The Overseas Private Investment Corporation (OPIC),  US financing institution, agreed to fund the expansion of Aga Khan University Hospital in Karachi, Pakistan.

The agreement was signed today by OPIC president Elizabeth Littlefield and Aga Khan University president Firoz Rasul, signing on behalf of the hospital.

According to the deal, OPIC will lend out US $30 million along with the US $7.5 million from Aga Khan Foundation based in the US. The money will be used to build a new private wing, child-care center, medical and pediatric ICUs, neonatal care, ambulatory care building and additional beds.

The financing is also expected to give the healthcare for Pakistan's underprivileged sector a much needed boost.

Although established as an agency of the US government, OPIC is not being paid for by taxpayers because it mobilizes private capital. Presently, OPIC is present in 150 countries and instrumental in over $200 billion of investment in 4,000 projects.