OPIC Signs Agreement With Atradius to Advance Private Investment for Development
February 9, 2016
John Moran, VP of Political Risk Insurance, OPIC (left) and Bert Bruning, Managing Director, Atradius DSB, shake hands after signing a memorandum of understanding to increase cooperation between the two organizations.
WASHINGTON – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, and Atradius Dutch State Business (Atradius DSB), the official export credit agency appointed and authorized by the Netherlands to promote overseas investments by Dutch companies through insurance programs, have announced an agreement that will enhance the ability of both institutions to support private investment in developing markets.
In late 2015 in Amsterdam, OPIC Vice President for Political Risk Insurance, John Moran, met in Amsterdam with Atradius DSB’s Managing Director Bert Bruning and its Head of International Relations, Vinco David, to sign a memorandum of understanding (MOU) between the two institutions. This MOU authorizes OPIC and Atradius DSB to cooperate in ways that will increase each institution’s respective capacity to insure private investors in the renewable energy, agribusiness, and water sectors in emerging markets.
This partnership underscores OPIC’s ability to support investment for positive development impact in support of U.S. foreign policy. Both OPIC and Atradius DSB will align efforts to coordinate and conduct outreach to investors, lenders, insurance brokers and other private and public political risk insurers. This agreement represents a notable step in cooperation between the U.S. and the Netherlands to advance sustainable development, greater resource efficiency and a cleaner and more secure low-carbon energy supply.
“There is tremendous synergy between OPIC and Atradius DSB,” said Moran. “OPIC’s fiscal year 2015 included the fifth consecutive year of $1 billion or more in support to renewable energy; and, following on the Paris Climate Agreement signed last December at the COP21 meeting, this sends strong market signals to businesses and the private sector that the world is moving to a clean energy economy. There is great potential for cooperation between Atradius and OPIC in support of these shared goals.”
Bert Bruning, Managing Director of Atradius Dutch State Business, emphasizes the importance of reaching out to other stakeholders in achieving the climate change goals. “The agreement with OPIC will help us to substantially strengthen our contribution towards sustainable economic growth and a better quality of life. For Atradius DSB, this is the first agreement it has signed with a public investment insurance agency.”
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.
Since 1932 Atradius has an agreement with the Dutch government to insure specific commercial and political risks for the account and in the name of the Dutch State. This facility is provided by Atradius Dutch State Business, part of the Atradius Group.
Atradius provides trade credit insurance, surety and collections services worldwide through a strategic presence in 50 countries. Atradius has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit. Atradius forms part of Grupo Catalana Occidente (GCO.MC), one of the leading insurers in Spain and worldwide in credit insurance.