FOR IMMEDIATE RELEASE
Friday, August 2, 2002

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For further information, contact:
Lawrence Spinelli (202) 336-8690
Timothy Harwood (202) 336-8744

OPIC INSURES U.S. SMALL BUSINESS FOR EXPANSION IN RUSSIA

WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC) announced today that it would provide $777,000 in political risk insurance for a U.S. small business to expand its optical components manufacturing facility in Russia.

International Scientific Products Corporation (ISP) of New York will use OPIC’s insurance to cover against risk of expropriation and political violence for a consignment of equipment and accessories to be used to increase production and quality control at ISP’s operation in St. Petersburg. The Russian enterprise, ISP Optics Sankt Petersburg, produces optical components such as lenses, domes, prisms, polarizers and wave plates that are sold to markets in the United States and worldwide. OPIC had also provided insurance to ISP for its initial investment in Russia in 1999.

OPIC President and CEO Dr. Peter Watson said the project would generate 20 local jobs in Russia, as well as tax revenue for the country, and that ISP has ensured that senior management of the foreign enterprise receive MBA coursework and that its opticians receive professional training in the United States.

OPIC was established as an independent agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.

Over the agency’s 30-year history, OPIC has supported $142 billion worth of investments that have helped developing countries to generate over $11 billion in host-government revenues and create over 673,000 host-country jobs. OPIC projects have also generated $64 billion in U.S. exports and create more than 253,000 American jobs.