OPIC President and CEO Washburne Applauds House Passage of the BUILD Act to Strengthen U.S. Development Finance
September 26, 2018
WASHINGTON – 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 the U.S. House of Representatives passed the Better Utilization of Investments Leading to Development (BUILD) Act of 2018:
“This landmark legislation is essential to meeting the massive development needs around the globe and advancing American foreign policy. 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.
“The Administration looks forward to the BUILD Act becoming law so that we 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."
In July, the BUILD Act passed the House of Representatives as a standalone piece of legislation (H.R. 5105) by voice-vote. The BUILD Act was incorporated into H.R. 302, the FAA Reauthorization Act of 2018, which passed the House by a vote of 398-23. The legislation now heads to the Senate for consideration.
The BUILD Act was introduced by Congressmen Ted Yoho and Adam Smith and Senators Bob Corker and Chris Coons in February.
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.