OPIC Signs Commitment with European Development Finance Institutions to Support Development and Private Sector Growth
May 24, 2018
COLOGNE, GERMANY – Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, Executive Vice President David Bohigian and Association of European Development Finance Institutions Chairman Nanno Kleiterp today signed a Memorandum of Understanding (MOU) highlighting each agency’s commitment to catalyzing private financing and investment for sustainable development in emerging markets.
“This agreement provides OPIC and its European development finance institution counterparts the framework to work more closely and collaborate on sustainable investments in developing countries,” Bohigian said. “By furthering coordination, we’re bolstering support for more opportunities in emerging markets. And, by working together on projects that meet mutual policy objectives and criteria, we’re promoting democratic values, self-sustaining societies, and reinforcing best practices.”
The signing follows recent OPIC MOUs with the Japan Bank for International Cooperation, Nippon Export and Investment Insurance, and Australia’s Department of Foreign Affairs and Trade. Each MOU focused on supporting greater cooperation between agencies on investments and development in emerging markets.
The full text of the MOU can be found here.
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.