TDA, EX-IM AND OPIC EXTEND CASPIAN FINANCE CENTER THRU FY2003

For Immediate Release

Arlington, Virginia -- Today, the U.S. Trade and Development Agency (TDA), the Export-Import Bank of the United States (Ex-Im Bank), and the Overseas Private Investment Corporation (OPIC) announced their intent to extend the United States Government. s Caspian Finance Center (CFC) in Ankara, Turkey thru Fiscal Year 2003. Staffed by representatives of the three agencies, the CFC facilitates the development of commercial projects of high priority in Central Asia and the Caucasus.  The announcement was made during a meeting of the heads of the agencies with Georgian President Eduard Shevardnadze.  President Shevardnadze, who was in Washington for a meeting with President George W. Bush, has been a leader in promoting regional cooperation in the Caucasus. 

  "The extension of the CFC is an indication that the Bush Administration is unwavering in its support of the Caspian region in these difficult times," noted TDA Director Thelma J. Askey.  " The CFC, at the nexus of important emerging markets in the Caucasus and Central Asia, provides a valuable gateway for US investment in the region," said OPIC President and CEO Dr. Peter Watson.  "By extending operation of the center, OPIC and its sister agencies can continue to help our regional partners develop the infrastructure they need to speed their economic development." 

  "During this critical time, it is an important for our three trade agencies to work together to maximize export financing opportunities that support trade and investment in the region," said Ex-Im Bank Chairman John E. Robson. 

Established in 1998, the CFC has been instrumental in the development of high visibility projects, such as the Baku-Tbilisi-Ceyhan oil pipeline, the Shah-Deniz gas pipeline, and other major projects in Turkey, the Caucasus and Central Asia.  Working together with the U.S. Foreign Commercial Service in the region, the Center. s efforts have increasingly focused on maximizing American commercial involvement in the ancillary infrastructure that will be built as a result of the pipelines, including projects in the power, telecommunications, financial services, agribusiness, railroads, highways, hotels, distribution facilities, commercial and retail development sectors. 

TDA continues to provide strategic feasibility study funding and technical assistance to furnish U.S. expertise to the governments and private sector of this region as they plan development of their vast energy reserves and modernize all sectors of their economies.   

OPIC offers eligible U.S. investors insurance coverage and financing for major projects.  OPIC's political risk insurance and financing help U.S. businesses of all sizes invest and compete in 140 emerging markets and developing nations worldwide.  By charging user-fees, OPIC, a U.S. government agency, operates at no net cost to U.S. taxpayers.  OPIC has earned a profit in each year of operations - $185 million in 2000 - and its reserves currently stand at more than $4 billion.  Over the agency's 30-year history, OPIC has supported $138 billion worth of investments that will generate $63.6 billion in U.S. exports and create nearly 250,000 American jobs.  OPIC projects have also helped developing countries to generate over $10 billion in host-government revenues and create nearly 668,000 host-country jobs. 

Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance.  Ex-Im Bank has supported nearly $182 million in U.S.-exports to the Caspian region in the past three years including a gas compression station in Uzbekistan, aircraft for Azerbaijan Airlines and air traffic control equipment to Georgia. 

The U.S. Trade and Development Agency promotes American private sector participation by helping U.S. companies pursue business opportunities in developing and middle income countries.  Through the funding of feasibility studies, orientation visits, specialized training grants, business workshops, and various forms of technical assistance, we help American businesses compete for infrastructure projects in emerging markets.  In addition, the agency promotes capacity building initiatives and supports U.S. government trade, economic policy and development objectives around the world. 

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