspective 

2. In some cases, clients are able to modify projects to mitigate risks appropriately 

3. In other cases, they may withdraw the request for OPIC support 

As a result, in 2018, OPIC did not have to reject any applications for finance or insurance on social grounds. 

8 Country eligibility for OPIC-supported projects based on labor-related statutory obligations is found in 

Exhibit 3 of this report and also in Chapter 9 of the OPIC Environmental and Social Policy Statement, available 

on OPIC’s website. 

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ENVIRONMENTAL, HEALTH, AND SAFETY

Project Screening and Assessment 

OPIC screens all potential projects to identify the risk of adverse environmental, health or safety impacts, 

and to identify project impacts that could preclude OPIC support. For a project determined to be 

categorically ineligible,9 OPIC immediately informs the applicant to avoid unnecessary effort or expense on 

their part. If the project is eligible, OPIC categorizes the project to determine the requirements for 

documentation, disclosure, consultation, reporting and post-commitment monitoring. Projects may be 

categorized as A, B, C, or D depending on their potential risks and impacts. 

Category A projects present the greatest potential for adverse environmental and/or social impacts, whereas 

Category C projects represent the least potential for adverse impact. Category D is reserved for certain 

projects involving financial intermediaries that make investments in or provide financing to projects or 

enterprises engaged in activities within Categories A, B or C (“Subprojects”). OPIC screens, reviews, and 

provides prior written consent to Subprojects on the basis of potential environmental and social risks. 

In 2018, three of the seventy-eight projects OPIC committed to support were screened as Category A, which 

have the potential for significant adverse environmental and/or social impacts without adequate mitigation 

measures. Given these risks, OPIC requires all Category A projects to have a full environmental and social 

impact assessment (ESIA). 

Rejected Transactions 

OPIC works diligently to ensure that its policies regarding environmental, health and safety are well 

understood upfront. 

1. Before formal applications are submitted, OPIC endeavors to advise clients regarding project plans 

that could be problematic from an environmental, health or safety perspective 

2. In some cases, clients are able to modify projects to mitigate risks appropriately 

3. In other cases, they may withdraw the request for OPIC support 

As a result, OPIC did not need to reject any applications for finance or insurance on environmental, health 

or safety grounds, in 2018. 

Greenhouse Gas Reporting10 

OPIC gathers data on the greenhouse gas (GHG) emissions related to its portfolio. OPIC has committed to: 

(a) reducing the direct GHG emissions from projects in its active portfolio (using the calendar year 2007 

direct GHG emissions from OPIC’s active portfolio on June 30, 2008 as a baseline), by (i) 30% over a ten-year 

period and (ii) 50% over a 15-year period; and (b) increasing investment support to renewable energy and 

energy efficiency projects. “Direct emissions” are defined as the result of the combustion of fuel by OPICsupported projects. 

Since 2008, the aggregate direct GHG emissions associated with projectsin OPIC’s active portfolio decreased 

by approximately 41.95 million short tons of CO2e from 49.77 million short tons of CO2e in calendar year 

9 Certain categories of projects have potential adverse environmental or social impacts that preclude the 

project from receiving OPIC support. Projects in these prohibited categories are listed in Appendix B of OPIC’s 

Environmental and Social Policy Statement. 

10 For more information on OPIC’s GHG Accounting Reports, visit: https://www.opic.gov/doing-businessus/OPIC-policies/greenhouse-gas-accounting-reports. 

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2007 to approximately 7.82 million short tons in calendar year 2017. This represents an 84.3% reduction in 

portfolio emissions.11 

11 In the FY14 Annual GHG Report, OPIC corrected its FY08 baseline to remove GHG emissions that were 

earmarked for the Latin America Power (LP) III Fund. In FY14, LP III became fully invested without having 

invested in any projects that were significant GHG sources. Therefore, OPIC decided to retroactively remove 

the LP III allocation from the FY08-13 inventories (including the FY08 baseline). 

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PORTFOLIO MONITORING AND EVALUATION

Each year, OPIC’s development economists,social impact analysts, and environmental experts visit a number

of active projects to ensure compliance with project loan covenants and to examine realized development 

impact. Projects that are site-monitored include those randomly selected from OPIC's active portfolio, as 

well as those designated as sensitive due to their potential effects on the environment and on the 

surrounding local community. The diagrams below provide breakdowns of the eighty-nine projects sitemonitored in 2018.12 

12 Three of the monitored projects are not country-specific, they are within the Latin American Region: Global 

Partnership Social Investment Funds 5 and 6, and Calvert Higher Education Finance Fund. 

