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Records of the Office of Counsel to the President (Reagan Administration)
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Ronald Reagan Presidential Library
Digital Library Collections
This is a PDF of a folder from our textual collections.
Collection: Roberts, John G.: Files
Folder Title: JGR/OPIC
(Overseas Private Investment Corporation)
(2 of 2)
Box: 35
To see more digitized collections visit:
https://reaganlibrary.gov/archives/digital-library
To see all Ronald Reagan Presidential Library inventories visit:
https://reaganlibrary.gov/document-collection.
Contact a reference archivist at: [email protected]
Citation Guidelines: https://reaganlibrary.gov/citing
National Archives Catalogue: https://catalog.archives.gov/
OPIC
T
Craig A. Nalen
President
We are pleased to send you this
Annual Report which. in addition to
providing information on OPIC's
record results in 1984. also celebrates
the Corporation's 15th Anniversary.
Overseas Private Investment Corporation
Washington D.C. 20527
(202) 653-2920
(No Response Necessary)
John - Thanks For your
holp with the LETTER.
OVERSEAS PRIVATE INVESTMENT CORPORATION
ANNUAL REPORT 1984
THE WHITE HOUSE
WASHINGTON
December 10. 1984
Dear Craig:
It is with considerable pleasure that I congratulate the Overseas
Private Investment Corporation on the occasion of its 15th
Anniversary.
I have always believed that the U.S. business community must
participate in the development process of Third World countries
through investment in these emerging nations. This participation
not only helps transfer technology and create new jobs in the
developing world, but at the same time it strengthens our own
economy through increased exports and new jobs.
At the start of my Administration, I stated that government
should be run on a businesslike basis. The fact that OPIC's steadily
increasing level of earnings allowed your agency to return to the
Treasury its original Congressional appropriation of $106 million
speaks for itself.
Congratulations to OPIC on its success in showing the private
sector the benefits of full participation in the development process
in the Third World.
Sincerely,
Ronald Reagan
The Honorable Craig A. Nalen
President
Overseas Private Investment Corporation
1129 20th Street, N.W.
Washington, D.C. 20527
OVERSEAS PRIVATE INVESTMENT CORPORATION Washington, D. C. 20527
CRAIG A. NALEN
President and
Chief Executive Officer
December 11, 1984
The President
The White House
Washington, D.C. 20500
Dear Mr. President:
Thank you for your letter on the occasion of our fifteenth
anniversary. We appreciate your recognition of the
accomplishments of the Overseas Private Investment Corporation.
We too are pleased with OPIC's increase in business volume during
the past four years, not only in revenues but also in terms of
projects handled; new jobs created overseas and here in the United
States; programs aimed specifically at small business; and a
bottom-line impact enabling us to increase our reserves and "burn
the mortgage" by returning our original start-up appropriation of
$106 million to the U.S. Treasury.
Our accomplishments to date reflect another point worth
underscoring: the quality of our people. The fact that an
organization of OPIC's relatively small size can make a reasonably
important impact on the international marketplace speaks well of
the professionalism and enthusiasm of our people. While there has
been no appreciable increase in the size of our staff over the past
four-year period, our level of business has virtually tripled during
that time.
We value the support you have given this Corporation. I can assure
you that OPIC's momentum will continue for many years to come.
Respectfully,
S
a
Nalen
1129 20TH STREET, N.W. WASHINGTON, D.C. 20527 TELEX-440227 OPIC UI. (202) 653-2900
A MESSAGE
Insurance volume of $4.3
U.S. job creation equal to
billion, a historic high for OPIC,
16,084 man-years of employ-
FROM
as well as an increase over the
ment over the first five years of
THE PRESIDENT
$3.9-million record level of
operations by such projects.
1983.
Creation of 17,450 host-
OF OPIC
Direct loan, loan guaranty
country jobs by the fifth year
and local-currency loan commit-
of project operations.
ments of $103.5 million for a
A net positive U.S. trade
record-setting 24 investment
effect of $1.6 billion over the
projects.
same five-year period.
iscal 1984 marked the
Net income of $97.2 mil-
As you will note, this year's
F
fourth consecutive year
lion, the highest level in OPIC's
Annual Report is presented in
of steady growth for
history.
two parts. The first section,
the Overseas Private
Capital and reserves of
entitled "OPIC in the '80s,"
Investment Corporation, with
$883 million, a 12 percent in-
attempts to summarize the
new highs being set in insur-
crease over 1983's previous high
increased level of business ac-
ance volume, finance projects
of $786 million.
tivity experienced by the Cor-
and net income.
Assistance to a total of
poration since the end of 1980.
Some of the Corporation's
140 investment projects in 40
Special emphasis has been
more noteworthy accomplish-
developing countries around the
placed on the impact many of
ments in fiscal 1984 included:
world.
our new programs and strate-
gies have had on small busi-
nesses, the all-important Carib-
bean region and cooperative
efforts between the public and
private sector.
The second portion of the
report, "Fiscal 1984 in Review,"
addresses the Corporation's
1984 accomplishments in a for-
mat that is generally consistent
with previous annual reports.
During the past several years,
OPIC has attempted to establish
a new and more aggressive
strategy for facilitating private
investment in the developing
countries of the world. We are
encouraged by the positive ini-
tial results of these efforts, and
feel confident that OPIC is
soundly set on a course that
OCEAN
will enable it to continue to
perform well for many years to
come.
A
Sincerely,
THE POL
WOR
a
Nalen
Craig A. Nalen
2
OPIC
he past four years have witnessed
IN THE
T
significant changes in the interna-
tional marketplace, the U.S. business
'80s
community, and in OPIC's role of en-
couraging private investment abroad.
Many Third World nations, once skeptical
about the positive effects of foreign invest-
ment, are now viewing private-sector growth
as the key to building stronger economies,
creating jobs and generating capital for much-
needed development programs. At the same
time, an increasing number of small and
medium-sized U.S. companies are recognizing
the potential of Third World investment for
their own growth and competitive positions.
Realizing that these changing perceptions
would create new opportunities for
encouraging overseas private investment, OPIC
restructured many of its programs, introduced
new services, and developed long-range
marketing strategies to better support U.S.
businesses seeking Third World investment
opportunities.
The results of these efforts, implemented
Communications
station.
between 1981 and 1984, are highlighted in the
Indonesia
following section.
Maintenance
and repair.
