Press Release

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Timothy Harwood

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Friday, January 30, 2004

OPIC Board Approves $100 Million for Lending Facility in Central America & Caribbean

WASHINGTON, D.C. – The board of directors of the Overseas Private Investment Corporation (OPIC) approved an investment guaranty of up to $100 million for the establishment of a lending facility that will enable Citibank to expand its activity in Central America and the Caribbean, including lending to small businesses.

Under the facility, Citibank and OPIC will share credit risk in loans to eligible countries, and OPIC will provide clearances on worker rights and environmental issues for each downstream loan.

Countries eligible under the facility are: Anguilla, Antigua & Barbuda, Aruba, Belize, Bahamas, Barbados, Costa Rica, Dominica, Dominican Republic, El Salvador, Guatemala, Grenada, Guyana, Haiti, Honduras, Jamaica, Netherlands Antilles, Nicaragua, Panama, St. Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago, Turks & Caicos.

OPIC President and CEO Dr. Peter Watson said the facility “will enable Citibank to expand its medium- and long-term lending activity in the region, including lending to smaller companies. The facility will thereby support job creation and strengthen the financial infrastructure of a region, Central American and the Caribbean, with dynamic economic potential.”

OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.

Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated $74 billion in U.S. exports and supported more than 275,000 American jobs.