WASHINGTON - Monday, March 24th 2014 [ME NewsWire]
The two agreements provide OPIC’s guarantee of loans made by Citi to borrowers in OPIC-eligible countries around the world. Beginning in 2003, Citi and OPIC developed a Risk Sharing Program wherein OPIC provides a comprehensive partial guarantee for loans originated and extended by Citi in the emerging markets. During a decade-plus partnership, Citi and OPIC have executed 16 different frameworks totaling $2.8 billion in guarantee capacity.
Loans previously guaranteed by OPIC through Citibank have supported large-scale development projects in underserved regions to build the infrastructure necessary for growth as well as $290 million in funding to networks of microfinance lenders to foster the entrepreneurs who form the foundation of an emerging economy. These new framework agreements expand this successful partnership between OPIC and Citi with a $550 million global loan facility for eligible corporates and financial institutions and a $220 million loan facility for global inclusive finance.
“The cooperation we’re extending with Citi is one that has far-reaching effects in several aspects,” said Elizabeth Littlefield, OPIC’s President and CEO. “OPIC has a history of partnering with commercial lenders to enter emerging markets in places around the world. By putting OPIC’s guarantee behind Citi’s loans, borrowers in these markets will now have access to the crucial lending needed to propel societies and economies to the next level.”
“Citi is excited to expand our partnership with OPIC to further achieve common objectives in economic development and financial inclusion. The $220 million Inclusive Growth agreement will promote business development, expansion and access to finance, supporting a wide range of institutions and strategies to expand market access, secure more sustainable and inclusive supply chains, offering diverse financial services to small producers, distributors and underserved communities around the world”, said Bob Annibale, Global head of Microfinance and Community Development at Citi.
“We are pleased to further strengthen the collaboration with OPIC and support its mission; with the new agreements, OPIC and Citi will be in a position to support new developmental investments of Citi’s clients in many emerging countries around the world,” said Valentino Gallo, Managing Director and Global Head of Export & Agency Finance at Citi.
“Partnering with a proven global institution like Citi allows OPIC to act nimbly. We serve U.S. foreign policy aims and address development challenges in places around the world where Citi already operates. And our risk-sharing agreements today with Citi means OPIC can move more swiftly to achieve our goals,” Littlefield added.
About OPIC
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. 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, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $76 billion in U.S. exports and supported more than 278,000 American jobs.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at http://www.citigroup.com | Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog: http://new.citi.com | Facebook:http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
Contacts
OPIC:
Charles Stadtlander, 202-336-8514
charles.stadtlander@opic.gov
Citi:
Danielle Romero-Apsilos, 212-816-2264
danielle.romeroapsilos@citi.com
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