Saudi Arabia
OPIC IN THE '80s
FISCAL 1084 IN REVIEW
3
RESULTS:
Total Insurance Volume
ver the past four
(In $ Millions)
O
years, OPIC has
placed emphasis
4000
on improving its overall
operating performance as
a means of broadening
3800
the U.S. investment base
overseas, and improving
the Corporation's finan-
3600
cial strength.
The agency's success in
meeting these challenges
3400
has been demonstrated
by record growth in in-
3200
surance volume, finance
commitments and net in-
come for the 1981-1984
3000
period.
2800
2600
2400
2200
2000
1800
1600
1400
1200
1000
Insurance: OPIC has re-
800
corded consecutive new
highs in insurance volume
since fiscal 1981. topped
600
by a $4.3 billion issuance
in 1984. During the 1981-
84 period, the Corporation
400
issued a total of $12.8 bil-
lion worth of coverage for
200
438 investment projects.
This four-year total of
$12.8 billion compares
0
with an $8.6 billion total
for the first 10 years of
71
72
73
74
75
76
77
78
79
80
81
82
83
84
OPIC's operations.
Years of Operation
4
Finance: During the 1981-84 period, OPIC made direct
OPIC Finance Commitments
loan, investment guaranty and local-currency loan com-
(In $ Millions)
mitments of more than $432 million in support of 83 pro-
jects around the world. In fiscal 1984. a record 24 projects
received OPIC financing.
100
In spite of recent statutory ceilings that limited direct
lending to $10 million per year and loan guaranties to
80
$100 million per year, the average number of projects fi-
nanced from 1981 through 1984 reached 21 per year. By
60
comparison, an average of nine projects were financed an-
nually during OPIC's first decade. The average annual dol-
lar amount of the agency's finance commitments, exclud-
40
ing local currency loans, also increased to $104.7 million
during the 1981-84 period. as compared with $37.7 mil-
20
lion during 1971-80.
Because the Corporation demonstrated in recent years
0
that a strong demand for OPIC's finance program could be
developed, Congress approved for fiscal 1985 a 50 percent
1971-1980
1981-1984
increase in OPIC's direct loan and loan guaranty limits.
Annual Average
Feasibility Studies: In 1981. OPIC expanded and en-
Feasibility Studies Committed
hanced its Feasibility Study program to assist smaller
businesses wishing to explore investment opportunities in
the developing nations. In fiscal 1984, a record 35 feasibil-
25
ity study fundings were committed.
Because of continued program improvements and in-
creased funding, the average number of feasibility studies
20
approved each year increased to 26 during the 1981-84
period, as compared with four per year during 1971-80.
15
10
5
0
1971-1980
1981-1984
Annual Average
Profits: OPIC has consistently reported strong net in-
Net Income
come results in recent years, topped by a record profit of
(In $ Millions)
$97.2 million in fiscal 1984.
From 1981 through 1984, OPIC's annual profit has
averaged $85 million, nearly double the $44 million an-
80
nual average for the 1971-80 period.
60
40
20
0
1971-1980
1981-1984
Annual Average
5
Poultry processing. Dominican Republic
Developmental Effects: 1981-1984
Developmental Effects: Faced with increased debt
burdens and stagnant levels of concessional aid, many
Third World countries are turning to private foreign in-
vestment as a means of creating jobs, generating capital
Net Foreign Exchange Savings:
$2.26 Billion*
and providing skills training.
Between 1981 and 1984, OPIC supported 508 invest-
ment projects in more than 60 developing nations. As
shown in the accompanying chart, these projects will gen-
Local Employment Generated: 82,873 Jobs
erate significant net foreign exchange savings, and local
employment for their host countries by the fifth year of
*Cumulative total of average annual effects
operation.
U.S. Benefits: American business investment overseas
U.S. Benefits: 1981-1984
also generates economic benefits at home by creating new
and continuing demand for U.S. exports.
The developing countries are among the world's fast-
Total Investment Assisted: $13.1 Billion
est-growing markets, and account for nearly 40 percent of
all U.S. exports. Given the growing U.S. trade deficit and
increasing export potential of the developing world, Ameri-
U.S. Exports: $9.0 Billion*
can business expansion into these markets is highly desir-
able.
As shown by the accompanying chart, OPIC-sup-
ported investments from 1981 through 1984 made signifi-
Man-Years of U.S. Employment: 108,951*
cant contributions to the U.S. economy, through increased
exports and employment generation.
*Estimates of impact during first five years
6
SMALL
y their very nature, small-business
BUSINESS
B
firms are likely to undertake relatively
modest investment enterprises that
are particularly well suited to the
smaller-scale economies of most developing
countries.
To encourage small U.S. businesses to
invest in Third World nations, OPIC began a
concerted effort in 1981 to inform such com-
panies of the market potential for private
investment abroad, and to acquaint these
firms with the small business-oriented
programs and services of OPIC.
OPIC's success in this endeavor has intro-
duced hundreds of small companies to the
services of the Corporation, and helped the
Corporation exceed its goals for small-business
projects.
From 1981 to 1984, 181 projects assisted
by OPIC involved small businesses or coopera-
tives, accounting for more than $1.2 billion in
insurance and finance commitments. High-
lights of OPIC activities directed toward the
Timber
harvesting.
U.S. small business community during those
Kenya
years are discussed on the following pages.
Light
manufacturing,
Barbados
FICCI 1084
Offshore oil,
Ghana
7
SMALL BUSINESS
NEW
APPROACHES
INVERSEAS
n 1981, OPIC discov-
PRIVATE
OPIC
PROGRAMS
PROGRAMS
Distribution Network: To
I
FOR
FOR THE
ered that many U.S.
ND EXPORTERS
CONTRACTORS
ENERGY
INVESTMENT
establish a direct pipeline
FINANCE
small business firms
INDUSTRY
HANDBOOK
to the small business com-
had little knowledge of
LEASING
munity. OPIC undertook a
the productive potential
cooperative effort with an
of private investment
international accounting
abroad, or of OPIC's com-
OPIO
firm to provide informa-
prehensive programs to
tion about OPIC services.
encourage such invest-
You don't have to be
The accounting firm. with
ment. As a means of
OVERSEAS
bridging this information
III
a big company
a branch network of more
to enjoy the rewards
than 300 offices in the
gap, OPIC initiated an
of investing
United States and abroad.
aggressive, multi-year
in developing nations.
thus provided OPIC with
marketing program to
an informal yet far-reach-
increase the number of
USA Today
ing information network
Team set
small businesses entering
to aid small
Just a smart one.
and "sales force."
the international market-
business
If
you're
considering
investing
in
the
world
you
don't
the
Fortune
The
1000
In
fact.
getting
started
may
be
just
a
phone
Our
and
the
you
the
programs
of
the
Overseas
Private
Corporat
place.
business
political
risk
insurance
and
ness
gain
the
rewards
of
investing
OPIC, Deloitte
Deloitte
Haskins
&
Seils.
a
world
Miami Business Journal
use
are
about
Plan Program
information
about
these
programs
in
CPA firm's S
On Investment
We
and
guide on Third World investing
provide
consu
abroad
And
in
putting
business
around
the
wo
-
and
Deloitte
&
Sells
can
investment
For
more
to
Mary
Ann
Crawford
at
(212)
669-500
take
of
for
said
:
handle the rinks
the
rewards
of
in
OPIC Utilizing Major Ad Campaign
That's
THE OPIC
To Encourage Investment Abroad
of
OPPORTUNITY.