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Compliance with OPIC Conditions and Covenants 

Social Assessment 

Social assessment monitoring activities focused on fifty-seven projects with the potential for greatest social 

risk. During site monitoring, eight projects were found to be out of compliance with OPIC’s covenants

regarding labor conditions or social risk management. For these eight projects, OPIC developed a corrective 

action plan to address the areas of non-compliance. Non-compliances were primarily associated with 

working conditions and ensuring appropriate compensation for land affected by project activities. 

Environment, Health and Safety 

The Environmental group focused on projects with the greatest environmental, health or safety risks. The 

environmental group monitored 52 projects in 2018. Nine of these projects were Category A and 43 were 

Category B. One project was found to be in material noncompliance with OPIC covenants and conditions 

pertaining to environmental considerations. 

Development Impact 

Of the 23 projects visited and evaluated for their economic development impact: 

 All nine projects initially scored as ‘developmental’ kept that same rating;

 Eleven of the twelve projects initially scored as ‘highly developmental’ kept that rating;

 Both projects initially scored as ‘indeterminate’ kept that same rating.

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EXHIBITS

Exhibit 1: U.S. Employment and Associated Effects of OPIC-Supported Projects .......................................14 

Exhibit 2: Destination of Sales to Third-Party Markets...............................................................................15 

Exhibit 3: U.S. Employment Effects and Project Location ...........................................................................16 

Exhibit 4: Methodology for Calculating U.S. Employment Effects ..............................................................17 

Exhibit 5: OPIC’s Development Matrix ........................................................................................................18 

Exhibit 6: Country Eligibility ........................................................................................................................19 

Exhibit 7: OPIC’s Site-Monitoring Methodology .........................................................................................20 

Exhibit 8: Projects Monitored by OPIC’s Office of Investment Policy in 2018 .............................................21 

Exhibit 9: Projects Monitored for Development Impact in 2018.................................................................24 

Exhibit 10: Projects Monitored for Environmental Impact and Social Evaluation in 2018 .........................25 

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Exhibit 1: U.S. Employment and Associated Effects of OPIC-Supported Projects13 

FY 2018 (Projections) 

Employment and associated effects are aggregated over first five years of project operation 

Sector14 Number of 

Projects Final Destination of Project Output U.S. Procurement 

Effect on U.S. 

Employment 

Effect on U.S. 

Trade Balance 

Host Country U.S. 3rd Country 

Projects with Positive Effect on Employment15 

Multiple16 5 $601,711,820 $0 $20,405,000 $24,907,780 35 22,407,780 

Positive Subtotal 5 $601,711,820 $0 $20,405,000 $24,907,780 35 $22,407,780 

Projects with Neutral Effect on Employment17 

Housing 23 $789,992,243 $0 $0 $977,875 1 $977,875 

MSME 21 $398,414,690 $0 $0 $921,250 2 $921,250 

Agriculture 6 $255,989,580 $13,077,185 $278,847,620 $0 0 -$13,077,185 

Transportation & Logistics 5 $2,023,706,875 $0 $0 $0 0 $0 

Communication & IT 4 $654,542,405 $0 $0 $522,500 1 $522,500 

Energy - Renewable 4 $445,858,335 $0 $0 $0 0 $0 

Multiple18 10 $574,794,730 $0 $36,072,255 $1,322,500 2 $1,322,500 

Neutral Subtotal 73 $5,143,298,858 $13,077,185 $314,919,875 $3,744,125 5 -$9,333,060 

Projects with Negative Effect on Employment19 

Negative Subtotal 0 $0 $0 $0 $0 0 $0 

Grand Total (All Projects) 78 $5,745,010,678 $13,077,185 $335,324,875 $28,651,905 41 $13,074,720 

13 Foreign Assistance Act of 1961 (P.L.87-195), Sec. 240A(2)(b) 

14 OPIC-supported projects were classified using the North American Industry Classification System (NAICS). The NAICS categories were distilled into the categories shown above. 

15 "Positive" effect on U.S. employment includes projects with more than two jobs (greater than ten person-years of employment during the first five years of project operation). 

16 To maintain confidentiality, projects in the following sectors were grouped: health care, energy – renewable, communication & IT, and manufacturing. 

17 "Neutral" effect on U.S. employment includes projects with two or fewer jobs (ten person-years or fewer of employment during the first five years of project operation). 

18 To maintain confidentiality, projects in the following sectors were grouped: retail, sanitation & clean water, health care, education, manufacturing, and hotels & tourism. 

