FOR IMMEDIATE RELEASE
September 16, 2002

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

MEDIA ADVISORY

OPIC & SBA LAUNCH LANDMARK SMALL BUSINESS INITIATIVE 

WASHINGTON, D.C. – Reflecting the Bush Administration’s efforts to promote the expansion of American small businesses into emerging markets, the Overseas Private Investment Corporation (OPIC) and the U.S. Small Business Administration (SBA) will launch an historic Small Business Initiative by signing an agreement to marshal the resources of the two agencies. In conjunction with this initiative, OPIC will also announce the establishment of an OPIC Small Business Center.

Representative Donald Manzullo (R-IL), chairman of the House Small Business Committee, will join OPIC President and CEO Dr. Peter Watson and SBA Administrator Hector V. Barreto at the signing ceremony.

            WHAT:           Small Business Initiative signing ceremony  
                                  Overseas Private Investment Corporation &
                                  U.S. Small Business Administration 

            WHEN:           Wednesday, September 18, 2002
                                  10:00 AM

            WHERE:         Rayburn House Office Building
                                  Room 2360

            WHO:             OPIC President & CEO Dr. Peter Watson
                                  SBA Administrator Hector V. Barreto
                                  Chairman Donald Manzullo (R-IL), 
                                  House Committee on Small Business

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.