-
1
the
OPK
ureverable
record
year
foreign
small
IN
il
Large
to
5
-
your
than
the
the
inder
-
Journal Commerce
-
fore
SOME PEOPLE ONLY SEE
AN ISLAND PARADISE.
-
one
WORLD'S FINEST CHOCOLATE
SAW AN ISLAND OF OPPORTUNITY.
Finest
Chocolate
Inc.
OPIC's
political
to
Advertising: In conjunc-
tion with OPIC's news
TALE TO OFIC.
TALK TO OPIC
media efforts, a two-phase
advertising campaign was
launched in 1982 to de-
scribe OPIC and its pro-
grams-first in selected
business publications with
a broad readership, and
later in trade publications
oriented toward small
OVERSEAS CONTRACT
businesses in target indus-
OPPORTUNITIES
tries.
MAY ALSO MEAN RISKS
THAT ARE FOREIGN TO YOU.
WE
credit
8
CAN
the
HELP
TRADE
THE
THIRD
WORLD
CHALLENGE
CAN THE U.S.
HELP EMERGING NATIONS
WITHOUT INJURING ITSELF
LEONE
LTD
delegates
and
to
the
#
National Journal
New
toward
TRADE REPORT
News-Media Coverage: To
In This Era of Federal Retrenchment,
build greater awareness of
INDUSTRY
Here's One Agency with Some Big Plans
#
overseas investment op-
Journal of Commerce
The Overseas Private Investment Corp., which promot
OPIC Expects to Expand Ties
portunities for U.S. small
businesses. OPIC has
developing
now
seems
to
have
frien
TIME
With Developing Countries
RICHARD
LAWRENCE
.
worked to generate articles
OPIC, Not OPEC
-
In fiscal 1980, OPIC
issued billion of
Corp.
the
Insurance against revolution
political risk insurance,
risk
about these opportunities
3
one
USA Today
and the agency's programs
T
he inviting ad shows coral reefs.
Protecting
COVER STORY
blue water and the green-carpeted
Caribbean island of St. Lucia. But the
USA's investments
in the general news media,
-
I
advertiser is not an airline seeking to
JTM
book
Firms buying
the
entice vacation travelers. It is an ob-
to
insurance
the
business media, and spe-
and
scure federal agency, the Overseas Pri-
Its
on
vate Investment Corp., drumming up
business for the political-risk insurance
against war
cialized trade publications
it sells to U.S. firms that operate in the
Third World. OPIC is a bright star in
Overseas
is
serving the small-business
Washington at a time when many de-
I
total
is
partments are in eclipse. Says OPIC
risks
community.
President Craig Nale
exposure
the
Administration succe
The New York Times*
Nalen, 52, had
eleven-year-old age
BUSINESS CONDITIONS
Baltimore Daily Record*
asked to head it in 19
dent of STP Corp., wi
A Big Year for OPIC
Small Firms Foster
live products, Nalen
are
see what people the
found that it was large
.
that
Good Will For U.S.
and
A
launched feverish
to tell audiences the
be
American companie
-
the
ments in developing
-
net
-
year
=
*Reprinted with permission of United Press International, Inc
""Copyright © by The New York Times Company
Reprinted by permission.
Moderator
Telemissions: Saving time
Walter Cronkite
NEWSWEEK/APRIL 26. 1982
and money while explor-
and Frank W.
A Sophisticated Sell
ing international business
Considine,
Via Satellite Hookup
a sophisticated advertising gim-
opportunities is vitally im-
president and
dose
of
politics
In
New
York,
San
Francisco
and
chief executive
American
cities
last
week,
hun-
portant to small business
dreds
of
U.S.
corporate
executives
massed
before giant TV screens plugged into state-
officer of
Quincy Patriot-Ledger
firms with limited man-
Halfway around the world in Caro, Egyp-
tian Cabinet and did
National Can
likewise. Then. satellite hookup
Selling U.S. firms on Egypt
agement resources. Recog-
brought the participants together for wo-
Corporation
hour moderated in New York by
American
TV
Walter
nizing this, OPIC created
newsman
Cronkite
as a place for investment
and interspersed with taped messages from
Ronald
Reagan
and
Egyptian
President
the concept of a "Telemis-
of
sion." a two-way video
Through magic of satellites, U.S.
teleconference allowing
investors, Egypt to talk business
five
2
U.S. business executives
Wayne Beleasert
and their foreign counter-
the
a
ask
XPX
nows
two
weeks
in
parts to exchange ideas on
Leave
food
and
intereduce
and
investment opportunities
dealer
(rade
the
On
without ever leaving
and
those
in
home. In 1982, OPIC pro-
via
for
to
%
duced an Egyptian telemis-
the
Oakland Tribune
contr
rice
sion; a Caribbean telemis-
be
FISCAL 1084 IN
sion was conducted in
risks
fiscal 1983.
hours
9
SMALL BUSINESS
NEW STRATEGY:
IF YOU HAVE QUESTIONS
TARGETING
Caribbean Investment
ABOUT DOING BUSINESS
A REGION
Promotion: In 1982, OPIC
IN THE CARIBBEAN,
assembled and promoted
$25 WILL GET YOU THE ANSWERS.
ith the Reagan
comprehensive investment
W
Administration's
guide kits on 15 Caribbean
focus on the
nations. These specialized
special needs of the Car-
kits were widely promoted
ibbean Basin, and the
to the U.S. business com-
particular investment
munity through aggressive
advantages these nations
marketing and advertising
offer small business
activities.
for
firms, the Caribbean re-
gion was targeted for spe-
files
cial emphasis by OPIC be-
tween 1981 and 1984.
