July 1, 2019
David Bohigian, Acting President and Chief Executive Officer of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, last week traveled to Taiwan, where he met with President Tsai and reaffirmed OPIC’s commitment to partnering to support development across the Indo-Pacific and beyond.
“I’m proud to reaffirm OPIC’s commitment to strengthening its relationship with Taiwan’s development finance community and working collaboratively to lay the groundwork for sustained and inclusive growth in the Indo-Pacific and beyond,” said Bohigian. “By supporting projects that are built to last, respect the environment, create local jobs, and ensure transparency, the United States and partners in Taiwan and around the world are creating opportunities that transform communities and foster development. OPIC looks forward to enhancing our cooperation to advance a robust alternative to models that undermine the long-term prosperity and stability of developing countries.”
While in Taiwan, Bohigian also met with representatives from the Ministry of Foreign Affairs and the Taiwan International Cooperation and Development Fund (ICDF). Earlier this year, OPIC and ICDF collaborated to support Paraguay’s Banco Regional and its efforts to provide lending services to underserved clients, especially women, in the country. The project marked the first time OPIC and ICDF coordinated to advance mutual development goals.
Bohigian led a delegation to promote U.S. investment in priority sectors including digital and energy infrastructure, strengthen relationships, and explore opportunities to cooperate with strategic partners to drive economic growth and counter predatory lending practices.
OPIC currently has more than $3 billion invested across 75 projects in the Indo-Pacific and a long history of collaborating with key partners in the region.
The visit comes as OPIC prepares to transform into a new, modernized agency called the U.S. International Development Finance Corporation (DFC) in October 2019. Equipped with a more than doubled investment cap of $60 billion and new tools like equity authority, DFC will have more resources to invest in priority regions such as the Indo-Pacific and expanded flexibility to collaborate with key partners in the region, including Taiwan.
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.