OPIC Applauds Important Step Taken by Congress to Create a Modern Development Finance Institution
June 26, 2018
WASHINGTON, D.C. – Today, 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 after passage of the BUILD Act by the Senate Foreign Relations Committee:
“Today’s passage of the BUILD Act out of the Senate Foreign Relations Committee marks another important step forward in responding to the Administration’s call for a new, standalone United States Development Finance Institution. A modern ‘DFI’ will advance American global competitiveness by providing the 21st century development finance tools needed to more effectively pursue foreign policy and national security goals. By consolidating and modernizing the various U.S. Government development finance functions, the U.S. will be better prepared to cooperate with allies like the United Kingdom, Germany, and Japan, and compete with countries like China by providing an alternative to state-directed investment in emerging markets. We look forward to continuing to work with Congress to ensure the success of this critical bill, which will help fuel growth, generate opportunity, and empower women across the developing world.”
In February, the BUILD Act was introduced in Congress by Senators Bob Corker and Chris Coons and Congressmen Ted Yoho and Adam Smith. With today’s passage of the bill out of the Senate Foreign Relations Committee, both the Senate and the House versions of the bill await a floor vote.
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.