OPIC showcases the far-reaching impact of its projects
OPIC is showcasing the stories of the people and communities that have benefited from its investment in development on a series of photo essays posted on its website.
The images and stories featured were gathered as part of OPIC’s Development Outcomes program, a new initiative launched to explore the ways individual projects impact their local communities, host countries and beyond. By visiting project sites, meeting with workers, managers, community members and associated businesses, OPIC has been able to quantify many of these direct and indirect impacts and document how individual projects have yielded multiple far-reaching benefits. The findings of the first three projects studied under this initiative are highlighted on the OPIC website here: https://stories.opic.gov/.
The projects studied under this initiative include
- The Mariscal Sucre International Airport (Quiport) in Ecuador, which was built with the support of OPIC financing.
- The Middle East Investment Initiative and the Siraj Palestine Fund in the West Bank, which used OPIC financing to support the region’s small and emerging businesses.
- Alistair Group, a small shipping and logistics business in Tanzania that used an OPIC loan to expand its fleet and operations.
In addition to addressing a specific development challenge, each project was found to also yield several surprising and indirect benefits. For example, the new airport in Ecuador launched a program to support female entrepreneurs, the financing projects in the West Bank helped the region’s banking sector grow and mature; and the logistics business in Tanzania elevated conditions for workers in Tanzania while standing up against corruption.
“Every OPIC project touches many lives,” said Ryan Brennan, Vice President, OPIC Office of Investment Policy. “We are committed to supporting projects that have a sustained, positive impact. By investing in development, OPIC is investing in the people and the businesses of the developing world.”
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.