0
The Corporation's Car-
ibbean strategy encom-
passed a three-pronged
to
program. Initially, the
focus was on providing
basic information about
the region to a broad au-
Investing in
dience of U.S. businesses.
This effort was followed
St. Lucia
by exposing hundreds of
selected executives to
specific investment op-
portunities in the Carib-
Times of the Americas
bean. Finally, OPIC
Caribbean Investment
served as a matchmaker
gets national attention
by introducing small
via satellite hook-up
and
groups of U.S. companies
to Caribbean business
counterparts wishing to
The Miami News
undertake investment
-
The
projects. In each case, the
from
and
where
de
And
while
World
availability of OPIC's in-
I
Miami
were
via
clare
the
Omaha
feed
surance, finance and pre-
-
for
nated
that
Chare
are
now
lime
that
the form
investment assistance
but
5
-
served to reinforce the
I
suced
labor
much
say
I
I
effectiveness of the Carib-
-
I
Kangas,
$
Luis
b
I
are
and
public
!
bean effort.
First Caribbean 'telemission'
focuses on island investment
Caribbean Business
EXPORT/IMPORT
Caribbean Telemission: In
Telemission links eight
by
fiscal 1983, OPIC spon-
cities in investment talk
York,
sored a video teleconfer-
Live satellite transmission is first
that
Washington Report
to explore opportunities in Caribbean
now.
ence linking nearly 1.000
varket
OPIC Helping
U.S. business executives in
soared
Firms Invest
but
eight U.S. cities with Car-
In
The Miami Herald*
Caribbean experts make pitch
ibbean executives assem-
via
sotel
the
to U.S. businessmen via satellite
bled in Miami. The
the
sin
New
telemission program was
le
into
coefer
vice
heart
the
structured to foster a
for
passa
one.
America
cities
direct exchange of infor-
into
-and
one
ness
Plas
Lold
viewers
But
ac-
mation and ideas on in-
1
nd
i
and
.8
transpor-
with
vestment opportunities in
with
was
the
the region.
with
permission
of
the
10
Cartbbean Investment
Missions: During the past
Jamaica
four years. OPIC has spon-
sored eight investment
DAILY
NEWS
40c
missions to ten nations in
the Caribbean Basin. In all.
19 NEW PROJECTS
more than 100 U.S. compa-
Business America
IN THE PIPELINE
OPIC MISSION IDENTIFIES 19 NEW
nies-some 60 percent of
INVESTMENT PROJECTS
which were small business
carried
out
the
TAKE
confects
Minister
breeding
I
firms-identified approxi-
value
has
Ileuse
farm
produce
I
for nain
and
I
mately 150 investment op-
portunities to pursue.
As a partial result of
these activities, OPIC-sup-
Advocate-News
JND
ported investment in the
.
Caribbean Basin nations
8.
Official: Mission means to do business
has expanded dramatically
in the past four years. The
The Daily Gleaner
OPIC looks at
Corporation's activities in
50 CENTS
this region are summarized
OPIC mission identifies
joint ventures
in the accompanying chart.
19 investment projects
I
NINETEEN
other
I
received
1
instrum
Advocate-News
Official: Mission means to do business
OPIC looks at
joint ventures
O.P.I.C. BRINGS IN
-
15 NEW PROJECTS
I
leed
joint
THE
JAMAICA
DAILY
local
:
The Daily Gleaner
:
:
-
-
Journal of Commerce
OPIC Plans Missions
NEWS
US team comes to assess investment opportunities
!
my
4
I
To Jamaica and Haiti
any
I
40c
platned
atp
I
with
Barbada
OPIC In The Caribbean*
FY 1981-1984
WHITE INVEST HOUSE TO GRENADA TO
Insurance:
Coverage Written
$831.7 million
Number of Projects
96
1
Number of Countries
14
Finance:
Funds Committed
$74.3 million
JAMAICAN
Number of Projects
44
INVESTMENT
MISSION
Number of Countries
11
November 1-7, 1981
Feasibility Studies:
Number Approved
62
*Official CBI-designated countries
FISCAL 1084 IN REVIEW
11
SMALL BUSINESS
NEW SERVICES:
OPPORT UNITY BANK
ne of the most dif-
O
ficult problems
facing U.S. small
businesses considering
overseas operations is
gathering accurate infor-
Opportunity Bank: In
mation about Third
1983, a data bank was es-
World countries and their
tablished to match specific
specific investment op-
overseas investment op-
portunities. To assist
portunities with potential
American companies in
U.S. joint-venture partners.
this effort, OPIC recently
To date. more than 4,000
introduced two new serv-
U.S. companies and 1,300
ices and improved several
foreign projects have been
of its existing programs.
registered in the Opportu-
nity Bank. Of the U.S.
company registrations, ap-
proximately 80 percent
have been entered by
small businesses.
New Programs: To offer
broader support to small
businesses, OPIC intro-
duced a Small Contractors'
Guaranty Program in 1982.
and later refined its leas-
OPIC PROGRAMS
FOR
ing program to meet the
CONTRACTORS
specific needs of small
AND EXPORTERS
business firms. In addi-
Investor Information
tion, various administra-
Service: This clearing-
tive procedures were
house service. initiated in
QRSTUVWXYZ
streamlined to simplify
1984. provides U.S. compa-
insurance and finance
nies with easy access to
applications.
basic information com-
ABC
XYZ
ABC
XYZ
monly sought when con-
ABC
ANNOTATED
XYZ
ABC
INVESTOR'S
XYZ
sidering overseas invest-
XYZ
RMATION
ment. The information.
XYZ
FILL NTHE BLANKS, AND
UIDE
XYZ
provided through some
XYZ
WE'LL FILL YOU IN ON AWORLD
XYZ
100 country-specific kits.
VWXYZ
includes literature on in-
OPIC PROGRAMS
FOR
OF INFORE LATION.
VWXYZ
WXYZ
vestment laws. incentives
WXYZ
INTERNATIONAL
NXYZ
and other business-related
LEASING
WXYZ
WXYZ
data. To date. the vast ma-
WXYZ
WXYZ
jority of requests have
NXYZ
stemmed from small busi-
NXYZ
XYZ
ness firms.
OVERSEAS
PRIVATE
INVESTMENT
CORPORATION
INVESTOR
INFORMATION
SERVICE
to
OPIC
12
COOPERATIVE
hroughout the 1980s, OPIC has
EFFORTS
T
sought new ways to familiarize a
greater number of American busi-
nesses with the vast investment po-
tential of the Third World. Yet the difficulties
of meeting such a challenge are exceptional,
given the limited size of OPIC and the ex-
tremely large number of U.S. firms with the
capability of investing overseas.
