Press Release

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Timothy Harwood

(202) 336-8744

Friday, March 5, 2010

OPIC Selects the Investment Risk Management Agency as Originator in Enterprise Development Agency

IRMA contact: Zurab Simonia, 995-32-261515, zsimonia@mof.ge

WASHINGTON, D.C. –The Overseas Private Investment Corporation (OPIC) has selected the Investment Risk Management Agency (IRMA), an agency established by the Ministry of Finance of Georgia, to serve as an Originator for a growing alliance with the private sector designed to support small and medium enterprises (SMEs) expanding into emerging markets overseas.

The alliance, the Enterprise Development Network (EDN), is expanding the ability of OPIC – the U.S. government agency charged with facilitating U.S. private sector investment in emerging markets – to provide financing to SMEs doing business in developing countries.

Through the support of financial institutions, business consultants, associations, law firms and regional investment promotion agencies, EDN is designed to enhance SME access to OPIC products and services. By empowering such service providers, the network is resulting in more efficient, cost-effective delivery of services to American businesses.

IRMA was established as a governmental agency under the supervision of the Ministry of Finance of Georgia on March 23, 2009 to provide foreign investors with high quality political risk management and fund raising services. IRMA’s mission is to contribute to economic growth and development by promoting foreign investment in Georgia and assisting foreign investors and exporters in realizing their business outcomes. It complements the private sector in managing risks and financial resources associated with foreign direct investment (www.irma.gov.ge ).

On November 5, 2009, IRMA became the first governmental agency to be named an EDN loan and political risk insurance originator. IRMA is also the first among Georgia-based companies to serve as an EDN Originator. Under IRMA’s auspices, the EDN initiative was introduced to the Georgian marketplace and local companies were offered assistance in applying for EDN originator designation.

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.