4 OPIC ANNUAL REPORT 2016

Letter from OPIC President and CEO 

Elizabeth L. Littlefield 

Today, at long last, there is a clear and broad 

consensus that harnessing private capital is required 

to address the world’s common challenges from the 

Middle East to Africa and from the Americas to Asia. 

Private sector innovation and capital are essential 

for our global community to create the jobs, build the 

infrastructure, and address the global problems of the 

21st century. Whether the $3 trillion or more a year 

needed to achieve the United Nations’ Sustainable 

Development Goals (SDGs), or the $12 trillion needed 

in clean energy investment in the next 25 years to 

meet the Paris Climate Agreement, private sector 

dollars will be imperative to tackle humanity’s common 

challenges in the years to come.

OPIC’s work is clear evidence that private investors 

and businesses, in partnership with the public sector, 

are already playing the role of global problem-solvers 

in many countries throughout the world. Today, thanks 

to new business models and new technologies, these 

commercial investors are now willing to invest in 

many sectors that were once predominantly, and in 

some cases exclusively, the domain of government 

budgets. These include the generation of both utilityscale and off-grid renewable energy and other critical 

infrastructure, such as water, telecommunications, as 

well as the provision of private medical services, and 

affordable, private schooling.

Of course, aid will always be crucial in scores of 

situations, where capacity to deliver basic services is 

lacking, where governance is fragile or recovering, and 

in urgent humanitarian or health situations such as 

epidemics. In some of those circumstances, nascent 

aid has proven that it can actually help pave the way for 

future private investment. 

When the economies of nascent markets begin to 

show signs of promise, and intrepid investors may 

be willing and able to consider investing, they can 

only do so if the public sector governments help by 

providing risk-reduction and finance. That is OPIC’s 

role and the role of the handful of other Development 

Finance Institutions (DFIs) throughout the world. 

Our task is to catalyze private sector investment to 

advance sustainable economic development in the 

newly emerging markets of the world. And OPIC and 

the other DFIs are able to play that role in a financially 

self-sufficient manner, providing steady returns for 

taxpayers, year in and year out. This is the reason 

that the DFI model is growing rapidly and total DFI 

annual financing commitments are on track to even 

surpass global foreign aid flows. Ours is a model of 

development that is critically needed, is commercially 

viable and whose time has come. 

The OPIC value proposition is remarkable in countless 

ways. With OPIC’s support in helping open up 

new markets, our clients are able to modernize 

infrastructure, equip farmers to increase productivity, 

and expand access to affordable, high-quality 

education, financial services, and healthcare. We 

help meet the needs of low-income communities and 

improve stewardship of our earth’s precious natural 

resources and delicately balanced eco-system. 

OPIC investments of all sizes support jobs, 

opportunities and hope for local populations in 

troubled corners of the globe. In response to the Arab 

Spring of 2010, President Obama announced that OPIC 

would provide $2 billion to support job creation and 

private sector investment in Egypt and the region. OPIC 

fulfilled that commitment. In the wake of the Ebola crisis 

in West Africa, I led two private investor delegations 

to the region to underscore that the countries were 

again open for business and highlight infrastructure 

investment opportunities there. And after Myanmar 

held historic elections to transition from isolation to 

a path to democratic rule, OPIC and its U.S. client 

were among the first Western investors in the country, 

supporting the construction of thousands of cell phone 

towers where there had been none.

Business can be a powerful force for good, and our 

work in 2016 vividly demonstrated that proposition. 

OPIC grew its total portfolio to $21.5 billion, developed 

job-creating projects in many conflict-affected 

6 OPIC ANNUAL REPORT 2016

OPIC BY THE NUMBERS

Advancing Economic Development around the World 

through our Work with the Private Sector

OPIC is the U.S. Government’s development finance institution. 

It mobilizes private capital to help address critical development 

challenges and in doing so, advances U.S. foreign policy and national 

security priorities. Because OPIC works with the U.S. private sector, it 

helps U.S. businesses gain footholds in emerging markets, catalyzing 

revenues, jobs and growth opportunities both at home and abroad. 