Operation Opportunity
To overcome this hurdle, OPIC decided in
telephone bank
1981 to enhance its investment-encouragement
activities by undertaking joint efforts with
other private and public-sector organizations
whenever possible.
By combining and mobilizing its own re-
sources with those of the American business
community, other federal agencies and various
global organizations, OPIC has successfully
increased the impact of its investment encour-
agement endeavors.
This emphasis on public-private sector
teamwork was best exemplified in November
of 1983, when the Corporation joined together
eight government agencies and 11 private
sector organizations to mount "OPERATION
OPPORTUNITY," a unique, nationwide, inter-
national business forum.
Operation
Opportunity
on stage
FISCAL 1084 IN REVIEW
13
COOPERATIVE EFFORTS
"OPERATION OPPORTUNITY"
C
urrently, the United States Government offers
more than 150 programs to support U.S. export-
ers, service companies and investors seeking to
enter overseas markets. The bulk of these programs are
administered by eight federal agencies, including OPIC.
Until recently, however, U.S. business executives
seeking detailed information about these services were
often forced to thread a frustrating and time-consuming
course through the maze of Washington's bureaucracy
to find needed answers. Consequently, the scores of
federal programs in support of international business
OPIC program unites
remained unknown to many U.S. companies.
eight Washington agencies
In 1983, OPIC moved to inform the American busi-
By ROBERT RIVAS
Opportunity
To
CARBBEAN
ness community of these programs by organizing and
for
to
the
for Int
producing "OPERATION OPPORTUNITY"-a nationwide
sounded
like
the
Trade
videoconference and companion guidebook to the inter-
tribes
into
for
The
the
first
for
Oppc
national business programs and services of the federal
Nove
the
in
Each
on
government.
unto
confei
location
This ambitious cooperative effort, involving the
Hilton
be
The
P.s.s.t! Some top
progre
eight agencies and 11 private-sector organizations, was
government officials
years
now,
are ready to spill
like
structured as a step-by-step "road map" to cutting
pulling
work
Men
some trade secrets
on
very
specific
over lunch.
through red tape and obtaining the needed information.
number
two
descriptions
The
Secrets:
The
Govern
more and
bureau
ment
has
Case histories, names, telephone numbers and a wealth
have
phone
one
the
Washi
Caribbean Business
of
oppor
the
of related information were provided through the
ALL
secrets
out
the
OPERATION
of
key
OPPORTUNITY
-
-
guidebook, entitled "Washington's Best Kept Secrets,"
OPIC
duct
-
helph
public
k
unique
will
help
for
and reiterated during the two-hour videoconference.
1
On November 16, 1983, more than 5,000 business
executives in 44 U.S. cities attended the OPERATION
OPPORTUNITY program. In addition, the program was
FORTUNE
beamed to more than 40 colleges and universities across
the country. The idea of initiating such an unusual
"one-stop shopping" guide to Washington's international
hand
business programs met with enthusiastic response from
both the federal agencies and the private sector. Ap-
proximately 10,000 copies of the guidebook, which is
updated semi-annually, have been sold to date.
WINNING
TIME
OVERSEAS
Moderator
Edwin Newman
OPERATION
OPPORTUNIT
14
Ft. Lauderdale Sun-Sentinel*
Unwinding rolls of red tape
U.S. agencies offer
Delphos
#
studies
the
average
The Birmingham News
guide for exporters
the
of
di
the
U.S. bureaucracy to unveil secrets
out
N
do
into
the
of services it offers exporters
or
makes
of
is
was
=
analyst
how.
the
the
national
hat's
and
the
the
all
only
in
and
says
in
tion
of
fact
the
WASHINGTONS
that
can
them
BEST KEPT
and
you
its
Inc.
and
and
about
-
addresses,
costs
and
SECRETS
of
at
Boston
reason
by
risk
A U.S. Government Guide
BUREAUCRATS PROMISE TO
at
of
such
of
to International Business
San
GUIDE THROUGH RED TAPE
Business
interest
Insider's guide to 'best kept
into
si
secrets' about export business
project
Manie
peanut
for
the
to
some
vate
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Corp
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and
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help
CTUBS
study
ernment
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off
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for
only
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St. Paul Pioneer Press & Dispatch
know
they
has
that
given
mated
The
when
have
Guide reveals secrets of overseas business
of
out
and
FOR
there
to &
the
govern
tape
Books
The
an
venture
would
have
know
plat
in
I
foggiest
how
I
I
-
for
Delphos
could
and
the
fina
and
vast
costs
into
800
of
up
fund
and
store
about
17
the
are
business
Tulsa Tribune
Best
Kept
such
book
Agency helps firms tap foreign markets
not
the
to
By
in a
Small business
con-
the
for
es
tab.
need
Topics
technology
de-
travel.
inability
our
assets
to
and
are
project
im.
10
Insure
against
of
of
rica
=
Business
by
the
of
resourc
America's "Secret" Aid for Exports
this
rise
expl
for
U.S. agencies want to tell all about their services.
pects
emer
send
ment
In
to
has
not
to
be
il
sec
and
no
are
ana
Its
eral
that
to
came
to
D&B Reports
abroad
wan
Non
he
Going global
be
are
marked
at
to
vid.
and
At
it's
x
by
top
the
easier
oconomies
-
The
will
the
Ad
than
anty
Units
are
8
as
and
the
you
2
why
Washington Report
ye
think
,
True
costacles
not
OPERATION
International
2
OPPORTUNITY
2
An Innovative Program
very
receive
8 Agencies To Untangle Web of Trade Services
name
By
Agency
To Help American Firms
with
Sen
Finding
on
the
the
Win in Overseas Markets
federal
was
for
be
like
for
10
need
and
throe
=
of
R.
the
business
firm
begin
a
her
3
the
November 16. 1963
that
-
include
the
will
that
are
by
to
contract
and
her
must
The U.S. government
to
were
offers more business
of
incentive programs than
greater
includes
do the Japanese and
ink
#
European governments.
that
more
age
St.
in
to
our
We
win
FISCAL 1984 IN REVIEW
we
-
Reprinted with permission of United Press International. Inc
15
OPIC
MILESTONES
E
xceptional net in-
come in 1982 and
1983 enabled OPIC
to return to the U.S.