19 No OPIC-supported projects in 2018 expect loss of U.S. employment. 

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Exhibit 2: Destination of Sales to Third-Party Markets 

FY 2018 (Projections)* 

Third party annual sales aggregated over first five years of project operation 

Country Third-Party Sales20 

Projects with Positive Effect on Employment21 

Spain $20,405,000 

Positive Subtotal $20,405,000 

Projects with Neutral Effect on Employment22 

Africa Regional $15,724,875 

Asia Regional $16,552,050 

Canada $4,494,860 

Europe Regional $149,713,805 

Middle East Regional $8,250,765 

Netherlands $9,224,465 

Oman $3,619,695 

Saudi Arabia $4,826,260 

South Africa $30,000,000 

United Arab Emirates $9,880,375 

World Wide $26,560,470 

Belgium $23,072,255 

All OPIC Countries $13,000,000 

Neutral Subtotal $314,919,875 

Projects with Negative Effect on Employment23 

Negative Subtotal $0 

Grand Total (All Projects) $335,324,875 

20 "Third party" refers to countries that are neither the U.S. nor the host country. 

21 "Positive" effect on U.S. employment includes projects with more than two jobs (greater than ten person-years of 

employment during the first five years of project operation). 

22 "Neutral" effect on U.S. employment includes projects with two or fewer jobs (ten person-years or fewer of 

employment during the first five years of project operation). 

23 No OPIC-supported projects in 2018 expect loss of U.S. employment. 

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Exhibit 3: U.S. Employment Effects and Project Location24 

In 2018, OPIC supported seventy-eight new projects in thirty countries and five regions, across the globe25. 

Of the seventy-eight new projects committed, five expect to have positive impact26 on U.S. jobs: 

 All five in multiple sectors: Afghanistan, Ghana, Pakistan, Ukraine, multiple countries and regions 

Of the seventy-eight new projects committed, seventy-three expect to have neutral impact27 on U.S. jobs: 

 Six in agriculture: Ethiopia, Ghana, India, Malawi, Mozambique, Sub-Saharan Africa regional 

 Four in communication and information technology: Ecuador, India, Nigeria, Sub-Saharan Africa regional 

 Four in renewable energy: Burundi, India, Sub-Saharan Africa regional, multiple countries and regions 

 Twenty-three in housing: Colombia, Guatemala, Kenya, Mexico, Panama, Peru, South Africa, Uruguay 

 Twenty-one in micro-, small-, and medium-enterprises: India, Jordan, Kazakhstan, Kenya, Mexico, 

Mongolia, Nigeria, Pakistan, Paraguay, Tunisia, West Bank & Gaza, Asia regional, Latin America regional, 

Middle East & North Africa regional, multiple countries and regions 

 Five in transportation and logistics: Brazil, Colombia, India, Kenya 

 Ten in multiple sectors: Botswana, Brazil, El Salvador, India, Indonesia, Rwanda, Ukraine 

Of the seventy-eight new projects committed, zero expect to have a negative impact28 on U.S. jobs. 

The seventy-eight new projects were in the following geographic regions: 

 Thirty-one in Latin America: all expecting neutral U.S. job impact 

 Nineteen in Sub-Saharan Africa: one expecting positive U.S. job impact and eighteen expecting neutral 

U.S. job impact 

 Fourteen in Asia: two expecting positive U.S. job impact and twelve expecting neutral U.S. job impact 

 Six in Middle East & North Africa: all expecting neutral U.S. job impact 

 Four in Europe & Eurasia: one expecting positive U.S. job impact and three expecting neutral U.S. job 

impact 

 Four in multiple regions: one expecting positive U.S. job impact and three expecting neutral U.S. job 

impact 

24 Foreign Assistance Act of 1961 (P.L. 87-195), Sec. 240A(2)(b) 

25 In FY18, 78 new OPIC-supported projects were classified using the North American Industry Classification System 

(NAICS). The NAICS categories were distilled into the categories shown above. 

26 "Positive" effect on U.S. employment includes projects with more than two jobs (greater than 10 person-years of 

employment during the first five years of project operation). 

27 "Neutral" effect on U.S. employment includes projects with two or fewer jobs (10 person-years or fewer of 

employment during the first five years of project operation). 