OPIC achieves its mission by providing investors with financing, 

political risk insurance, and support for private equity investment funds, 

when commercial funding cannot be obtained elsewhere. Established 

as an agency of the U.S. Government in 1971, OPIC operates on a selfsustaining basis at no net cost to American taxpayers.

All OPIC projects adhere to high environmental and social standards 

and respect human rights, including workers’ rights. By mandating 

high standards, OPIC aims to raise the industry and regional standards 

of the countries where it funds projects. OPIC services are available 

for new and expanding business enterprises in more than 160 

countries worldwide.

2016 was another banner year for OPIC which advanced several key 

agency priorities and initiatives:

CREATING JOBS AND 

OPPORTUNITY

New projects OPIC committed to in 2016 are projected 

to support more than 10,000 LOCAL JOBS, generate $117.5 

MILLION in developing country revenue, and lead to $7.45 

BILLION of locally-procured goods and services. The work 

OPIC has supported since 2008 is projected to support more than 

105,000 LOCAL JOBS.

INVESTING 

RESPONSIBLY

OPIC operates at no net cost 

to American taxpayers and has 

generated money for the U.S. 

Treasury for 39 STRAIGHT 

YEARS. In 2016, OPIC’s 

investments generated $239 

million. Since 2008, OPIC’s 

investments have generated 

$2.6 BILLION FOR DEFICIT 

REDUCTION.

SUPPORTING 

DEVELOPMENT 

IN POOR 

COUNTRIES

MORE THAN ONE-THIRD 

of new commitments in 2016 

were in low-income countries. 
OPIC ANNUAL REPORT 2016 7

PARTNERING WITH 

AMERICAN SMALL BUSINESS

In 2016, OPIC marked the 10th anniversary of 

its EXPANDING HORIZONS workshop series 

for small businesses and entrepreneurs, which 

has reached more than 4,000 small businesses 

since it was launched in 2006. Since 2008, almost 

THREE-QUARTERS of the new projects to 

which OPIC committed involved an American 

small business.

CRITICAL TOOL OF AMERICAN 

FOREIGN POLICY

By supporting economic development in regions 

affected by conflict, OPIC helps advance national 

security and U.S. foreign policy. ONE-THIRD

OF OPIC’S PORTFOLIO IS IN CONFLICTAFFECTED COUNTRIES.

OPIC’S FAR-REACHING 

IMPACT

OPIC is open for business in MORE THAN 

160 COUNTRIES, and has active projects in 

nearly 100 COUNTRIES.

GENERATING POWER

In 2016, OPIC supported 

13 energy projects in 

7 countries

that are projected to generate 

919 MW of power

THE BOTTOM LINE IN 2016 

Total commitments: $3.69 BILLION

COMMITMENTS 

 BY PRODUCT 

Financing $3.58 BILLION

Investment Funds $564 MILLION*

Insurance $102 MILLION

*Investment funds commitments are included in the financing 

total

COMMITMENTS 

 BY REGION

— Sub-Saharan Africa $1.08 BILLION

— Latin America $730 MILLION

— Middle East and North Africa 

 $190 MILLION

— Asia $1.01 BILLION

— Europe and Eurasia $540 MILLION

— Multiple regions $140 MILLION 







OPIC ANNUAL REPORT 2016 15

Measuring and monitoring impact

OPIC’s work to make a positive difference in 

the world starts long before our partners break 

ground on their projects. We carefully review every 

potential project to consider how it might impact the 

community, economy, and environment. We require 

that our partners follow international standards with 

regard to the environment, labor rights, and human 

rights. These standards are key to safeguarding the 

environment, protecting the most vulnerable, and 

achieving a sustained positive impact.

OPIC experts in social assessment — including labor 

and human rights, the environment, and economic 

impact — examine proposed projects in detail, 

conduct on-site due diligence on the most sensitive 

ones, and then follow up with monitoring that 

continues over the life of OPIC’s support of a project. 

