New York, N.Y. – The Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution, today signed a letter of interest with the Government of Kenya to begin financing discussions on Breach of Contract political risk insurance of up to $500 million in support of the Nairobi-Mombasa Expressway Project. OPIC President and CEO Elizabeth L. Littlefield and Kenyan Minister of Finance Henry K. Rotich signed the letter on the sidelines of the U.S.-Africa Business Forum in New York.
"Like much of Sub-Saharan Africa, Kenya's infrastructure is seeking ways to meet the demands of its growing population. We commend the Kenyan Government and Bechtel for their excellent work in developing this vital project which will connect markets to greater economic possibilities and look forward to the opportunity to bolster this effort" Littlefield said.
Several U.S. Government agencies, including OPIC, also signed a letter of interest today with Bechtel to develop the critical infrastructure project.
"Building new infrastructure is critical for every country, especially in Africa where there is an urgent need for the next generation of ports, rail, and highways to encourage the development and diversification of the continent's economies," said Andrew Patterson, Bechtel's regional president for Africa. "With the support of U.S. Government agencies such as OPIC and the Export Import Bank, we can provide solutions to move this critical project forward quickly with a high standard of quality and safety."
The Nairobi-Mombasa Expressway Project is in line with Kenya's Vision 2030 and is critical to enhancing the strategic transportation infrastructure along the Nairobi-Mombasa corridor -- a major corridor of national and regional commerce and integration.
OPIC has a long history of supporting private investment in Kenya, beginning with support for OPIC's very first project in Kenya in 1974. OPIC currently has about $700 million of active financing and political risk insurance commitments across 52 projects in Kenya.
About OPIC
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 self-sustaining basis at no net cost to American taxpayers.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's 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.
For more information visit www.opic.gov
About Bechtel
Bechtel is one of the most respected global engineering, construction, and project management companies. Together with our customers, we deliver landmark projects that foster long-term progress and economic growth. Since 1898, we've completed more than 25,000 extraordinary projects across 160 countries on all seven continents. We operate through four global businesses: Infrastructure; Nuclear, Security & Environmental; Oil, Gas & Chemicals; and Mining & Metals. Our company and our culture are built on more than a century of leadership and a relentless adherence to our values, the core of which are safety, quality, ethics, and integrity. These values are what we believe, what we expect, what we deliver, and what we live. www.bechtel.com