Treasury its original start-
up appropriations of $106
million. In 1982, OPIC
President Craig A. Nalen
presented President Rea-
gan with a check for $50
million in a special White
House ceremony. In 1983,
a $56-million check was
turned over to Treasury
Secretary Donald T. Regan.
1982: Return of $50 million
Despite this significant
transfer of funds, OPIC's
pool of funds available
for claims payments, in-
Overseas
cluding its $100-million
OPIC
Private
investment
Corporation
borrowing authority,
SEPTEMBER 20 ID 82
reached record levels of
DAY
TO THE
U.S. TREASURY
$809 million and $836
TORDEROF
I $
50,000,000.00
million in 1982 and 1983,
FIFTY MILLION AND 00/100
DOLLARS
respectively. In fiscal
1984, funds available for
Oversees
OPIC
Private
Investment
claims payments reached
Corporation
$933.2 million.
DECEMBER 19 19 83
Dar
TO THE
U.S. TREASURY
TORDEROF
is
56,000,000.00
FIFTY SIX MILLION AND 00/100
DOLLARS
a Nalen PRESIDENT
1983: Return of $56 million
Net Income FY 1981-1984
(In $ Millions)
90
80
70
60
50
40
30
20
10
0
81
82
83
84
16
PIC's gross revenues for
Claim Tribunal as of the beginning of
OPERATIONAL
fiscal year 1984 exceeded
fiscal year 1984, one claim was settled
$113 million. Net income
and a tentative settlement was
after operating expenses
reached in another. The hearing has
REVIEW
was $97.2 million. After
been concluded for one of the remain-
payment of expropriation and incon-
ing cases, and it is expected that a
vertibility reinsurance premiums. net
hearing will be held for another soon
revenues from insurance premiums
after the Tribunal resumes its opera-
were $27.3 million. Income from the
tions.
finance portfolio was $6.6 million, and
During fiscal 1984, foreign govern-
interest from a record high portfolio
ments met scheduled obligations pay-
of investments in U.S. Treasury secu-
able to, or guaranteed by, OPIC as a
rities was $74.3 million. Administra-
result of previous claims payments.
tive expenses totalled $11.2 million.
with one exception. One government
As of September 30. 1984, OPIC's
is currently in arrears on two quar-
cash and portfolio of U.S. Government
terly installments totalling $715,619.
securities reached a new high of
but has not repudiated the debt.
$814.9 million, an increase of four
percent from the total of $784.3 mil-
lion for the previous year. Combined
insurance and finance reserves rose to
Summary of Funds Available for Claims Payments
$825.2 million from $724.1 million; at
year end. retained earnings were $8.0
900
million.
Funds available for claims pay-
ments reached a level of $933 million,
including OPIC's $100-million borrow-
800
ing authority for claims settlements.
OPIC believes these funds to be ade-
quate in relation to its maximum po-
tential liability as to claims, which
700
was $3.0 billion at September 30,
1984.
Insurance Claims
600
During fiscal year 1984, OPIC set-
tled 21 inconvertibility claims with
cash payments of $25,137,277 and
settled one expropriation claim by
500
providing an indemnity agreement for
up to $6 million. Under the new in-
demnity agreement and one previ-
ously entered into. OPIC paid approxi-
400
mately $625,000 during the fiscal
year. As of September 30, 1984. OPIC
had already recovered $5,337,855 with
respect to the inconvertibility claim
300
payments made during the year; addi-
tional recoveries of $18,027.585 were
anticipated.
Of the five OPIC "salvage" claims
200
pending before the Iran-United States
100
FISCAL 1984 IN REVIEW
0
74
75
76
77
78
79
80
81
82
83
84
Borrowing Authority = 100 Million
17
INSURANCE
erage might be obtained for each of
insurrection and civil strife, as
several large investments subject to
compared with fiscal 1983.
DEPARTMENT
an overall stop-loss limit. This proce-
dure allowed OPIC to aggregate coun-
Reinsurance and Brokers'
try exposure on a prudent risk basis.
Program:
while holding investors' total insur-
Fiscal 1984 was marked by a major
ance costs to reasonable levels.
advance in OPIC's reinsurance protec-
or the fourth consecutive
With more countries experiencing
tion. The Corporation was able to ne-
F
year. OPIC's Insurance
difficulty in meeting demands for ex-
gotiate a more appropriate and greatly
Department achieved record
change currency to cover investment
expanded reinsurance program for its
levels of underwriting.
remittances. the Insurance Depart-
inconvertibility and expropriation ex-
Total insurance volume is-
ment also modified normal coverage
posures at significantly reduced costs.
sued during fiscal 1984 reached $4.3
terms wherever possible to permit
This action enhances the security of
billion. a 10 percent increase over
prudent underwriting of convertibility
OPIC and strengthens its existing
1983. In all, 124 investment projects
risks where such cover otherwise
partnership with the private insurance
were assisted, exceeding by 16 per-
would have been denied.
market.
cent the number of projects insured
OPIC also continued to improve its
OPIC's reinsurance of a portion of
during the previous year. U.S. small
portfolio balance through the spread
its risk with private carriers has had
businesses were associated with 27
of risk among countries. In fiscal
the ancillary benefit of encouraging
percent of the projects insured in 1984.
1984. OPIC achieved the best balance
new entrants to the market, as well
in its country exposure ever. The
as increasing participation by active
average of the five highest concentra-
Underwriting and Risk
political risk insurers. The improved
tion countries as a percentage of
reinsurance arrangements made in
Management:
worldwide exposure fell to 6.5 percent
1984 involve first-time participation in
During 1984. the Insurance Depart-
from 7.4 percent for inconvertibility:
OPIC reinsurance by six firms. includ-
ment introduced a new underwriting
to 5.2 percent from 6.0 percent for
ing four domestic companies. bringing
approach for multiple projects under-
expropriation: and to 5.8 percent
total participants to 21, of which 14
taken by a single investor so that COV-
from 6.4 percent for war. revolution,
are U.S. firms.
In addition, OPIC's program for
paying broker commissions in certain
Amount of Insured
cases was extended in 1984 to include
cases where a broker introduces busi-
Investment per Newly-Insured
ness that is jointly underwritten by
Project in FY 1984
OPIC and a private carrier.
New Procedures and Services:
$0-$100,000
16 PROJECTS
Throughout 1984. emphasis was
placed on improving OPIC's insurance
$100,000-$500,000
28
products and providing better service
to clients. The Corporation's long-
$500,000-$1 million
14
standing requirement for registration
fees was eliminated to make coverage
$1 million-$2 million
24
more accessible to investors, particu-
larly smaller firms. and to remove in-
$2 million-$10 million
29
ternal administrative burdens.
