OPIC President and CEO Statement on U.S. Nomination of OPIC Board Member David R. Malpass to Lead World Bank
February 6, 2019
Washburne: Malpass “exceptionally qualified to lead” World Bank
WASHINGTON – Ray W. Washburne, President and Chief Executive Officer of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, issued the following statement after President Trump announced that the United States is nominating David Malpass, the current Under Secretary of the Treasury for International Affairs and Member of OPIC’s Board of Directors, to be President of the World Bank:
As a member of OPIC’s Board of Directors, David has demonstrated a deep understanding for how development finance institutions can better leverage their resources to reduce extreme poverty and build shared prosperity in the poorest countries around the world. OPIC’s Board of Directors valued David’s insights and critical thinking as the Administration succeeded in its initiative to modernize and expand the United States’ development finance functions, creating the U.S. Development Finance Corporation. David’s depth of experience in international economic issues makes him exceptionally qualified to lead the World Bank as it starts the next chapter in its storied history.
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.