FOR IMMEDIATE RELEASE
November 15, 2002

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

OPIC FACILITY TO IMPROVE AMERICAN SCHOOLS OVERSEAS

WASHINGTON, D.C. – The Overseas Private Investment Corporation (OPIC) will provide up to $30 million in financing to Riggs Bank to make capital improvements to American independent schools in developing countries, OPIC President and CEO Dr. Peter Watson announced today.

The OPIC investment guaranty facility will enable Riggs to extend loans to international schools in OPIC-eligible countries for capital improvements, expansion of physical facilities, and in some cases, the construction of new buildings. Loan amounts will range from $600,000 to $4 million. The loan portfolio will achieve diversification by setting concentration limits for countries and loan recipients.

The international schools are typically attended by children of expatriate businessmen and women, American diplomatic mission and foreign assistance personnel, and others including host country nationals.

“Among the many benefits of this project is the greater likelihood that Americans will be willing to bring their families to the overseas job sites, which in turn will encourage investment in host countries,” Dr. Watson said. “Improvements to the schools will also better enable children of American business and diplomatic personnel to compete abroad. Riggs Bank, with solid experience in international lending and domestic lending to private secondary schools, is an ideal partner for OPIC in this project.”

Founded in 1836, Riggs and its predecessor entities have served the Washington, D.C. metropolitan area for more than 150 years. Riggs National Corporation is the largest independent bank holding company headquartered in Washington, D.C. Its primary operating subsidiary, Riggs Bank N.A., serves the Washington, D.C. community with 30 locations in the District of Columbia, 14 in Virginia and six in Maryland.

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.