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The Overseas Private Investment Corporation (OPIC) will invest in six equity funds to support development projects in emerging markets, including several Latin American countries, OPIC said in a press release.
OPIC will provide up to US$285mn in financing for the funds, with the goal of raising more than US$875mn for investments. This represents the biggest commitment ever by the US government to so-called "impact investing" in developing nations, OPIC said.
One fund will focus on improving access to financial services for the unbanked and underbanked populations in Bolivia, Brazil, Colombia, Mexico and Peru. This will be done through prepaid debit cards and other financial services.