Washington, D.C., Feb. 12, 2018 (GLOBE NEWSWIRE) -- WASHINGTON, D.C. - Today, Ray W. Washburne, President and Chief Executive Officer of the Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution (DFI), stated his support for the creation of a new development finance institution, as proposed in the President's Fiscal Year 2019 Budget, released today by the Office of Management and Budget (OMB):
"The Trump Administration has included a bold plan for a reformed and modern development finance institution in its FY19 Budget request. This recognizes America's ability to be a strong and innovative leader through investments that foster economic growth and stability in emerging markets. This new "DFI" will also bolster U.S. foreign policy, better positioning America to compete globally and expand our influence throughout the developing world. We look forward to working with Congress to make this new and dynamic development finance institution a reality."
During his November 2017 Asia trip, President Trump committed, in a speech, to reforming U.S. development finance institutions and highlighted its use in the National Security Strategy. His Executive Order on the Comprehensive Plan for Recognizing the Executive Branch provided further rationale for streamlining development finance agencies.
The FY19 Budget proposes consolidating the development finance functions of OPIC and USAID's Development Credit Authority to create a new DFI at the requested amount of $96 million in administrative expenses.
The objectives of the new DFI include: 1) Advancing U.S. government development and national security objectives; 2) Catalyzing private sector investment; 3) Benefitting the U.S. economy; and 4) Operational efficiency and effectiveness.
Read the full proposal in the FY19 Budget
Read the Detailed Budget Estimates by Agency - Department of State and Other International Programs
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The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.
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