Then, teams of senior analysts travel to remote 

destinations to closely observe projects to ensure 

that they are environmentally and socially sustainable, 

are safe places to work, that workers are being 

adequately compensated, and that any concerns of 

surrounding communities are heard and addressed. 

When OPIC supports a project that has the potential 

to have a significant social impact, our analysts 

consider how affected groups will be consulted, 

what resources and management programs need 

to be established, and what internal or third party 

monitoring will be necessary. Our experts also 

determine how information on the project and its 

risks and mitigation measures will be communicated 

to affected groups and other interested parties. We 

work to ensure that all projects have an effective 

grievance mechanism so that employees as well as 

external parties may express concerns without fear 

of reprisal. 

In projects where there is potential for significant 

adverse social impact, OPIC consults directly 

with these potentially affected groups. We also 

work closely with our project sponsors and other 

partners to help them understand what meeting 

our environmental and social standards will entail. 

When our clients, the project sponsors, know 

what is required to meet these standards, they are 

better able to commit to and follow through on their 

implementation.

OPIC staff travel to remote locations, closely observing projects to ensure they are safe places to work, that 

workers are being adequately compensated and that the concerns of the surrounding communities are heard. 





OPIC ANNUAL REPORT 2016 21

FINANCIAL SERVICES 

One of the most consistent challenges across the 

developing world is limited access to financial 

services, from savings accounts to home mortgages 

to small business loans, which can make it difficult 

for individuals and families to plan for their future. 

Lack of access to affordable and relevant financial 

services limits economic growth and job creation 

within a community.

OPIC supports increased access to financial services 

through a variety of tools, from support for emerging 

market private equity funds that provide financing to 

small local businesses, to risk-sharing agreements 

with banks that often have a presence in local 

markets and can reach many of the groups such as 

women and rural communities that are most in need 

of financial services. OPIC also partners extensively 

with local microfinance institutions to provide 

small loans to money-transfer or savings services, 

individuals, entrepreneurs, and small businesses.

In 2016, OPIC committed up to $155 million to 

Cambodia’s largest bank, ACLEDA, to support the 

expansion of its micro- and SME-lending, including 

one loan facility dedicated to women-owned SMEs. 

OPIC committed up to $225 million to IndusInd 

Bank Limited to support the expansion of its 

micro, small- and medium-sized enterprise lending 

programs across India, with a strong focus on 

microenterprises that are managed by women. OPIC 

is also supporting increased access to financial 

services in Ghana through a $20 million loan to 

Ghana’s GN Bank, to help it add more physical bank 

branches and expand its mobile banking services 

to better reach underserved groups, including poor 

and rural populations.

A microfinance milestone 

In poor and undeveloped communities from Asia to 

Latin America to Africa, a loan of just a few thousand 

dollars can be transformative, helping an individual 

start a business, a farmer buy more land, or a young 

enterprise hire more workers. These microfinance 

institutions provide services — including a safe place 

to save or an efficient means of transferring money 

— that can transform lives by improving incomes, 

creating opportunity, and empowering women. 

In 2016, OPIC achieved a major milestone by 

surpassing $1 billion in financing to the microfinance 

sector, across a range of projects from Asia to Africa 

to Latin America. 

OPIC’s longstanding support for microfinance 

institutions has benefited all sorts of low-income 

communities. In Peru, a local artisan used financing 

from our partner Global Partnerships to expand 

her business and hire 45 women. In India, a former 

factory worker used a loan from our partner Ujjivan

to start a small dressmaking business, creating jobs 

and income for her family. And OPIC’s support for 

Habitat for Humanity’s Microbuild subsidiary has 

helped thousands of families around the world obtain 

loans to build or improve their homes. In 2016, OPIC 

recognized Microbuild with an OPIC Impact Award 

in the Access to Finance category. (See Celebrating 

excellence in development p. 26) 

Today, OPIC supports microfinance investing 

in a number of ways from direct financing to 

microfinance institutions, which provide financial 

services to individual households and small 

enterprises; as well lending to as microfinance 

investment vehicles that channel capital efficiently 

to microfinance institutions around the world; 

and microfinance networks that may operate 

microfinance institutions in multiple countries. OPIC 

has rigorous selection and underwriting criteria to 

determine which projects it will support, and the 

Agency structures its financing in a way that meets 

the needs of its clients while providing appropriate 

risk protection to OPIC as a lender.
