28 No OPIC-supported projects in FY18 expect loss of U.S. employment. 

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Exhibit 4: Methodology for Calculating U.S. Employment Effects 

Each project seeking OPIC support is individually reviewed to estimate the potential impact on employment in the 

United States. OPIC uses procurement estimates provided by the investor to calculate expected initial and 

operational procurement from the United States (by value and specific type of good or service). The U.S. 

employment figure is generated by estimating a project’s initial procurement, as well as its five-year operational 

procurement of goods and services. OPIC considers both the direct and indirect employment necessary to produce 

those goods and services. Therefore, the employment effects incorporate the direct employment necessary to 

produce the procured goods and services, as well as the indirect employment required to produce the associated 

intermediate inputs. 

OPIC details each type of U.S. good or service expected to be procured for each project and, using industry-specific 

data from the U.S. Bureau of Labor Statistics (BLS), calculates the employment effect in that industrial sector as well 

as, in the sectors that supply necessary components or inputs. By using this standard employment effect 

methodology, OPIC is able to ascertain employment generation with greater precision than if it used an average for 

all U.S. exports. By including indirect effects, OPIC’s employment figures present a more accurate picture of the 

benefits accruing to U.S. workers from the anticipated procurement of goods and services by OPIC-supported 

projects. Finally, to confirm employment effect estimates, OPIC monitors actual economic effects after project 

start-up and throughout the life of OPIC’s involvement with the project. OPIC’s monitoring is described in further

detail in the Monitoring section of this report. 

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Exhibit 5: OPIC’s Development Matrix

As the U.S. Government’s development finance institution, OPIC seeks to support projects that will produce strong 

positive developmental impact. While many of the direct benefits of these projects are clear from the start, these 

projects often produce indirect benefits including associated job creation, increased host country tax revenue and 

the related procurement of local goods and services. 

Every proposed project is evaluated and scored based on a scale of 1 to 100. A project must score at least 25 points 

on the matrix to be considered developmental and clearly eligible for OPIC support. A score of over 60 qualifies a 

project as highly developmental. OPIC scores projects using two matrices — one tailored for financial services 

projects and the other for all other projects. Both matrices are comprised of the following five broad categories that 

measure a project’s developmental impact, regardless of the project’s industry, sector or the host country’s level of

development: 

 Development Reach: measures a project’s impact on basic infrastructure and/or its potential benefits to 

the poor and other underserved populations. For projects involving financial services, this factor measures 

the extent to which underdeveloped areas or underserved populations will be targeted by the financial 

institution. 

 Environmental and Community Benefits: assesses a project’s improvement of the environment and any

philanthropic activities that benefit the local community. 

 Job Creation and Human Capacity Building: includes the number of new jobs to be created, as well as 

training and employee benefits that go beyond local legal requirements. 

 Host Country Macroeconomic or Financial Benefits: measures local procurement and fiscal and foreign 

exchange impacts. For projects involving financial services, this factor measures the amount of funds to be 

disbursed, as well as the impact on micro, small, and medium-sized enterprises, entrepreneurship, and 

home ownership. 

 Demonstration Effects: includes technology and knowledge transfer, technical assistance to suppliers or 

borrowers, the introduction of new products (including financial products), the project’s impact on

regulatory and legal reform, and the adoption of internationally-recognized quality or performance 

standards. 

18 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

Exhibit 6: Country Eligibility 

OPIC’s Environmental and Social Policy Statement outlines OPIC’s policies on country eligibility for OPIC-supported 

projects based on labor-related statutory obligations. To maintain consistency across the U.S. Government, where 

available, OPIC follows the worker rights determinations made by the President of the United States for the purpose 

of the Generalized System of Preferences (GSP) program, a trade benefits program overseen by the Office of the 

U.S. Trade Representative (USTR) that also requires beneficiary countries to take steps towards Internationally 

Recognized Worker Rights. During FY18, no additional countries lost their GSP or OPIC benefits on worker rights 

grounds. 

In 2018, USTR initiated a formal GSP country practice review on worker rights grounds for Kazakhstan, and continued 

to conduct formal GSP country practice reviews of Bolivia29, Georgia, Iraq, Thailand, and Uzbekistan on worker rights 

grounds. OPIC will adjust country eligibility status on the basis of USTR’s final determination in these countries. 

Table 5 

Countries in which OPIC does not operate due to labor and/or human rights issues 

Bangladesh GSP status suspended as a result of workers’ rights petitions, 8/2013

Belarus Lost GSP eligibility on workers’ rights grounds, 9/11/2000

Qatar Non – GSP, lost OPIC eligibility through direct petition30 , 1995 

Saudi Arabia Non – GSP, lost OPIC eligibility through direct petition, 1995 

Sudan Lost GSP eligibility on workers’ rights grounds, 7/1/1991

Syria GSP suspended due to workers’ rights issues, 8/14/1992 

UAE Non – GSP, lost OPIC eligibility through direct petition, 1995 

China Non – GSP, lost OPIC eligibility on human rights grounds, 1990 

29 OPIC has suspended consideration of all projects in Bolivia, based on USG-wide policy concerns under FRAA 

706(2)(a). 

