April 11, 2019
WASHINGTON – The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution (DFI), today signed a memorandum of understanding (MOU) with FinDev Canada and the European Development Finance Institutions (EDFI) strengthening coordination of efforts to advance shared development objectives.
The agreement establishes a “DFI Alliance” that will enhance transactional, operational, and policy-related cooperation among participants and underscores their commitment to providing a robust alternative to unsustainable state-led models.
“Tackling our greatest global challenges requires collective effort,” said Acting OPIC President and CEO David Bohigian. “The DFI Alliance established today improves coordination with valued partners, more effectively advancing shared commitments to development on terms that are financially viable, adhere to the highest global standards, and empower local communities. OPIC, soon to the be the new U.S. Development Finance Corporation, looks forward to collaborating more closely with the development finance institutions of key U.S. allies to multiply global impact.”
The signing comes as OPIC continues to implement the BUILD Act, which, signed by President Trump in October 2018, will modernize the agency into a 21st century development finance institution and place greater emphasis on cooperation with like-minded international partners.
The Alliance builds on several recent efforts to enhance coordination and cooperation between OPIC and its global counterparts in order to scale impact and more effectively address development needs. In March, Acting OPIC President and CEO Bohigian led a delegation to Europe to exchange best practices, strengthen relationships, and explore opportunities for future collaboration with the DFIs of key European allies. Last year, OPIC signed an agreement supporting development finance cooperation with EDFI and a trilateral MOU with Japan and Australia.
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OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help address critical development challenges and in doing so, advances U.S. foreign policy and national security priorities. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, and support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers.
All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC aims to raise the industry and regional standards of the countries where it funds projects. OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide.