Robert Johnson's The RLJ Companies and the U.S. Overseas Private Investment Corporation Conclude Finance Protocol to Accelerate Investment in Liberia

The RLJ Companies and OPIC today agreed to establish a $100 million Finance Protocol that will promote American investment in Liberia. The RLJ Companies will work to develop various projects, including affordable housing and a mortgage facility, for which OPIC will make available financing on a project by project basis.

Robert L. Johnson, Chairman of The RLJ Companies, said that this initiative "is another example of the Government of Liberia's commitment to encourage the private sector to help rebuild the nation. Given the historic ties between our two nations, this collaboration makes commercial sense and has the potential to make a significant contribution to the development of the country."
Jim Polan, OPIC's Vice President, added, "OPIC is very encouraged by the pace and direction of economic progress in the country. National reconstruction in Liberia has been a priority for OPIC, and we welcome the opportunity to participate in projects that contribute to this goal."

The RLJ Companies and OPIC have collaborated on two other projects in Liberia over the last two years. Together with CHF International, The RLJ Companies and OPIC established the $30 million Liberia Enterprise Development Finance Company, which makes loans of $25,000 and $1 million to Liberian businesses. The RLJ Companies and OPIC are also working to complete financing arrangements in support of the 84 room, villa-style hotel that The RLJ Companies is building in Monrovia. The hotel is scheduled to open on March 5, 2009. These initiatives reflect the progress that is being made in rebuilding the nation after 14 years of civil war and the tremendous opportunity that exists in Liberia today.

The RLJ Companies

The RLJ Companies, founded by Robert L. Johnson, owner of the NBA Charlotte Bobcats and founder of Black Entertainment Television, is a diverse portfolio of companies in the financial services, asset management, real estate, hospitality, professional sports, film production, and gaming industries. An innovative business network, The RLJ Companies seeks to target undiscovered or underserved markets; then exercise solid management to achieve results. The RLJ Companies is headquartered in Bethesda, Maryland, with operations in Charlotte, Los Angeles, Florida, and Puerto Rico.

Overseas Private Investment Corporation (OPIC)

OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.
SOURCE The RLJ Companies