The Overseas Private Investment Corporation, the US Government’s development finance institution, today signed a loan agreement with the Aga Khan Hospital and Medical College Foundation for the expansion of the Aga Khan University Hospital.
AKU President Firoz Rasul and OPIC President Elizabeth L. Littlefield sign the
agreement. Standing: Chairman of AKU Board
of Trustees Saidullah Khan Dehlavi and US Ambassador to Pakistan Richard Olson
officiated the ceremony
The agreement was signed by OPIC President and CEO Elizabeth L. Littlefield and President and CEO Firoz Rasul of the Aga Khan University, on behalf of the Aga Khan Hospital and Medical College Foundation, at the Aga Khan University Hospital.
The agreement is for USD $30 million of OPIC financing to be invested alongside $7.5 million from the Aga Khan Foundation USA for the expansion of medical healthcare facilities in Karachi, Pakistan.
This investment will fund the construction of a new ambulatory care building, neonatal, medical and pediatric intensive care units, a centre for innovation in medical education, a child-care centre, a new private wing and additional critical care beds.
The project will also help increase access to high-quality healthcare by some of Pakistan’s poorest citizens, while improving the country’s capacity for developing needed training for health and research jobs through its contribution to AKU’s Medical College and School of Nursing and Midwifery.
About Overseas Private Investment Corporation
OPIC is the US Government’s development finance institution. It mobilises private capital to help solve critical development challenges and in doing so, advances US foreign policy. Because OPIC works with the US private sector, it helps US businesses gain footholds in emerging markets catalysing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the US Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in US exports and supported more than 277,000 American jobs.