38 OPIC ANNUAL REPORT 2016

Public Sector

 ELIZABETH L. LITTLEFIELD, CHAIR

PRESIDENT & CHIEF EXECUTIVE OFFICER

OVERSEAS PRIVATE INVESTMENT 

CORPORATION

 BRUCE ANDREWS

DEPUTY SECRETARY

U.S. DEPARTMENT OF COMMERCE 

 AMBASSADOR ROBERT 

HOLLEYMAN II

DEPUTY UNITED STATES TRADE REPRESENTATIVE

OFFICE OF THE U.S. TRADE REPRESENTATIVE 

 CHRISTOPHER P. LU

DEPUTY SECRETARY OF LABOR

U.S. DEPARTMENT OF LABOR

 CATHERINE A. NOVELLI

UNDER SECRETARY OF STATE FOR ECONOMIC, 

ENERGY & AGRICULTURAL AFFAIRS

U.S. DEPARTMENT OF STATE

 D. NATHAN SHEETS

UNDER SECRETARY FOR 

INTERNATIONAL AFFAIRS

U.S. DEPARTMENT OF THE TREASURY 

 GAYLE SMITH 

ADMINISTRATOR

U.S. AGENCY FOR INTERNATIONAL 

DEVELOPMENT 

 JAMES M. DEMERS

MEMBER, SMALL BUSINESS REPRESENTATIVE

PRESIDENT

DEMERS & BLAISDELL INC. 

 TODD A. FISHER

MEMBER

CHIEF ADMINISTRATIVE OFFICER 

KOHLBERG KRAVIS ROBERTS & CO

 ROBERTO R. HERENCIA

MEMBER

PRESIDENT AND CHIEF EXECUTIVE 

OFFICER

BXM HOLDINGS, INC.

 MATTHEW MAXWELL 

TAYLOR KENNEDY

MEMBER, SMALL BUSINESS REPRESENTATIVE

DIRECTOR

KENNEDY ENTERPRISES 

 TERRY LEWIS

MEMBER, COOPERATIVES REPRESENTATIVE

PRINCIPAL

LIA ADVISORS, LLC 

 DEVEN J. PAREKH

MEMBER

MANAGING DIRECTOR

INSIGHT VENTURE PARTNERS

 MICHAEL J. WARREN

MEMBER

MANAGING PRINCIPAL, 

ALBRIGHT STONEBRIDGE GROUP

BOARD OF DIRECTORS

These lists reflect positions held at the end 

of the fiscal year, on September 30, 2016

Public Sector

Private Sector

Private Sector

40 OPIC ANNUAL REPORT 2016

2016 INVESTMENTS

PROJECT NAME U.S. SPONSOR/ PROJECT DESCRIPTION AMOUNT NOTE

INSURED INVESTOR 

AFRICA AND THE MIDDLE EAST

AFRICA REGIONAL

Abraaj Growth Markets Abraaj Growth Markets Support for the healthcare sector $150,000,000 Investment Fund 

Health Fund Health Fund L.P.

