OPIC Statement on the Inclusion of a New Development Finance Institution in the U.S. Government’s Reform and Reorganization Plan
June 21, 2018
WASHINGTON, DC - Today, Ray W. Washburne, President and CEO of the Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution, issued the following statement in response to the inclusion of a new development finance institution (DFI) in the administration’s government reform and modernization plan, Delivering Government Solutions in the 21st Century: Reform Plan and Reorganization Recommendations:
“Today's plan continues the Administration's call for a reformed, more effective Development Finance Institution- with modernized tools - to bolster development, advance national security and support U.S. businesses investing overseas. By creating a new, consolidated DFI, the U.S. will have the 21st century financial tools needed to work effectively with our allies and provide a robust alternative to state-directed investments, which can leave developing countries worse off. This state-directed approach is not consistent with our values, which incorporate international best practices related to governance, transparency, debt sustainability, environmental, and social safeguards. We look forward to continuing to work with Congress on this critical proposal which will help create countless opportunities and empower women throughout the developing world.”
The full proposal 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 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.