OPIC provides $5 mln loan to sole automaker in Kenya

Overseas Private Investment Corp, the U.S. Government's development finance institution, made a $5 million loan to Mobius Motors Kenya, which makes vehicles in Africa designed for the region's roads and drivers. OPIC's $5 million loan is part of an $11 million financing package that includes New York-based PanAfrican Investment Co. Mobius is the only company making cars in Kenya and will use the OPIC loan to expand production. Specifically, it will use the financing to build a manufacturing facility near Nairobi. The company, which has made and sold 50 vehicles, plans to produce an additional 1,900 vehicles by 2019.

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