30 https://www.export.gov/article?id=Qatar-Project-Financing 

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OVERSEAS PRIVATE INVESTMENT CORPORATION 

Exhibit 7: OPIC’s Site-Monitoring Methodology 

Environment, U.S. Economic Impact, Labor, and Host Country Developmental Impact 

OPIC performs comprehensive and integrated monitoring to evaluate the U.S. and host-country economic effects, 

as well as the environmental, social, health and safety, and general working conditions of the projects it supports. 

OPIC’s integrated project monitoring is designed to ensure that each project complies with statutory and contractual

requirements in these areas. Project monitoring consists of site visits to projects, in addition to analysis of 

information submitted annually by investors in the form of an online Self-Monitoring Questionnaire (SMQ). Since 

1993, OPIC has required SMQs of all investors per the OPIC finance agreement or insurance contract. 

Using a statistical sampling methodology combined with risk-based monitoring, OPIC identifies projects that staff 

from one or more disciplines will site-monitor. The projects selected for site-monitoring include: (1) a random sample 

of projects that have been active for five or more years and have not been monitored previously; (2) projects that 

are sensitive with respect to U.S. economic effects, labor or environment, social, health and safety issues; and (3) 

projects that fit in logistically with randomly selected or sensitive projects. 

Labor 

OPIC monitors projects for compliance with contractual worker rights requirements through a combination of annual 

reporting by companies as well as site visits to both random and selected samples of projects. OPIC targets its worker 

rights monitoring efforts toward countries and sectors with a higher potential for possible worker rights violations. 

Certain areas of worker rights violations may be difficult to identify from a typical project site-monitoring visit. In 

those instances where OPIC determines further investigation is warranted, OPIC may employ trained and certified 

labor auditors to perform a full project audit. Auditors are often recruited locally, and those with a reputation for 

impartiality and credibility among both the labor and business communities are preferred. The auditors spend as 

much time as necessary to investigate potential violations thoroughly. At a minimum, an audit would include 

independent and confidential interviews with employees and management. Relevant entities such as government 

officials, knowledgeable local NGOs, and organized labor groups may also be interviewed. 

Environment, Social, Health, and Safety (E&S) 

With respect to E&S issues, projects selected for site-monitoring in a given year are prioritized based on 

environmental and social risk. Environmental and social risks depend upon several factors including project 

sensitivity, host country context, project-level environmental and social management systems, and investor 

experience in implementing projects of similar complexity. OPIC assesses the E&S performance of a project against 

applicable benchmarks including contract conditions, international standards and guidelines, and industry best 

practices. Factors included in the performance assessment include an evaluation of the project’s environmental and

social management systems, the effectiveness of mitigation, including pollution controls in risk reduction, and the 

efficiency of the operations, including energy efficiency. Interviews with the local community are conducted where 

relevant. 

U.S. Economic Impact 

OPIC monitors projects for their actual impact on the U.S. economy, including the U.S. employment generation 

effects. OPIC ensures that projects do not negatively impact the U.S. economy. This analysis includes verifying levels 

of exports to the U.S. or other countries (if any), calculating the U.S. trade balance impact, and verifying compliance 

with any restrictions included in the OPIC loan agreement or insurance contract (e.g. restrictions on exporting to the 

United States. or significant U.S. export markets). 

Development Impact 

Regarding host country development impact, OPIC conducts “deep dives” on a random selection of projects to 

compare actual results to original projections, collect more detailed and robust information on the development 

impacts of the projects it supports, inform effectiveness of OPIC’s development assessment tools and metrics, glean

lessons to be learned that are communicated to the rest of the Agency, and make recommendations to improve 

development impacts of the project or future projects. These “deep dives” are in addition to the annual monitoring

of development data collected using OPIC’s Self-Monitoring Questionnaire. 

