FOR IMMEDIATE RELEASE
September 16, 2002

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Lawrence Spinelli (202) 336-8690
Timothy Harwood (202) 336-8744

OPIC SIGNS BILATERAL AGREEMENT WITH REPUBLIC OF CONGO

OPIC President and CEO Dr. Peter Watson and Dennis Sassou Nguesso, president of the Republic of Congo.

WASHINGTON, D.C. – During a visit by President Dennis Sassou Nguesso, the Overseas Private Investment Corporation (OPIC) and the Republic of Congo concluded a new bilateral agreement between the United States and the west African nation. OPIC President and CEO Dr. Peter Watson encouraged American businesses to invest in Congo-Brazzaville. 

“Congo is a nation possessed not only of great mineral wealth, but of substantial human capital eager to translate its entrepreneurial spirit into economic growth. We at OPIC encourage U.S. companies to invest in Congo,” said Dr. Watson.

Dr. Watson noted that the Congolese economy grew strongly in 2001, led by gains in the construction, transport, commerce and forestry sectors, reinforcing the belief that the country was on its way to a recovery. Congo-Brazzaville emerged as a significant oil-producing nation in the late 1970s, and expanded considerably during the 1990s to become one of the largest oil producers in sub-Saharan Africa.

The agreement updates a 1962 accord between the two countries and facilitates more efficient application of OPIC programs in Congo-Brazzaville.

OPIC was established as an 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.

OPIC’s political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. 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.