OPIC Press Release

Wednesday, March 4, 2009

OPIC PRESENTS FIRST PARTNERSHIP AWARD TO CORPORATE COUNCIL ON AFRICA

WASHINGTON, D.C. – Dr. Lawrence Spinelli, Acting President of the Overseas Private Investment Corporation (OPIC), today presented the Corporate Council on Africa (CCA) with the inaugural OPIC Partnership Award for its longstanding and mutual effort to facilitate U.S. private sector investment in Africa.

The OPIC Partnership Award recognizes organizations for cooperating with OPIC to encourage American investment in emerging markets, by disseminating information about OPIC products and services to their constituencies.

“OPIC is pleased to make the Corporate Council on Africa the inaugural recipient of its Partnership Award,” Spinelli said upon presenting the award to CCA President Stephen Hayes at the CCA annual meeting. “Creating opportunity and hope in Africa through private sector partnerships is CCA’s main objective and it is an important part of OPIC’s mission.  That’s why our two organizations have worked so closely together for many years and that’s why OPIC wanted to express its gratitude for all that CCA has done to fulfill this goal.”

“What is most pleasing about bestowing this award upon CCA is that it is not the culmination of a relationship, but a reinforcement of it,” Spinelli concluded.  “OPIC looks forward with great anticipation to continuing its partnership to help increase U.S. private sector investment in Africa for many years to come.”

CCA President Hayes said, “the Corporate Council on Africa is honored to receive the first OPIC Partnership Award. Business linkages generated by the partnership between CCA and OPIC have resulted in a significant number of investment opportunities for CCA members, which in turn have created economic growth throughout Africa. We look forward to continuing our close partnership with OPIC, to the benefit of entrepreneurs across Africa.”

The Corporate Council on Africa was established in 1993 to strengthen the commercial relationship between the United States and the African continent. CCA works closely with governments, multilateral groups and business to improve the African continent's trade and investment climate, and to raise the profile of Africa in the US business community.

OPIC was established as an agency of the U.S. government in 1971. It 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.

OPIC’s political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency’s 35-year history, OPIC has supported $177 billion worth of investments that have helped developing countries to generate over $13 billion in host-government revenues and create over 800,000 host-country jobs. OPIC projects have also generated $71 billion in U.S. exports and supported more than 271,000 American jobs.

View original release at  http://www.opic.gov/news/pressreleases/2007/pr030409.asp