20 
 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

Exhibit 8: Projects Monitored by OPIC’s Office of Investment Policy in 2018 

Project Country Economic 

Impact 

Environmental 

Impact 

Social 

Assessment 

General Plastics Kenya ✓

Açu Petróleo S.A. Brazil ✓

Aga Khan Hospital Pakistan ✓

Al Watany Bank Egypt ✓ ✓

AMVIS Residencial Mezquital Mexico ✓ ✓

DCM Elements Mexico ✓ ✓

Puerto Morelos Mexico ✓ ✓

Alta Growth II Mexico ✓ ✓

Amandi Energy Limited Ghana ✓ ✓

American Intl. School-Kingston Jamaica ✓

Apollo Towers Myanmar ✓

Armenia Hotel Complex Armenia ✓ ✓

AST Telecom Solar Private Limited India ✓

Bangweulu Power Company Limited Zambia ✓

Blue Star Diamonds Ltd Botswana ✓

Eurostar Botswana Ltd. Botswana ✓

KGK Diamonds Ltd. Botswana ✓

M Suresh Botswana (Pty) Ltd Botswana ✓

Trau Bros (Pty) Ltd. Botswana ✓

Blue Mountain Renewables Wind Power 

Project 

Jamaica ✓

Bosforo, Ltda. de C.V. El Salvador ✓

Bridge International Academy Kenya ✓ ✓ ✓

Butama Hydro Uganda ✓ ✓

Hexagon Limited Nigeria ✓

Attijariwafa Bank Morocco ✓ ✓

Grupo Jaremar Honduras ✓ ✓

Cinepax Multiplex Limited Pakistan ✓

Commercial International Bank Egypt ✓ ✓

Compagnie des Bauxites de Guinee Guinea ✓ ✓

Concord Enviro Systems Private Limited India ✓ ✓

Content Solar Jamaica ✓

ContourGlobal Cap des Biches Senegal ✓ ✓

Corporacion Quiport S.A. Ecuador ✓

DGF FIPAC 2 FIP Brazil ✓

DM Healthcare Private Ltd. India ✓

Enksa Vista Norte Mexico ✓ ✓

Firefly Investments 230 (Pty) Ltd. South Africa ✓

Fons Mediterrania Morocco, Tunisia, Algeria ✓ ✓

Geotêrmica Platanares Honduras ✓

Isik Tarim D/B/A Isik Organik Turkey ✓

Global Partnerships Social Investment Fund 

5.0 

Latin America Regional ✓ ✓

21 
 

 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

Global Partnerships Social Investment Fund 

6.0 

Latin America Regional ✓

Higher Education Finance Fund (Calvert) Latin America Regional ✓

International School of Kenya Limited Kenya ✓ ✓

Itau 2014 Brazil ✓

Izmir Hospital Turkey ✓ ✓

Kandeo Fund I Mexico ✓ ✓

Kilombero Plantations Limited Tanzania ✓ ✓

Kocaeli Hospital Turkey ✓ ✓

Kunoch Hotels Limited Nigeria ✓

Lumiere Panama ✓

Mediterrania Capital II Morocco ✓ ✓

Meridian Consolidated Investments Limited Malawi ✓

Nexo Peru ✓

Obarrio 53 Panama ✓

Orpower 4 Geothermal Kenya ✓ ✓

Palardo II SAC Peru ✓

Renew Power Ventures India ✓ ✓

Renew-Karnataka India ✓ ✓

Renew-Telengana India ✓ ✓

SA Taxi South Africa ✓ ✓

Sayali LLC Georgia ✓ ✓

Schulze Global Finance Facility Mongolia Mongolia ✓ ✓

SenerMeridiam Senergy Senegal ✓ ✓

Signature Point Panama ✓

Silverlands - Ndoela Tanzania ✓

Silverlands - STL Tanzania ✓

Silverlands- SVL Namibia ✓

Skye - CAPIC Select Limited Nigeria ✓

Spazio 881 - Izazaga Mexico ✓ ✓

Tavan Bogd Foods LLC Mongolia ✓ ✓

A&W Fresh Produce Mexico ✓

AndrewyWilliamson2 Mexico ✓

Té Power Guinea ✓ ✓

Ten Merina Senegal ✓ ✓

The Phoenix Panama ✓

Tishona - Growth Land Limited Nigeria ✓

TPL Trakker Pakistan ✓

Champion Romania ✓ ✓

Tucan Inversiones II S.R.L. Peru ✓

Tucan Inversiones III, S.R.L. Peru ✓

UAB Freor Lithuania ✓ ✓

Vivienda PC II, S.R.L. Peru ✓

Satin Creditcare Network Limited (Senior) India ✓

Sefia Mexico ✓ ✓

Operadora de Servicios Mega SA SOFOM 

ENR 

Mexico ✓ ✓

22 
OVERSEAS PRIVATE INVESTMENT CORPORATION 

Transoil Group Moldova ✓ ✓

XacBank LLC Mongolia ✓

ZBE Partners Bulgaria ✓ ✓

Total Project Visits 23 52 57 

23 
 

 

