[DOCID:186873tx_xxx-87]
From the Government Manual Online via GPO Access
[wais.access.gpo.gov]
[Page 504-506]
OVERSEAS PRIVATE INVESTMENT CORPORATION
1100 New York Avenue NW., Washington, DC 20527
Phone, 202-336-8400. Fax, 202-408-9859. Internet, www.opic.gov.
President and Chief Executive Officer George Munoz
Executive Vice President Kirk Robertson
Vice President, Investment Development Mark van de Water
Vice President and General Counsel Charles D. Toy
Vice President and Treasurer Mildred O. Callear
Vice President, Finance Robert B. Drumheller
Vice President, Insurance Julie A. Martin
[[Page 505]]
Vice President, Investment Funds Jeffrey Griffin
Managing Director for Administration Michael C. Cushing
[For the Overseas Private Investment Corporation statement of
organization, see the Code of Federal Regulations, Title 22,
Chapter VII]
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The Overseas Private Investment Corporation is a self-sustaining Federal
agency whose purpose is to promote economic growth in developing
countries by encouraging U.S. private investment in those nations.
The Overseas Private Investment Corporation (OPIC) was established as an
independent agency by the Foreign Affairs Reform and Restructuring Act
of 1998 (112 Stat. 2681-790). OPIC assists American investors in four
principal ways: financing of businesses through loans and loan
guaranties; supporting private investment funds which provide equity for
U.S. companies investing in projects overseas; insuringinvestments
against a broad range of political risks; and engaging in outreach
activities. All of these programs are designed to reduce the perceived
stumbling blocks and risks associated with overseas investment.
Organized as a corporation and structured to be responsive to
private business, OPIC is mandated to mobilize and facilitate the
participation of U.S. private capital and skills in the economic and
social development of developing countriesand emerging economies.
Currently, OPIC programs are available for new business enterprises or
expansion in some 140 countries worldwide. The Corporation encourages
American overseas private investment in sound business projects, thereby
improving U.S. global competitiveness, creating American jobs, and
increasing U.S. exports. The Corporation does not support projects that
will result in the loss of domestic jobs or have a negative impact on
the host country's environment or workers' rights.
The Corporation is governed by a 15-member Board of Directors, of
whom 8 are appointed from the private sector and 7 from the Federal
Government.
Activities
By reducing or eliminating certain perceived political risks for
investors and providing financing and assistance not otherwise
available, the Corporation helps to reduce the unusual risks and
problems that can make investment opportunities in the developing areas
less attractive than in advanced countries. At the same time, it reduces
the need for government-to-government assistance by involving the U.S.
private sector in establishing capital-generation and strengthening
private-sector economies in developing countries.
The Corporation insures U.S. investors against the political risks
of expropriation, inconvertibility of local currency earnings, and
damage from war, revolution, insurrection, or civil strife. It also
offers a special insurance policy to U.S. contractors and exporters
against arbitrary drawings of letters of credit posted as bid,
performance, or advance payment guaranties. Other special programs are
offered for minerals exploration, oil and gas exploration, and
development and leasing operations.
The Corporation offers U.S. lenders protection against both
commercial and political risks by guaranteeing payment of principal and
interest on loans (up to $200 million) made to eligible private
enterprises.
Its Direct Investment loans, offered to small and medium-sized
businesses, generally cover terms of from 5 to 15 years and usually
range from $2 million to $30 million with interest rates depending on
assessment of the commercial risks of the project financed.
Additionally, OPIC supports a family of privately managed direct
investment funds in various regions and business sectors. Such funds
currently operate in most countries in East Asia, sub-Saharan African,
South America, Russia and other New Independent States, Poland and other
countries in Central Europe, India, and Israel.
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Programs are available only for a new facility, expansion or
modernization of an existing plant, or technological or service products
designed to generate investment that will produce significant new
benefits for host countries.
Sources of Information
General Inquiries Inquiries should be directed to the Information
Office, Overseas Private Investment Corporation, 1100 New York Avenue
NW., Washington, DC 20527. Phone, 202-336-8799. E-mail, OPIC@opic.gov.
Internet, www.opic.gov.
Publications OPIC programs are further detailed in the Annual Report
and the Program Summary. These publications are available free of
charge.
For further information, contact the Overseas Private Investment
Corporation, 1100 New York Avenue NW., Washington, DC 20527. Phone, 202-
336-8400. Fax, 202-408-9859. Internet, www.opic.gov.
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