Stichting Medical Calvert Foundation Provision of loans to small medical clinics $7,000,000 Finance

Credit Fund that serve low to middle income populations

Falcon Africa Mezzanine Falcon Mezzanine Provision of growth capital to mid-sized $75,000,000 Investment Fund

Opportunities Partners Africa, PCC companies

Letshego Holdings Limited MicroVest Short Duration Expansion of lending operations $42,000,000 Finance

 Fund, LP

d.light design d.light Design, Inc. Expansion of operations $5,000,000 Finance

Beyond the Grid Solar SunFunder Support for off-grid solar businesses $15,000,000 Finance

Fund (SunFunder)

EGYPT 

NORC Egypt Oil Recycling Daniel Kuttab Greenfield oil re-refining plant $5,500,000 Finance

Company

GHANA 

Ace American Insurance AFRICA INTEGRAS LLC Construction and management of new $25,000,000 Insurance

Company facilities for the University of Ghana

GUINEA 

Compagnie des Bauxites Alcoa World Alumina Expansion of bauxite mining production $150,000,000 Finance

de Guinee and export facilities at the Sangaredi Mine

IRAQ 

Al Tamweel Al Saree LLC Global Communities Expansion of microfinance operations in Iraq $87,000,000 Finance

JORDAN 

Bank Al Etihad Global Communities Expansion of SME portfolio $20,000,000 Finance

Mawingu Networks International Network Construction of up to 340 WiFi $4,100,000 Finance

 Investments access points

Mobius Motors Kenya PanAfrica Investment Manufacture and sale of affordable $5,000,000 Finance

Limited Company vehicles for Africa’s mass market

LIBERIA 

International Bank Pan African Capital Expansion of SME loan portfolio $20,000,000 Finance

Liberia Limited Group LLC
OPIC ANNUAL REPORT 2016 41

PROJECT NAME U.S. SPONSOR/ PROJECT DESCRIPTION AMOUNT NOTE

INSURED INVESTOR 

NIGERIA

American International Edward Waters Construction of on-campus faculty housing $5,000,000 Finance

School of Abuja and renovation of other campus buildings

Txtlight Power Solutions ISRAEL CLEANTECH Expansion of the sale of solar home kits $35,000,000 Finance

Limited II VENTURES II, L.P. under the brand Nova Lumos

Multilateral Investment MULTILATERAL INVESTMENT 459 MW gas-fired power plant $20,000,000 Insurance

Guarantee Agency GUARANTEE AGENCY

SENEGAL

Parc Eolien Taiba Actis Energy 3 LP 158.7 MW wind farm $245,100,000 Finance

NDiaye S.A. 

ContourGlobal ContourGlobal 33MW extension of existing power plant $48,001,500 Insurance

Senegal LLC 

ContourGlobal Cap des Reservoir Capital 33MW extension of existing power plant $53,000,000 Finance

Biches Senegal Partners, L.P.

Ace Bermuda International Sovereign Risk Insurance 30 MW solar IPP $2,025,124 Insurance

Insurance (Ireland) Ltd. Limited

SOUTH AFRICA

SA Taxi Impact Fund RF MicroVest Capital Expansion of the company’s lending $150,000,000 Finance

(Pty) Ltd. Management, LLC portfolio to entrepreneurs operating

 and Calvert Social minibuses

Investment Foundation

Talbott Underwriting Viability Energy Limited 10 MW hydropower project $7,075,000 Insurance

Services

UGANDA

Butama Hydro Electricity KMRI LLC 5.25 MW hydroelectric power plant $250,000 Finance

Company

WEST BANK

Bank of Jordan Middle East Investment Expansion of SME lending portfolio $4,000,000 Finance

 Initiative

Bank of Palestine Middle East Investment Expansion of SME lending portfolio $20,000,000 Finance

 Initiative

Cairo Amman Bank Middle East Investment Expansion of SME lending portfolio $15,000,000 Finance

 Initiative

Jordan Ahli Bank Middle East Investment Expansion of SME lending portfolio $5,000,000 Finance

 Initiative

National Bank Middle East Investment Expansion of SME lending portfolio $15,000,000 Finance

 Initiative

Quds Bank Middle East Investment Expansion of SME lending portfolio $15,000,000 Finance

 Initiative

ZIMBABWE

African Mortgage Edward E Galante Mortgage loan production $19,500,000 Finance

Company
42 OPIC ANNUAL REPORT 2016

PROJECT NAME U.S. SPONSOR/ PROJECT DESCRIPTION AMOUNT NOTE

INSURED INVESTOR 

ALL OPIC COUNTRIES

Kiva Kiva Microfunds Expansion of microfinance lending $10,000,000 Finance

 program

MFX Solutions II Omidyar Network Expansion of microfinance and SME $28,000,000 Finance

 lending programs

Sarona Frontier Markets Sarona Asset Fund investing in small to mid-market $100,000,000 Investment Fund

