OPIC Board of Directors Approves Investments in Avenida Colombia Real Estate Fund II & Banco Davivienda S.A
Summary: OPIC Board of Directors Approves Nearly $500 Million in Support for Investments in Developing Countries
The board of directors’ approval for OPIC support included:
- Up to $50 million in financing to Avenida Colombia Real Estate Fund II, L.P., managed by U.S. fund manager Avenida Partners LLC. This private equity fund invests into real estate projects for Colombia’s low and middle income populations. OPIC financing will support the fund’s portfolio investments in residential, retail, and mixed-use real estate projects in urban areas of Colombia, furthering the development of sustainable communities that benefit underserved populations.
- Up to $243 million in financing to Banco Davivienda S.A. to expand access to mortgages for low-income home buyers in Colombia. Insufficient housing is a chronic problem in Colombia. This project will help expand the access to financing needed to purchase homes and help Banco Davivienda increase lending to low-income home buyers.