Atlas Mara and OPIC to advance inclusive lending in Africa with $300mn

07 Aug 2015
Financial Nigeria

Summary

Under the terms of the agreement, OPIC will provide $200 million in long-term debt and Atlas Mara is providing $100 million of committed resources.

Bob Diamond, Founder and CEO of Atlas Merchant Capital LLC

Atlas Mara has announced that the Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. government's development finance institution, has approved $200 million in financing in support of a $300 million overall project for acquisition finance and on-lending across Africa.


This announcement follows President Obama's recent historic trip to Africa in show of his commitment to African economic development, greater participation of African countries in the global economy, and fostering African entrepreneurship and financial inclusion.


Under the terms of the agreement, OPIC will provide $200 million in long-term debt and Atlas Mara is providing $100 million of committed resources.

The funding will support BancABC -- Atlas Mara's Southern African banking platform -- by expanding operations in the region. BancABC will scale up its SME loan portfolio, increase on-lending for financial inclusion products, and invest in information technology upgrades to quicken implementation of its new financial technology and mobile banking initiatives.

Atlas Mara was formed by Bob Diamond – former group chief executive of Barclays Plc – Founder and CEO of Atlas Merchant Capital LLC, and Ashish J. Thakkar, Founder of Mara Group Holdings Limited.


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