U.S. Government Delegation Meets with Azerbaijan Leaders to Promote Investment
August 16, 2018
BAKU, AZERBAIJAN – Executive Vice President of the U.S. government’s Overseas Private Investment Corporation (OPIC) David Bohigian and other U.S. officials met with Azerbaijan government leaders in Baku. The purpose of the visit is to promote U.S. investment in the region, strengthen partnerships, and find opportunities to deepen business ties that drive economic growth and stability.
“OPIC seeks to support Azerbaijan and its people through investments that focus on natural resources, energy, and infrastructure projects,” said Bohigian. “Azerbaijan and the region present attractive opportunities for greater U.S. investment, empowering the private sector to help build better lives and communities. By committing to investments that promote transparency, sustainability, and quality, and respect for the local community and environment, Azerbaijan is committed to a positive path for its people. We look forward to working with the government of Azerbaijan as they move along this path and create the conditions for future U.S. investments that will benefit the economies and people of both our nations.”
The U.S. delegation meeting was with Rufat Mammadov, Deputy Minister of Economy; Fuad Jafarov, Director at Investment Promotion Agency (AzPromo); and Shamil Suleymanli, Head of Administration, Agency for SME Development under Ministry of Economy. The delegation also met separately with American business leaders.
OPIC currently has $11 million invested in Azerbaijan. In 2013, OPIC provided a loan totaling $7.5 million for the expansion of TuranBank’s Small and Medium Enterprise portfolio to provide loans in the rural and urban areas, many of which benefited farmers and the agriculture industry.
OPIC is the U.S. government’s development finance institution. As part of his National Security Strategy, President Trump highlighted the need for a modernized approach by the U.S. government to development finance to help grow aspiring partners, promote economic relationships, and increase investment in regions important to American interests.
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.