OPIC CEO and Kazakh Invest Sign Memorandum of Cooperation Supporting Up To $500 Million in Investment
January 17, 2018
Washington, D.C. – Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, President and Chief Executive Officer Ray W. Washburne today signed a Memorandum of Cooperation with Kazakh Invest Chairman Saparbek Tuyakbayev to help support U.S. investment in Kazakhstan and improve collaboration between the countries.
“This agreement will allow us to coordinate closely and facilitate more investment opportunities in the country while strengthening the continued work between the U.S. and Kazakhstan,” Mr. Washburne said. “We are proud of our relationship with Kazakhstan and look forward to catalyzing investments and development together.”
Specifically, the agreement seeks to facilitate up to $500 million in Kazakhstan by strengthening communication, coordination, and relationships to help catalyze economic growth, development, and investment.
Earlier in the day, Mr. Washburne met with Kazakh Prime Minister Bakytzhan Sagintayev where the two discussed the country’s business environment. Last summer, Mr. Washburne visited Kazakhstan as part of a delegation led by U.S. Deputy Secretary of Energy Dan Brouillette.
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 investment 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.