    [United States Government Manual]
    [June 01, 2001]
    [Pages 501-502]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    [[Page 501]]

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    OVERSEAS PRIVATE INVESTMENT CORPORATION

    1100 New York Avenue NW., Washington, DC 20527

    Phone, 202-336-8400. Fax, 202-408-9859. Internet, www.opic.gov.
    President and Chief Executive Officer             Peter S. Watson
    Executive Vice President                          Kirk Robertson
    Vice President, Investment Development            Samuel Smoots, Acting
    Vice President and General Counsel                Jane Chalmers, Acting
    Vice President and Treasurer                      Mildred O. Callear
    Vice President, Finance                           Robert B. Drumheller
    Vice President, Insurance                         Rod Morris
    Vice President, Investment Funds                  Jeffrey Griffin
    Managing Director for Administration              Michael C. Cushing

    [For the Overseas Private Investment Corporation statement of
            organization, see the Code of Federal Regulations, Title 22,
            Chapter VII]

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    The Overseas Private Investment Corporation is a self-sustaining Federal
    agency whose purpose is to promote economic growth in developing
    countries by encouraging U.S. private investment in those nations.
    The Overseas Private Investment Corporation (OPIC) was established as an
    independent agency by the Foreign Affairs Reform and Restructuring Act
    of 1998 (112 Stat. 2681-790). OPIC assists American investors in four
    principal ways: financing of businesses through loans and loan
    guaranties; supporting private investment funds which provide equity for
    U.S. companies investing in projects overseas; insuringinvestments
    against a broad range of political risks; and engaging in outreach
    activities. All of these programs are designed to reduce the perceived
    stumbling blocks and risks associated with overseas investment.
        Organized as a corporation and structured to be responsive to
    private business, OPIC is mandated to mobilize and facilitate the
    participation of U.S. private capital and skills in the economic and
    social development of developing countriesand emerging economies.
    Currently, OPIC programs are available for new business enterprises or
    expansion in some 140 countries worldwide. The Corporation encourages
    American overseas private investment in sound business projects, thereby
    improving U.S. global competitiveness, creating American jobs, and
    increasing U.S. exports. The Corporation does not support projects that
    will result in the loss of domestic jobs or have a negative impact on
    the host country's environment or workers' rights.
        The Corporation is governed by a 15-member Board of Directors, of
    whom 8 are appointed from the private sector and 7 from the Federal
    Government.

    Activities

    By reducing or eliminating certain perceived political risks for
    investors and providing financing and assistance not otherwise
    available, the Corporation helps to reduce the unusual risks and
    problems that can make investment opportunities in the developing areas
    less attractive than in advanced countries. At the same time, it reduces
    the need for government-to-government assistance by involving the U.S.
    private sector in establishing capital-generation and strengthening
    private-sector economies in developing countries.
        The Corporation insures U.S. investors against the political risks
    of expropriation, inconvertibility of local currency earnings, and
    damage from war, revolution, insurrection, or civil strife. It also
    offers a special insurance

    [[Page 502]]

    policy to U.S. contractors and exporters against arbitrary drawings of
    letters of credit posted as bid, performance, or advance payment
    guaranties. Other special programs are offered for minerals exploration,
    oil and gas exploration, and development and leasing operations.
        The Corporation offers U.S. lenders protection against both
    commercial and political risks by guaranteeing payment of principal and
    interest on loans (up to $200 million) made to eligible private
    enterprises.
        Its Direct Investment loans, offered to small and medium-sized
    businesses, generally cover terms of from 5 to 15 years and usually
    range from $2 million to $30 million with interest rates depending on
    assessment of the commercial risks of the project financed.
        Additionally, OPIC supports a family of privately managed direct
    investment funds in various regions and business sectors. Such funds
    currently operate in most countries in East Asia, sub-Saharan African,
    South America, Russia and other New Independent States, Poland and other
    countries in Central Europe, India, and Israel.
        Programs are available only for a new facility, expansion or
    modernization of an existing plant, or technological or service products
    designed to generate investment that will produce significant new
    benefits for host countries.

    Sources of Information

    General Inquiries  Inquiries should be directed to the Information
    Office, Overseas Private Investment Corporation, 1100 New York Avenue
    NW., Washington, DC 20527. Phone, 202-336-8799. E-mail, OPIC@opic.gov.
    Internet, www.opic.gov.
    Publications  OPIC programs are further detailed in the Annual Report
    and the Program Summary. These publications are available free of
    charge.

    For further information, contact the Overseas Private Investment
    Corporation, 1100 New York Avenue NW., Washington, DC 20527. Phone, 202-
    336-8400. Fax, 202-408-9859. Internet, www.opic.gov.

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