OPIC Memorandum of Understanding Aims to Promote Investment in Georgia
July 1, 2009
WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC) and the Investment Risk Management Agency (IRMA) of Georgia, an investment promotion agency established under the Ministry of Finance of Georgia, have concluded a Memorandum of Understanding (MOU) which will establish a joint outreach program to encourage U.S. investment in the country.
OPIC Vice President of Insurance Rod Morris and IRMA Director Zurab Simonia signed the MOU as part of a day-long series of meetings on the implementation of the U.S.-Georgia Charter on Strategic Partnership that took place at the State Department on June 22.
The MOU will establish a joint working group between OPIC and IRMA, intended to undertake an outreach program targeting U.S. businesses in Georgia in order to raise awareness of OPIC products and screen potential investors and projects, and refer eligible candidate for OPIC support through appropriate channels. The working group will focus on franchise, agribusiness and housing sectors, among others.
OPIC will provide training, in Georgia, to IRMA staff members to implement the objectives of the Understanding, and technical assistance in the development of risk mitigation products. IRMA, in turn, will develop a portfolio of potential projects that are suitable for presentation to prospective investors, who may then opt to utilize OPIC financing or political risk insurance for their investments.
“OPIC has worked hard in recent years to facilitate greater levels of U.S. investment in Georgia, as evidenced by our current portfolio of $167 million in support for ten projects in the country. We expect that this agreement will only encourage further investment in Georgia,” said OPIC Acting President Dr. Lawrence Spinelli. “We look forward to working expeditiously with our Georgian counterparts to realize the goals of this agreement.”