Rwanda Focus (Kigali)

27 February 2014

Rwanda: Opic Delegation Meets President Kagame

The president and CEO of the Overseas Private Investment Corporation (OPIC), Elizabeth L. Littlefield, yesterday paid a courtesy call to President Paul Kagame at Village Urugwiro where the two shared various views and ideas on how to promote trade and investment between Rwanda and the United States of America.

Speaking to the press shortly after her meeting with the President, Littlefield said that she was impressed with the President's strong support and commitment in encouraging foreign investors in the country.

She said that they discussed with the President about what OPIC can do to attract more foreign direct investment into Rwanda.

"I had last come to Rwanda in 1990, where I was working with micro-finance institutions and I am so impressed with the progress which Rwanda has achieved in all aspects of life just within such a short period of time. We (OPIC) are here to support the government of Rwanda to continue with tremendous performance especially in terms of investment and trade," Littlefield said.

She said that her institution will provide financial support to investors from the USA to come and invest in various sectors of the country especially in energy and tourism, whereby OPIC will be providing insurance risks to investors from the USA.

Since 1971, OPIC has committed more than $42 million to 11 projects in Rwanda in sectors from agriculture to finance services and manufacturing.

"Africa is the fastest-growing region in OPIC's global portfolio and Rwanda is the site of many current OPIC projects" Littlefield said.

The Minister of Finance and Economic Planning, Claver Gatete, said that OPIC's strong support to Rwanda is a sign of the good corporation between Rwanda and the USA.

He noted that the prevailing peace and stability in the country will contribute towards attracting more foreign investment, adding that the government through the Ministry of Finance and Economic Planning has promoted microeconomic stability.

OPIC is the US government's Development Finance Institution, which provides loans, political risk insurance, and support for private equity investment funds. It operates in 102 countries and manages an $18 billion portfolio of financing and insurance to private investments in sustainable economic development especially in the world's poorest countries.

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