OPIC President and CEO Washburne to Leave Agency after Successful Modernization Push
February 12, 2019
Resignation to take effect March 1; Executive Vice President Bohigian to take on duties
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 meeting with staff to announce that he will step down from the agency on March 1, 2019. Executive Vice President David Bohigian will take on the President and CEO duties at that time:
When I first came to OPIC, I committed to building and strengthening the organization. So I am tremendously proud of the work we accomplished with the Trump Administration and Congress to advance the Better Utilization of Investments Leading to Development (BUILD) Act into law, which experts have called the biggest advance in U.S. development policy in a generation.
Thanks to the hard work of OPIC’s dedicated staff, we are having real impact around the world. OPIC’s 2X Women’s Initiative has helped set the standard for investing in women; our work in the Northern Triangle has mobilized more than $1 billion in capital to help bring greater prosperity and stability to the region; and our Connect Africa Initiative is focused on supporting critical infrastructure, technology and value chains on the continent. OPIC’s work to build partnerships with critical allies like Japan and Australia put the agency in a better position to advance the Administration’s goals in the Indo-Pacific.
I return to my family in Dallas knowing that we have a great team in place – led by David Bohigian - who will lead the transformation of OPIC into the new United States Development Finance Corporation. I’m thankful to President Trump and the entire team at OPIC for the opportunity to lead a devoted organization that has impacted so many lives in 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.