Did you know: OPIC has helped reduce the deficit for 40 straight years?
Fiscal year 2017 marks OPIC’s 40th consecutive year of operating as a self-sustaining government agency that generates money for deficit reduction. OPIC’s model of development finance has long enabled the agency to support development around the world, from microfinancing for women-entrepreneurs in India, to large power projects in Africa, low income housing in Latin America, and agricultural projects in Eastern Europe, at no cost to taxpayers.
This video from 1984 shows then-OPIC President Craig Nalen presenting President Ronald Reagan with a check for $50 million, making good on our promise to pay back every cent of the funds that Congress had allocated to start the Agency in 1971.
At a time when aid flows to developing countries far exceeded investment, President Reagan was an early supporter of the OPIC model of catalyzing private investment. “The private sector is the best engine for economic growth and opportunity in the developing world,” he said.