OPIC Announces a Record Year – Setting New Finance and Renewable Energy Records and Generating Over $400 Million for US Taxpayers
November 14, 2013
WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC) today announced a record year for fiscal year 2013:
- OPIC’s lending program committed an unprecedented $3.75 billion in support of U.S. businesses investing in sustainable economic development in fast-growing markets and regions around the world. With a focus on low-income countries in Africa, Asia, the Middle East, and Latin America, the Agency supported a record volume of high-impact projects such as those in critical infrastructure, low-income housing, microfinance, small business lending, and agriculture.
- In a clear reflection of the growing competitiveness of renewable energy in developing countries, the Agency supported a record $1.2 billion in renewable energy projects, including in the wind, solar, hydro-power, and biomass sectors.
- As it has done for 36 consecutive years, OPIC operated in a self-sustaining manner, generating income and reducing the Federal deficit by $426 million. These revenues represent what the Agency generated for U.S. taxpayers over and above its cost of operations.
As the U.S. Government’s development finance institution, OPIC provides tools such as direct loans, loan guarantees, and political risk insurance to U.S. companies and investors. The fees and interest from these products enable OPIC to be self-sustaining. “OPIC’s business model is not only highly effective in addressing some of the world’s greatest development challenges, it is also very efficient,” said Elizabeth L. Littlefield, OPIC President and CEO.
“By mobilizing private sector investment and applying commercial rigor and discipline to our work, we are able to generate income as we help U.S. businesses expand into some of the world’s fastest growing markets. This consistent success and our record year is a testament to the skill of our small but dedicated staff and all of our business partners.”
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 160 countries worldwide. To date, OPIC has supported more than $200 billion of investment in over 4,000 projects, generated an estimated $75 billion in U.S. exports and supported more than 277,000 American jobs.