Congress Reauthorizes OPIC through September 2011
On Monday the House of Representatives voted to reauthorize the Overseas Private Investment Corp (OPIC) through Sept. 30, 2011, which among other things, provides up to $250 million in political risk insurance for US companies participating in projects in most developing countries.
OPIC under the reauthorization bill would not be grant support in countries declared state sponsors of terrorism by the State Department.
The reauthorization, which was approved on a voice vote, also directs OPIC to favor clean energy projects. The four-year reauthorization must also be approved by the Senate.
OPIC was established as an agency of the U.S. government in 1971. The agency 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.
Published on July 25, 2007
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