 

 

 

 

 

 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

Exhibit 9: Projects Monitored for Development Impact in 2018 

Project Country Projected Development 

Rating 

Monitoring Development 

Rating 

Al Watany Bank Egypt Developmental Developmental 

Alta Growth II Mexico Developmental Developmental 

American Intl. SchoolKingston Jamaica Developmental Developmental 

Blue Mountain 

Renewables Wind Power 

Project 

Jamaica Developmental Developmental 

Attijariwafa Bank Morocco Developmental Developmental 

Content Solar Jamaica Developmental Developmental 

International School of 

Kenya Limited Kenya Developmental Developmental 

Mediterrania Capital II Morocco Developmental Developmental 

DGF FIPAC 2 FIP Brazil Developmental Developmental 

AST Telecom Solar Private 

Limited India Highly Developmental Highly Developmental 

Bridge International 

Academy Kenya Highly Developmental Developmental 

Commercial International 

Bank Egypt Highly Developmental Highly Developmental 

DM Healthcare Private 

Ltd. India Highly Developmental Highly Developmental 

Global Partnerships Social 

Investment Fund 5.0 Latin America Regional Highly Developmental Highly Developmental 

Higher Education Finance 

Fund (Calvert) Latin America Regional Highly Developmental Highly Developmental 

Itau 2014 Brazil Highly Developmental Highly Developmental 

Schulze Global Finance 

Facility Mongolia Mongolia Highly Developmental Highly Developmental 

Tavan Bogd Foods LLC Mongolia Highly Developmental Highly Developmental 

Satin Creditcare Network 

Limited (Senior) India Highly Developmental Highly Developmental 

Sefia Mexico Highly Developmental Highly Developmental 

Operadora de Servicios 

Mega SA SOFOM ENR Mexico Highly Developmental Highly Developmental 

Fons Mediterrania Morocco, Tunisia, Algeria Indeterminate Indeterminate 

Kandeo Fund I Mexico Indeterminate Indeterminate 

24 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

Exhibit 10: Projects Monitored for Environmental Impact and Social Evaluation in 2018 

Project Environmental/Social Performance 

Armenia Hotel Complex Environmental and Social performance is consistent with contract 

conditions. 

ZBE Partners Environmental and Social performance is consistent with contract 

conditions. 

UAB Freor Environmental and Social performance is consistent with contract 

conditions. 

Transoil Group Environmental and Social performance is consistent with contract 

conditions. 

Champion Environmental and Social performance is consistent with contract 

conditions. 

Palardo II SAC Social performance is consistent with contract conditions. 

Vivienda PC II, S.R.L. Social performance is consistent with contract conditions. 

Tucan Inversiones II S.R.L. Social performance is consistent with contract conditions. 

Tucan Inversiones III, S.R.L. Social performance is consistent with contract conditions. 

Nexo Social performance is consistent with contract conditions. 

Silverlands - Ndoela Environmental performance is consistent with contract 

conditions. 

Silverlands - STL Environmental performance is consistent with contract 

conditions. 

Concord Enviro Systems Private Limited Environmental and Social performance is consistent with contract 

conditions. 

Renew Power Ventures Environmental and Social performance is consistent with contract 

conditions. 

Renew-Karnataka Environmental and Social performance is consistent with contract 

conditions. 

Renew-Telengana Environmental and Social performance is consistent with contract 

conditions. 

Kandeo Fund I Social performance is consistent with contract conditions. 

Alta Growth II Social performance is consistent with contract conditions. 

Sefia Social performance is consistent with contract conditions. 

Operadora de Servicios Mega SA SOFOM ENR Social performance is consistent with contract conditions. 

Silverlands-SVL Environmental performance is consistent with contract 

conditions. 

SA Taxi Environmental performance is consistent with contract 

conditions. 

Meridian Consolidated Investments Limited Environmental performance is consistent with contract 

conditions. 

Butama Hydro Environmental and Social performance is consistent with contract 

conditions. 

Bridge International Academy Environmental and Social performance is consistent with contract 

conditions. 

International School of Kenya Limited Environmental and Social performance is consistent with contract 

conditions. 

Orpower 4 Geothermal Environmental and Social performance is consistent with contract 

conditions. 

General Plastic Ltd; SA Taxi Impact Fund RF 

(Pty) Ltd. 