In addition, the formula most fre-
Over $10 million
13
quently used to calculate war-loss
compensation was modified to ease
unnecessarily restrictive limitations.
thereby benefiting both existing and
prospective insureds. OPIC also of-
fered to increase coverage levels for
existing insureds on a selective basis.
as a means of encouraging earnings
retention and reinvestment in devel-
oping countries.
Finally. improvements were made
in the Department's data processing
systems and capabilities. and they are
expected to yield better service and
more efficient operations in the years
to come.
18
FINANCE
DEPARTMENT
uring fiscal 1984. OPIC's
D
Finance Department as-
sisted a record 24 invest-
ment projects by issuing
direct loan. investment
guaranty and local-currency loan com-
mitments of $103.5 million. In all, 71
percent of these projects were spon-
sored by or significantly involved U.S.
small businesses.
Sixteen loans for a total of $10 mil-
lion were made during 1984 from the
Corporation's Direct Investment Fund,
which is reserved exclusively for
small-business firms. Of these. nine
Fishing, Ghana
projects involved manufacturing or as-
sembling operations. four were in the
FINANCE
crease its nursery stock of coffee, wood
agricultural sector. and three were for
and shade trees; and to expand existing
fishing enterprises. The smallest di-
PROJECTS
processing. drying and storage facilities.
rect loan was made for $150,000.
The project is expected to generate much-
while the largest amounted to $1.85
needed economic activity in an undevel-
million. Overall, the average dollar
Caribbean Sea Investments, Ltd.
oped region, as well as create 10 full-time
amount of small-business loans com-
St. Kitts: A $240,000 direct loan will fund
and 20 part-time jobs.
mitted in 1984 was $625,000.
the establishment of a one-boat commer-
In line with the Reagan administra-
cial fishing operation involving gill net
Excellent Products Corporation,
and pot fishing for spiney lobsters and
S.A.
tion's Caribbean Basin Initiative. 53
local species fish. All of the seafood and
Ecuador: This direct loan of $1.5 million
percent of total authorized funding un-
fish will be sold locally or to neighboring
to an existing OPIC client will fund ex-
der the Direct Investment Fund went
islands. The project will create 12 part-
pansion of the Company's shrimp farm
to projects in the Caribbean Basin.
time jobs. and serve as a model for the
operations, creating employment for 50
Six loan guaranties ranging from
development of other fishing ventures in
people. and providing training opportuni-
$2.25 million to $40 million were
the Eastern Caribbean.
ties in modern shrimp-farming methods.
committed during the year, including
The project is serving to develop an indus-
the Corporation's first for a small con-
Choices, Ltd.
try that is of high priority to Ecuador.
tractor's project in China. In addition.
Grenada: An OPIC direct loan of $400,000
two local currency loans totalling $3.0
will help fund a plant in Grenada to pack-
Fine Foliage International
million were committed for pharma-
age whole nutmeg into bottled nutmeg
Costa Rica: An OPIC direct loan of $1.2
ceutical manufacturing and packaging
kits. This project will create a new mar-
million will result in the expansion of this
keting outlet for the 7,000 member grow-
company's leatherleaf fern operations. and
projects in Pakistan.
ers of the Grenada Cooperative Nutmeg
the creation of an estimated 200 new jobs.
As of September 30, 1984. the Fi-
Association. and will employ 35 people
The cut fern leaves will be marketed
nance Department portfolio. including
during the initial phases.
through the Company's existing whole-
authorized commitments not yet dis-
salers in Europe.
bursed. amounted to $443.7 million.
Compania Uruguaya de Cemento
OPIC's Direct Investment Fund con-
Portland, S.A.
Freeze-Flo Corporation, Ltd.
tributed $46.6 million to this total.
Uruguay: Through a loan guaranty of
Jamaica: An OPIC direct loan of $500,000
The total finance portfolio is dis-
$2.25 million. OPIC will co-finance. with
will equip and launch a fruit processing
tributed 49 percent in Africa. 25 per-
the World Bank, the modernization and
plant using a unique freeze-flow method
cent in Latin America and the Carib-
quarry expansion of a privately-owned ce-
to process papayas and bananas for ex-
bean. and 26 percent in the Far East.
ment company in Uruguay. Modernization
port. The project will create 50 new jobs
of the facilities will reduce dust emissions
over a five-year period and employ ap-
Middle East, South Asia and Europe.
and provide significant energy-cost savings
proximately 10 small-farm owners. who
Since OPIC commenced operations
for the company.
will grow and harvest the required crops.
in 1971, it has financed or agreed to
finance $797 million in 144 projects
Desarrollo de Rio Pacora, S.A.
General Tyre & Rubber Company
in 47 developing countries: approxi-
Panama: An OPIC loan of $167.000
of Pakistan Ltd.
mately 56 percent is included in the
to this company will allow it to increase
Pakistan: An OPIC loan guaranty of $3.5
current finance portfolio.
its acreage planted in coffee trees; to in-
million will aid in the construction of a
19
new factory that will triple the company's
ple will be employed by the project. This
tire manufacturing capacity. The expan-
is an initial funding of a multi-year. $1.5-
sion will introduce the latest manufactur-
million loan.
ing techniques. as well as employ 550 new
workers. most of whom will be trained for
Oryx de Costa Rica, S.A.
skilled positions.
Costa Rica: OPIC funding of $380,000 will
allow this company to expand its existing
Grenada Sea Foods International,
manufacturing activities by installing a
Ltd.
unit to refine crude and degummed corn
Grenada: A direct loan of $200,000 will
and soybean oils into edible oils. Eight
fund the start-up of a processing and
jobs will be generated directly by the
freezing plant in Grenada for spiney lob-
project. Bottling and packaging materials
ster and conch. The company will supply
needed by the project will result in the
a local fishing cooperative with modern
creation of additional job opportunities in
other local industries.
fishing gear. provide training for 50 local
fishermen and purchase their catch for
Searle Pakistan Ltd.
processing. Eight people will be employed
by the project initially.
Pakistan: A $1.3-million local currency
loan will assist this company in construct-
Helechos de Costa Rica
ing a new pharmaceutical manufacturing
Costa Rica: An OPIC direct loan of
and packaging facility in Karachi. The new
$180,000 will fund the expansion of this
plant will permit more efficient operations
leatherleaf fern farm. creating 12 to 15
and allow the company to expand its
new jobs and permitting some current
product lines in Pakistan.
part-time employees to work full time.
