The road to development begins with a road: OPIC receives multiple endorsements at Senate hearing
At a recent Senate hearing on International Development, OPIC was repeatedly cited for playing a leading role supporting development in ways that also support the American economy and national security.
“No priority facing our nation is more important than putting Americans back to work,” John Murphy, Vice President for International Affairs at the U.S. Chamber of Commerce said at the hearing. Murphy described the large amount of private sector investment OPIC has leveraged, and how this work has supported hundreds of thousands of American jobs, while helping to reduce the federal budget deficit.
Murphy, who spoke at the May 22 hearing before the Senate Foreign Relations Subcommittee on International Development and Foreign Assistance, Economic Affairs and Peace Corps, emphasized the strength of OPIC’s business model of charging market rates for its loans and political risk insurance, which enables it to operate on a self-sustaining basis at no cost to American taxpayers. Over 41 years, the projects OPIC has supported have generated an estimated $75 billion in U.S. exports and supported more than 277,000 American jobs.
Also at the hearing, Caterpillar Inc. Co-President William Lane spoke about the value OPIC delivered in supporting basic infrastructure projects that literally paved the way for further development in emerging markets. “The road to development – and the investment, commerce, and trade that follow –may begin (literally) with a road,” he said. Lane also described how OPIC support of American businesses in many highly competitive emerging markets was “essential to maintaining a level playing field.”