OPIC President and CEO Statement on President Trump's Commitment to U.S. Government Development Finance Reform
November 10, 2017
Da Nang, Vietnam - In remarks today at the Asia-Pacific Economic Cooperation (APEC) CEO Summit, President Donald J. Trump committed to reforming U.S. development finance institutions "so they better incentivize private sector investment" and "provide strong alternatives to state-directed initiatives that come with many strings attached." Overseas Private Investment Corporation (OPIC) President and Chief Executive Officer Ray W. Washburne, who was present for the speech in Vietnam, issued the following statement in support:
I applaud President Trump's commitment to improving the U.S. Government's development finance tools. The private sector is critical to international development, and a modernized approach by the U.S. Government can better catalyze U.S. private capital to invest in projects that advance our foreign policy goals. I look forward to working with the President, the Administration, and Congress to better meet the development challenges of the 21st century.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.