US-based Opic CEO visits S Africa, African countries to advance development

US Overseas Private Investment Corporation (Opic) president and CEO Ray Washburne this week visited South Africa and met with local banks to discuss investment opportunities in advancing development in the country and highlight Opic-supported projects. It is Washburne’s third stop on a six-country trip to promote US investment in Africa, strengthen partnerships and find opportunities to work with regional allies on projects that drive economic growth and stability throughout Africa. Among the projects Washburne visited was Opic-supported SA Taxi, which provides loans to entrepreneurs operating minibuses in South Africa. The minibuses are a key a part of the country’s transportation sector with about 67% of all South Africans using such taxis as their main means of transportation. Earlier this month, Washburne travelled to Zambia and Rwanda. He will also travel to Botswana, Uganda and Kenya, where he will meet with senior government officials and visit Opic-supported projects. Africa accounts for one-quarter of Opic’s $23-billion global portfolio.

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