OPIC EVP Signs Commitment with Republic of Uzbekistan Supporting Investment in Emerging Markets
May 17, 2018
WASHINGTON, D.C. – Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, Executive Vice President David Bohigian and Uzbek Deputy Prime Minister Sukhrob Kholmuradov today signed a Memorandum of Cooperation (MOC) highlighting their commitment to tackling development challenges and bolstering investment in natural resources, energy, infrastructure and other critical sectors in Uzbekistan.
The agreement develops a framework for cooperation between the agencies to support for investment in emerging markets by mutually collaborating on projects that meet policy objectives and by coordinating business development efforts.
“This signing today will allow us to have a broader impact while strengthening the continued work between the U.S. and Uzbekistan,” Bohigian said. “Through focusing on natural resources, energy, and infrastructure projects around the globe, we can enhance the position of our respective private sector companies and raise standards in an increasingly competitive global market.”
The MOC follows the recent Uzbekistan-U.S. Economic Dialogue, when the Governments of Uzbekistan and the U.S. committed to increasing natural resources and infrastructure projects in emerging markets. To date, OPIC and Uzbekistan have coordinated support for several projects together including the expansion of a co-educational day school in Tashkent and various hotel constructions in Bukhara for the growing tourism sector in Uzbekistan.
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.