OPIC Workshop in Nashville Draws 80 Small Businesses from Over a Dozen States
- OPIC Offers Financing and Political Risk Insurance to Support American Businesses Looking to Expand into Emerging Economies Worldwide
WASHINGTON – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s Development Finance Institution, this week drew more than 80 guests to its Expanding Horizons small business workshop in Nashville, Tennessee.
The event is the 28th in a decade-long nationwide series OPIC hosts to educate small businesses about the opportunities of expanding into developing markets, and the ways OPIC can support this growth. The event was held in cooperation with the Tennessee Department of Economic and Community Development.
Senator Bob Corker addressed the attendees by letter, stressing both the importance of U.S. business presence abroad and the valuable tools OPIC offers to foster this private sector growth.
“OPIC is an important tool of our foreign and development policy, allowing us to better leverage U.S. aid dollars in developing countries,” said Sen. Corker in his letter. “By aligning public sector development goals with private sector resources, OPIC will allow us to overcome investment barriers to building electricity capacity and economic growth in Africa while generating economic returns for the private sector.”
OPIC speakers outlined the innovative financing and political risk insurance products that the agency has provided for more than 40 years to help U.S. businesses successfully invest in emerging markets. Other speakers at the workshop included senior government representatives from the Small Business Administration, U.S. Trade and Development Agency, the U.S. Department of Commerce, and the Tennessee Department of Economic and Community Development.
Since its establishment in 1971, OPIC commitments of $124 million of financing and insurance to projects sponsored by Tennessee companies have generated $55 million in U.S. exports and an estimated $370 million in procurement of goods and services from Tennessee.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. 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, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. 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.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC aims to raise the industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.