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OPIC - Global Technology and Innovation Fund

bridges vol. 24, December 2009 / Institutions & Organizations

The Overseas Private Investment Corporation (OPIC) issued a call for proposals this November to manage a private equity investment fund or funds that will promote the growth of technology in the Middle East, Asia, and Africa. OPIC will provide financing ranging between $25 million and $150 million in total capital for each fund or funds established. The call welcomed proposals from qualified private equity fund managers to manage one or more investment funds that plan to invest in a wide variety of companies or projects that provide access to technologies in the OPIC-eligible countries. The final selection of funded groups will be chosen in June 2010.

The fund(s) will invest in sectors such as information technology, health care, education, infrastructure, telecommunications, media, business and financial services, and clean technology. Examples of financed projects may include companies that help to foster the development of new technologies such as computer, information, media and telecommunications businesses, or provision of broadband access; companies in medical, pharmaceutical, and other biotechnology areas; investment in technology and telecommunications infrastructure, energy efficiency, and smart-grid technologies; or technologies that address problems such as the shortage of clean water.

 

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The call for proposals was promoted by President Obama's June announcement at Cairo University that the US would launch a new fund "to support technological development in Muslim-majority countries, and to help transfer ideas to the marketplace so they can create more jobs."

OPIC was established in 1971 as an independent agency of the US government. The mission of OPIC is to mobilize and facilitate the participation of US private capital and skills in the economic and social development of less developed countries and areas, and countries in transition from non-market to market economies. OPIC aids US businesses in investing overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports US foreign policy.

Click here to read more on OPIC's Global Technology and Innovation Fund.



Sources:

"Global Technology and Innovation Fund.." 
<http://www.opic.gov/investment-funds/calls-for-proposals/global-technology-innovation-fund > (accessed Dec. 15, 2009).

"Overview: Overseas Private Investment Corporation." <http://www.opic.gov/doing-business-us > (accessed Dec. 15, 2009).


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