[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

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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, [email protected]. 
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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