Overseas Private Investment Corporation: Meaning (information, definition, explanation, facts)

The Overseas Private Investment Corporation (OPIC) is an agency of the U.S. government established in 1971 that helps U.S. businesses invest overseas and promotes economic development in new and emerging markets.

OPIC's mission is to "foster economic development in new and emerging markets, support U.S. foreign policy and create U.S. jobs by helping U.S. businesses to invest overseas." The agency provides financing through direct loans and loan guaranties.

OPIC operations cost nothing to American taxpayers because it charges market-based fees for its products and services. The agency has earned a profit in each year of operations — $175 million in 2002 — and built its reserves to more than $4 billion.

Ross J. Connelly is the Executive Vice President and Chief Operating Officer of OPIC.

The Board of Directors are:

• Andrew S. Natsios, administrator of USAID
• Jon M. Huntsman, Jr.
• Dr. Peter S. Watson (CEO)
• Alan P. Larson
• Grant D. Aldonas
• D. Cameron Findlay, Deputy Secretary of Labor
• John B. Taylor
• C. William Swank

References

• Official website