The Overseas Private Investment Corporation, the U.S. government's development finance institution, has announced a $50 million commitment to Seattle-based impact investor Global Partnerships in support of the organization's Impact-First Development Fund.
With the aim of creating tangible social impact, the fund will make initial investments in the areas of education, energy, health, housing, sanitation, water, and economic security. The investment from OPIC will be made through its 2X Women's Initiative, a $350 million effort focused on lending to women-owned businesses, female entrepreneurs, and women-owned and women-led emerging market private equity funds.
"OPIC's work with Global Partnerships aligns closely with our mission to advance development goals in emerging markets, and with our 2X Women's initiative," said OPIC vice president Jim Polan. "This landmark project has the potential to transform marginalized populations' access to finance, services, and opportunities. We look forward to our work together and expanding opportunity for people living in poverty."
"We are thrilled to continue our longstanding relationship with OPIC," said Global Partnerships CEO Rick Beckett. "With OPIC's support, this fund seeks to demonstrate that investing which is motivated first and foremost by service to poor and marginalized people, rather than by maximizing profit, has the power to sustainably expand opportunity and improve lives across virtually every facet of poverty."