OPIC Press Release 3-31: 05/12/03

FOR IMMEDIATE RELEASE Friday, December 5, 2003 (Printer-friendly version) For further information, contact: Lawrence Spinelli (202) 336-8690 Timothy Harwood (202) 336-8744 PRESIDENT BUSH SIGNS OPIC REAUTHORIZATION INTO LAW WASHINGTON, D.C. – President George W. Bush on December 3 signed into law (Public Law 108-158) legislation which reauthorized the Overseas Private Investment Corporation (OPIC) for four years, through September 30, 2007. The bill, S. 1824, was passed by the House of Representatives on November 19 and by the Senate on November 14. Besides providing long-term operating authority for the agency, the legislation provides the agency with enhancements to its political risk insurance program and authorizes a new local currency guaranty program. Congressional sponsors also commended OPIC for its new emphasis on small business and directed the agency to collect data on support provided to minority- and women-owned businesses. “We at OPIC are grateful to President Bush for concluding the reauthorization process, and to both the Administration and Congress for their invaluable contributions to OPIC as manifested in the final legislation,” said OPIC President and CEO Dr. Peter Watson. “The entire process reflected both branches’ confidence in the new direction of the agency, and we will work diligently in the future to justify that faith.” 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 32-year history, OPIC has supported $150 billion worth of investments that have helped developing countries to generate over 690,000 host-country jobs. OPIC projects have also generated $66 billion in U.S. exports and created more than 257,000 American jobs.

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

WASHINGTON, D.C. – President George W. Bush on December 3 signed into law (Public Law 108-158) legislation which reauthorized the Overseas Private Investment Corporation (OPIC) for four years, through September 30, 2007. The bill, S. 1824, was passed by the House of Representatives on November 19 and by the Senate on November 14.

Besides providing long-term operating authority for the agency, the legislation provides the agency with enhancements to its political risk insurance program and authorizes a new local currency guaranty program. Congressional sponsors also commended OPIC for its new emphasis on small business and directed the agency to collect data on support provided to minority- and women-owned businesses.

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 32-year history, OPIC has supported $150 billion worth of investments that have helped developing countries to generate over 690,000 host-country jobs. OPIC projects have also generated $66 billion in U.S. exports and created more than 257,000 American jobs.