FOR IMMEDIATE RELEASE
September 17, 2002

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

OPIC BOARD APPROVES $35 MILLION LENDING FACILITY 
FOR MIDDLE-MARKET BUSINESSES

WASHINGTON, D.C. – The board of directors of the Overseas Private Investment Corporation (OPIC) approved a $35 million guaranty to enable a leading American bank to expand its lending to middle-market businesses worldwide.

The OPIC guaranty, for National City Bank of Cleveland, will allow National City to expand its medium and long-term lending to middle-market businesses – those with annual revenues between $35 million and $350 million – in OPIC-eligible countries globally. OPIC will review each National City transaction for U.S. effects, environmental, human and workers’ rights, and establish concentration limits to ensure that the facility’s transaction portfolio is diversified. National City is one of only three U.S. banks to undertake this type of lending facility with OPIC this year. 

National City operates 1200 branch offices throughout six states and Canada, and provides cross-border loans to U.S. small and medium-sized businesses and overseas banks. Its overseas portfolio includes exposure in Europe, Latin America, Asia and the Caribbean. In the past two years, National City has substantially expanded its international banking activities, focusing on the delivery of international trade, investment, and treasury services to its corporate customer base. 

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.