President's Report to the Board
OPIC President & CEO Ray W. Washburne
President’s Report to the Board
As prepared for delivery
June 14, 2018
Thank you for being here today. I am pleased to present the third quarter President’s Report to the Board.
As you know, this is a very exciting time for OPIC and for development finance.
Since we last convened, I have testified before the House and Senate on the need to create a modernized U.S. development finance institution. Congress is now considering The BUILD Act, which would update our investment tools by giving the new DFI equity authority and increase the cap on the portfolio. I will continue to keep the Board informed as the legislation advances this summer.
This spring, OPIC formally launched our 2X Global Women’s Initiative to mobilize $1 billion for investment in women. In Peru, at the Summit of the Americas, OPIC was joined by Ivanka Trump in announcing 2X Americas to mobilize $500 million for Latin America. And just last week in Canada, OPIC joined with other G7 DFIs in announcing the 2X Challenge – a joint global initiative to mobilize $3 billion.
OPIC is making progress with the $1 billion Northern Triangle initiative. I was in Honduras two weeks ago, where I met with President Hernandez and visited several OPIC financed sites. Last month, with $135 million commitment from OPIC, Honduras inaugurated its first geothermal plant, bringing sustainable energy to more than 40,000 households.
I’ll share just a few other highlights from the past months:
In March I attended the CERA energy conference in Houston with Secretary Perry and I spoke at Power Africa’s Energy Week here in Washington. To date, OPIC has committed $2.4 billion to the U.S. Power Africa Initiative, across a range of projects.
Last month, OPIC signed an agreement with European Development Finance Institutions to collaborate more closely on sustainable investments in developing countries.
And later this summer, I will visit several countries in Africa and will formally announce our strategy to better integrate the continent in the global trade markets.
Now as you can see from the 11 projects listed on the agenda of this meeting, this has been a very busy time for our deal teams. I want to thank all of our partners and all of our talented deal teams for helping assemble such a rich portfolio of projects.
This concludes my President’s report.