Fund 3 LP Management companies

ASIA AND THE PACIFIC

ASIA REGIONAL

ISQ-OPIC Asia Fund L.P. I Squared Capital Infrastructure and infrastructure-related $200,000,000 Investment Fund

 investments

 

SACEF-AF Holdings South Asia Clean Fund investing in companies providing $18,000,000 Investment Fund

 Energy Fund clean forms of energy

CAMBODIA

WEOF Acleda Bank Goldman Sachs Expansion of SME loan portfolio $30,000,000 Finance

 Foundation

Acleda Bank MicroVest Expansion of SME loan portfolio $125,000,000 Finance

INDIA

Janalakshmi Financial Citibank, N.A. Expansion of microfinance lending $2,333,100 Finance

Services Limited

Arohan Micro Finance Citibank, N.A. Expansion of microfinance lending $3,888,500 Finance

Pvt. Ltd.

Suryoday Micro Citibank, N.A. Expansion of microfinance lending $3,888,500 Finance

Finance Ltd.

Utkarsh Micro Finance Citibank, N.A. Expansion of microfinance lending $3,888,500 Finance

Pvt. Ltd.

Tikona Digital Networks Goldman Sachs Expansion of the company’s wireless $171,000,000 Finance

Private Limited Investment Partners broadband networks for consumers

Radaur Holdings Private Grameen Foundation Provision of debt capital to social $5,000,000 Finance

Limited (Grameen USA enterprises

Impact India)

ReNew Wind Energy (TN 2) GS Wyvern Holdings 100 MW PV solar power project $74,020,695 Finance

Private Limited - Telanga Limited

IndusInd Bank Limited Multiple U.S. Expansion of MSME lending $225,000,000 Finance

 shareholders programs across India

NeoGrowth Omidyar Network LLC Expansion of NeoGrowth’s lending to $5,600,000 Finance

 small and medium sized retail companies

INDONESIA

PT UPC Sidrap Bayu Brian E Caffyn 75 MW wind energy project $120,000,000 Finance

Energi

PAKISTAN

Khushhali Bank Limited Equator Capital Expansion of microfinance bank’s $20,000,000 Finance

 Partners LLC loan portfolio
OPIC ANNUAL REPORT 2016 43

PROJECT NAME U.S. SPONSOR/ PROJECT DESCRIPTION AMOUNT NOTE

INSURED INVESTOR

EUROPE AND EURASIA

ARMENIA

WBC - Ardshinbank Bankworld Expansion of SME loan portfolio $9,750,000 Finance

CJSC 3

Eurasia Foundation EURASIA FOUNDATION Purchase of office space to lease to local $270,000 Insurance

Eurasia Partnership Foundation

EUROPE REGIONAL

Gazelle Fund L.P. Gazelle Finance LLC Support for SME financing $21,000,000 Investment Fund

TURKEY

WBC - Nurolbank (Senior) Erol Carmikli Expansion of lending activities to $4,875,000 Finance

institutions that service SMEs

WBC — Nurolbank Erol Carmikli Expansion of lending activities to $4,875,000 Finance

(Subordinated) institutions that service SMEs

Izmir Bayrakli Hastane General Electric Construction and operation of $250,000,000 Finance

