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The Overseas Private Investment Corporation (OPIC), the United States government’s development finance institution, has approved $200 million financing to help Union Bank of Nigeria expand lending to small and medium enterprises. The investment is part of the $895 million approved by the U.S. government agency to support development projects in Africa, Asia and Latin America. 

According to a statement released yesterday by OPIC, the funding will also help Union Bank of Nigeria to lend to women-owned and women-led businesses. It will also facilitate in upgrading the bank’s digital banking projects.

The total approved funding cuts across seven projects that will advance development in Africa, Asia and Latin America by increasing access to energy, healthcare, financial services and housing.

OPIC approved these projects during its final board meeting of the fiscal year that held in Washington, DC. These projects will advance the mission of OPIC and the new initiatives OPIC has launched over the past year, including the 2X Women’s Initiative, the Northern Triangle Initiative, and the Indo-Pacific Initiative.

The approved $895 million in financing and political risk insurance include: $126 million in political risk insurance to support the expansion of Afriflora, Ethiopia’s largest rose producer; $100 million in financing to Ghanaian CAL Bank Limited to support lending to infrastructure projects as well as small and medium enterprises; $150 million in financing to Quadria Capital II, an investment fund providing growth capital to middle-market healthcare companies in South and Southeast Asia.

$150 million was provided in financing to help Guatemala’s Banco Industrial provide affordable mortgages that will be insured by the government mortgage insurer Fomento de Hipotecas Aseguradas. $93.75 million was approved for Paraguay’s Banco Sudameris SAECA to support lending to small and medium enterprises. And a $75 million-funding was provided to La Hipotecaria Mortgage Trust to support mortgage lending for affordable housing to address severe housing shortages in El Salvador and Panama.

“At a time when the world’s emerging markets are in great need of development finance, OPIC’s support for these projects will mobilize private investment through a model that is financially sustainable, promotes American best standards and protect local communities workers,” said President and CEO of OPIC, Ray Washburne.