The Overseas Private Investment Corporation, a U.S. federal agency, said Friday that it will provide $30 million in financing to the Aga Khan Hospital and Medical College Foundation. The funding, which is in addition to the $7.5 million from the Aga Khan Foundation, is to expand the Aga Khan University Hospital in Pakistan.
KARACHI, Pakistan–(BUSINESS WIRE)–The Overseas Private Investment Corporation (OPIC), the U.S. 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. 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 U.S.A. for the expansion of medical health care facilities in Karachi, Pakistan. This investment will fund the construction of a new ambulatory care building, neonatal, medical and pediatric intensive care units, a center for innovation in medical education, a child-care center, 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 the Aga Khan University’s Medical College and School of Nursing and Midwifery.
Overseas Private Investment Corporation
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing 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 U.S. 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 U.S. exports and supported more than 277,000 American jobs.
Aga Khan University
The Aga Khan University is a major center for education, training and research. Chartered as Pakistan’s first private international university in 1983, it has teaching sites in Afghanistan, Kenya, Pakistan, Tanzania, Uganda and the United Kingdom.
Aga Khan Foundation
The Aga Khan Foundation is a non-denominational, international development agency of the Aga Khan Development Network, established in 1967 by His Highness the Aga Khan. Its mission is to develop and promote creative solutions to problems that impede social development, primarily in Asia and East Africa. Aga Khan Foundation U.S.A. was established in 1981 and is based in Washington DC.