Yatirim ve Saglik Hizmetler a health campus

Kocaeli Hastane Yatirim General Electric Construction and operation of $250,000,000 Finance

ve Saglik Hizmetleri A.S. a health campus

LATIN AMERICA AND THE CARIBBEAN

BRAZIL

Acu Petroleo S.A. EIG Management Development of an oil $350,000,000 Finance

Company, LLC transshipment port

COLOMBIA

LAAD Americas NV Bank Of America Provision of longer tenor financing to $20,000,000 Finance

earlier stage agriculture projects

Power Finance Power Finance Modernization of Isagen’s power $236,000,000 Finance

Trust Limited Trust, Limited generation facilities

COSTA RICA

Banco BAC San Jose, S.A. Wells Fargo Bank N.A. Expansion of SME loan and $20,000,000 Finance

leasing portfolios

EL SALVADOR

La Hipotecaria El Salvadorian John Rauschkolb Residential mortgage loans $33,750,000 Finance

Mortgage Trust 2016

JAMAICA

Commonwealth Partners Rohan Barnett Acquisition of bank and introduction of $15,000,000 Finance

a stored value card for transactions

MEXICO

WBC- Mercader Financial, Amembal & Associates Operating and financial leases for $14,625,000 Finance

S.A. de C.V., SOFOM, E.R. transportation and production

equipment to SMEs

WBC - Corporacion Amembal & Associates Expansion of FINOX’s SME lending $9,750,000 Finance

Financiera de Occidente Inc. and leasing activities

Bien Para Bien S.A., S.A.P.I. David L. Sanchez Expansion of SME loan portfolio $20,000,000 Finance

de C.V. SOFOM ENR

PANAMA

Credicorp Bank, S.A. Wells Fargo Bank N.A. Support for SMEs and expansion $15,000,000 Finance 

of mortgage lending business

*

*Information has temporarily been redacted, including to protect the safety of implementing partners.
44 OPIC ANNUAL REPORT 2016

2016 INVESTMENT FUND 

PORTFOLIO COMPANIES

FUND NAME PORTFOLIO COMPANY DESCRIPTION COUNTRY/

 REGION

CAPIC Kunoch Hotels Limited Hotel Nigeria

Olympus Capital Asia Credit Access Asia NV Holding company for microfinance India/Southeast

 institutions in Asia Asia

 

Paladin IV-CI 3Mil II Middle-Income Housing Mexico

 A-PIMA II Homebuilding Platform Low-Income Housing Brazil

 CP Homebuilding Middle/Upper-Income Housing Brazil

 GVL III Homebuilding Platform Middle-Income Housing Costa Rica

 Paladin V Various Latin America 

 Regional

 Palamar II Low-Income Housing Brazil

 Palardo Middle-Income Housing Peru

 Tucan III Middle/Upper income housing Peru

 Vivienda II Middle-Income Housing Peru

 YP II Homebuilding Platform Middle-Income Housing Brazil

Siraj Palestine Fund I Palestine Development & Investment Investment in vital Palestinian Palestine

 Company (PADICO) economic sectors

 AppMahal Technology Palestine

South Asia Clean Energy Fund India Energy Exchange Indian Power Exchange India

AAF Sub-Fund GoldenLay Poultry layer Zambia

 Meridian Consolidated Inv Fertilizer Southern Africa

 General Plastics Limited Packaging for food products Kenya

Accession Mezzanine Capital III Spearhead International One of CEE’s largest food and Central & 

 agricultural producers Eastern Europe

LIF Holdings Big Tree Farms Agriculture Supply Chain for coconut farmers Indonesia

 Janacare Solutions Healthcare — diabetes diagnostics India

 Kalibrr Employment marketplace Philippines

 Kinara Capital SME Lending India

 iCare Employee benefits Vietnam

 PT Rekan Usaha Mikro Anda Distribution platform for small shopkeepers Indonesia

 Sabonka Technologies Private Limited B2B e-commerce platform for India

 small shopkeepers

 Trust Circle Group Inclusive Financial Technology Vietnam

 PT Vasham Kosa Sejahtera Agribusiness Indonesia

Silverlands Silverlands Ndolela Limited Irrigated grain farm Tanzania

 Silverlands Agriculture Services Wheat, soya beans, and maize farming Zambia

 Silverlands Vineyards Table grapes Namibia

 Silverlands Zambia Soya and wheat farming Zambia
OPIC ANNUAL REPORT 2016 45

NOTES