OPIC Applauds House's Passage of Legislation to Create a Modern Development Finance Institution
July 17, 2018
WASHINGTON, D.C. – Ray W. Washburne, President and Chief Executive Officer of the Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution (DFI), issued the following statement today after passage of the Better Utilization of Investments Leading to Development Act (“The BUILD Act”) in the U.S. House of Representatives:
“When it comes to meeting the massive development needs around the globe and advancing American foreign policy – this legislation is essential. Today, the House of Representatives put the Administration’s plan for a modern U.S. Development Finance Institution – with 21st century tools – a big step closer to reality. With this legislation, the U.S. Government will be better equipped to drive economic growth in emerging markets and provide an alternative to state-directed initiatives that can leave developing countries worse off."
The BUILD Act was introduced by Congressmen Ted Yoho and Adam Smith and Senators Bob Corker and Chris Coons in February. The legislation now heads to the Senate for its consideration. A Senate version of the legislation was passed out of the Senate Foreign Relations Committee on June 27, 2018.
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.