OPIC marks a key anniversary as a self-sustaining government agency
Thirty-one years ago this month, OPIC presented President Ronald Reagan with a check for $50 million, making good on its promise to pay back every cent of the funds that Congress had allocated to start the agency in 1971. Reagan accepted the check and emphasized that OPIC’s success shows how “the private sector is the best engine for economic growth and opportunity in the developing world.”
In the years since then, OPIC has grown dramatically, quadrupled the number of countries in which it is authorized to operate and introduced multiple new insurance and finance products to better support businesses operating in emerging markets around the world. But, OPIC’s underlying mission of helping business serve as a force for good in the developing world has remained the same. This year marked the 38th straight year that OPIC has generated money for American taxpayers and helped reduce the federal deficit, while supporting a range of highly developmental projects from power plants in Sub-Saharan Africa, to low income housing in Latin America and food processing facilities in Eastern Europe.
On this day in 1984, Reagan recognized both the work of OPIC and its efficient business model in this note that congratulated OPIC “on showing the private sector the benefits of full participation in the development process.”