FOR IMMEDIATE RELEASE
December 20, 2002

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

OPIC INSURANCE ENABLES U.S. SMALL BUSINESS TO EXPAND 
IN TWO CENTRAL AMERICAN COUNTRIES

WASHINGTON, D.C. – Political risk insurance from the Overseas Private Investment Corporation (OPIC) will enable a U.S. small business to expand its advertising operations in Central America to Guatemala and Nicaragua, OPIC President and CEO Dr. Peter Watson announced today.

OPIC will provide $500,000 in insurance to Colite Outdoor of West Columbia, SC, to cover the construction of 15 billboards in residential and commercial areas of the countries’ capital cities – ten in Guatemala City, five in Managua. The project will help those countries standardize billboard construction, as well enhance their quality, durability and appearance. Advertising space on the billboards will be sold to American companies operating in the countries, as well as to local businesses.

OPIC, through an October 2000 contract, had already helped Colite Outdoor establish operations in Costa Rica, El Salvador and Panama.

“This project demonstrates OPIC’s flexibility in working on small projects with U.S. small businesses eager to penetrate emerging markets which have much to offer,” Dr. Watson said.

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.