Environmental and Social performance is consistent with contract 

conditions. 

25 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

A&W Fresh Produce Environmental and Social performance is consistent with contract 

conditions. 

AndrewyWilliamson2 Environmental and Social performance is consistent with contract 

conditions. 

Butama Hydro Social performance is consistent with contract conditions. 

Bosforo, Ltda. de C.V. Environmental performance is consistent with contract 

conditions. 

AMVIS Residencial Mezquital Environmental and Social performance is consistent with contract 

conditions. 

DCM Elements Environmental and Social performance is consistent with contract 

conditions. 

Puerto Morelos Environmental and Social performance is consistent with contract 

conditions. 

Spazio 881 - Izazaga Environmental and Social performance is consistent with contract 

conditions. 

Enksa Vista Norte Social performance is consistent with contract conditions. 

Global Partnerships Social Investment Fund 

5.0 Social performance is consistent with contract conditions. 

Global Partnerships Social Investment Fund 

6.0 Social performance is consistent with contract conditions. 

Blue Star Diamonds Ltd Social performance is consistent with contract conditions. 

Eurostar Botswana Ltd. Social performance is consistent with contract conditions. 

KGK Diamonds Ltd. Social performance is consistent with contract conditions. 

M Suresh Botswana (Pty) Ltd Social performance is consistent with contract conditions. 

Trau Bros (Pty) Ltd. Social performance is consistent with contract conditions. 

SA Taxi Social performance is consistent with contract conditions. 

Al Watany Bank Social performance is consistent with contract conditions. 

Commercial International Bank Social performance is consistent with contract conditions. 

Attijariwafa Bank Social performance is consistent with contract conditions. 

Mediterrania Capital II Social performance is consistent with contract conditions. 

Fons Mediterrania Social performance is consistent with contract conditions. 

Apollo Towers Social performance is consistent with contract conditions. 

Firefly Investments 230 (Pty) Ltd. Environmental performance is consistent with contract 

conditions. 

Kilombero Plantations Limited Environmental and Social performance is consistent with contract 

conditions. 

Bangweulu Power Company Limited Environmental performance is consistent with contract 

conditions. 

Corporacion Quiport S.A. Environmental performance is consistent with contract 

conditions. 

Grupo Jaremar Environmental and Social performance is consistent with contract 

conditions. 

Geotêrmica Platanares Environmental performance is consistent with contract 

conditions. 

Butama Hydro Environmental and Social performance is consistent with contract 

conditions. 

Aga Khan Hospital Environmental performance is consistent with contract 

conditions. 

TPL Trakker Environmental performance is consistent with contract 

conditions. 

26 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OVERSEAS PRIVATE INVESTMENT CORPORATION 

Açu Petróleo S.A. Environmental performance is consistent with contract 

conditions. 

Isik Tarim D/B/A Isik Organik Environmental performance is consistent with contract 

conditions. 

Izmir Hospital Environmental and Social performance is consistent with contract 

conditions. 

Kocaeli Hospital Environmental and Social performance is consistent with contract 

conditions. 

Compagnie des Bauxites de Guinee Environmental and Social performance is consistent with contract 

conditions. 

Té Power Environmental and Social performance is consistent with contract 

conditions. 

Enksa Vista Norte Environmental performance is consistent with contract 

conditions. 

Lumiere Environmental performance is consistent with contract 

conditions. 

Obarrio 53 Environmental performance is consistent with contract 

conditions. 

Signature Point Environmental performance is consistent with contract 

conditions. 

The Phoenix Environmental performance is consistent with contract 

conditions. 

Sayali LLC Environmental and Social performance is consistent with contract 

conditions. 

Schulze Global Finance Facility Mongolia Social performance is consistent with contract conditions. 

Tavan Bogd Foods LLC Social performance is consistent with contract conditions. 

XacBank LLC Social performance is consistent with contract conditions. 

Cap des Biches Environmental and Social performance is consistent with contract 

conditions. 

Meridiam Senergy Environmental and Social performance is consistent with contract 

conditions. 

Ten Merina Environmental and Social performance is consistent with contract 

conditions. 

Amandi Energy Limited 

Social performance is consistent with contract conditions; 

environmental performance is inconsistent with contract 

conditions. 

Hexagon Limited Environmental performance is consistent with contract 

conditions. 

Skye Environmental performance is consistent with contract 

conditions. 

Kunoch Hotels Limited Environmental performance is consistent with contract 

conditions. 

Tishona - Growth Land Limited Environmental performance is consistent with contract 

conditions. 

27