Sotave Amazonia Quimica e
While the majority of ferns will continue
Mineral, S.A.
to be marketed through wholesalers in
Germany. increased market penetration in
Brazil: A $20-million. OPIC loan guaranty
Grain storage. Korea
the Netherlands will be pursued.
will be used to finish construction of a
fertilizer manufacturing and distribution
Ingle Grenada, Ltd.
Marbro Coconut Company
plant in Belem. The project will increase
Grenada: An OPIC direct loan of $350.000
Malaysia: A $1.85-million loan to fund the
the availability of phosphate-based ferti-
has assisted in establishing this small fac-
start-up of a desiccated coconut factory
lizer products in the northern half of Bra-
tory to produce handcrafted wooden toys,
represents OPIC's first financing in Malay-
zil. as well as contribute to increased agri-
Christmas ornaments and similar wood
sia. The project will introduce modern and
cultural development of the Amazon and
products. Approximately 300 jobs will be
efficient equipment for shredding and pre-
other undeveloped regions.
created by the project. and 50 workers
serving locally-grown coconut through a
will be taught new skills.
drying process. The project will employ up
Systems and Applied Sciences
to 600 people.
Corporation
Johnson & Johnson Pakistan Ltd.
China: A $4.7-million loan guaranty will
Pakistan: A $1.7-million local currency
Nile Village Investment Company
help this small U.S. firm complete its con-
loan will enable this company to upgrade
Egypt: A $20-million guaranteed loan will
tract to design and build a Landsat earth
its surgical sutures packaging operation.
help construct a 425-room hotel and cul-
receiving station for the Chinese Academy
and establish a pharmaceutical manufac-
tural facility in Luxor. In addition to the
of Sciences, and to provide training for its
turing and packaging facility. The project
hotel. to be managed by Hyatt Interna-
use. The installation will help China im-
will employ 200 people and reduce the
tional, areas will be set aside for a per-
prove its agricultural land use, and natural
country's dependence on imported phar-
forming-arts theater, and for craftsmen to
resource management.
maceutical supplies.
make and sell handicrafts. The project will
employ 600 people when fully developed.
TIA, S.A.
Kilwa Ammonia Company
Honduras: An OPIC direct loan of
Tanzania: Through a loan guaranty of $40
Optiperu
$150,000 will provide funds to modernize
million. OPIC is participating in the start-
Peru: A direct loan of $275,000 will estab-
and expand this company's facilities for
up of a fertilizer plant that will produce
lish a glass lens-grinding factory for pro-
manufacturing wooden. juvenile furniture.
ammonia and urea to be sold primarily for
ducing prescription photosensitive eye-
The expansion is expected to more than
export in East African and Asian markets.
glasses, as well as a laboratory to prepare
triple the firm's current level of produc-
The project will utilize undeveloped Tan-
plastic and glass prescriptions for local
tion. as well as provide training and em-
zanian natural gas resources and generate
opticians. The project will create 40 new
ployment for 20 new workers in a rural
significant foreign exchange earnings.
jobs.
section of the country.
Maderas Tropicales S. Carlos, S.A.
Organized Unit Concentrate
Trelawny Vegetables, Ltd.
Costa Rica: A $375,000 direct loan will al-
Production
Jamaica: A $1.4-million OPIC loan will
low this company to increase the capacity
Yugoslavia: A direct loan commitment of
help establish a farm for growing, packing
of its existing woodworking operations,
$833,000 will help establish a state-of-the-
and distributing vegetables for winter ex-
and to expand its product line. The proj-
art processing facility to produce fruit juice
port to the U.S. market. and supplying the
ect will create 50 additional jobs in an
concentrates from locally grown fruit.
local market during the off-export season.
area of high unemployment. and provide
Sixty-five percent of the project's produc-
The project will directly employ 540 indi-
training in the operation of modern wood-
tion will be for export and the remainder
viduals. and another 330 people through
working and sawmilling equipment.
will be sold locally. Approximately 60 peo-
its satellite farms.
20
DEVELOPMENTAL
OPIC-Assisted Projects for FY 1984
& U.S.
Total Project Investment
$2,604,000,000
ECONOMIC
U.S. Investment in Projects
1,636,000,000
EFFECTS
U.S. Percent of Total
63%
U.S. Exports
Initial Procurement
$1,080,000,000
ith the United States
Follow-on Procurement
W
and other industrial-
Production Inputs (5 years)
949,000,000
ized countries re-
Total Direct U.S. Project Exports (5 years)
2,029,000,000
covering from the
Estimated Man-Years of U.S.
global recession,
Employment Generated (5 years)
16,084
many developing countries are now
emerging from the problems that be-
set them earlier. Through export-led
growth, some developing countries are
beginning to benefit from a resur-
nual net income from taxes and
years of employment will be gener-
gence of trade with. and investment
duties paid to host countries will
ated in the United States in connec-
from. the industrialized countries.
amount to $112 million during the
tion with the manufacturing. mining.
In this context, the results of
same period.
growing, processing and/or shipping
OPIC's fiscal 1984 efforts were strong.
It is especially important to note
of these additional U.S. exports. Con-
The 140 OPIC-assisted projects in-
that 59 of the 140 OPIC-supported
tinued economic growth of developing
volved an aggregate total investment
projects for 1984 are located in the
countries stimulated by these invest-
of approximately $2.6 billion. Of this
poorest developing countries (defined
ments should eventually create thou-
sum, $1.6 billion will be provided by
as having a per capita GNP of $680 or
sands of additional domestic jobs
U.S. investors. $499 million by host
less in 1979 dollars). Most OPIC-sup-
resulting from exports of U.S. equip-
countries. $366 million by third coun-
ported investments will take place in
ment. materials and services.
tries, and $102 million by multilateral
Latin America and the Caribbean (62 °
Not all foreign investments. how-
lending institutions. These projects
projects), followed by East Asia (41
ever, are beneficial to the U.S. econ-
will directly contribute to two of the
projects). the Near East (13), South
omy. Therefore. pursuant to Congres-
Third World's most urgent needs: cre-
Asia (10), Europe (8), and Africa (6).
sional directives, OPIC screens each
ation of employment and generation
Finally. it should be noted that about
proposed investment. and monitors
of foreign exchange.
a third of the fiscal 1984 projects were
them afterward, to ensure they con-
During the first five years of opera-
sponsored by, or significantly in-
tribute positively to the host country's
tions, the 1984 OPIC-assisted projects
volved. U.S. small businesses or coop-
development and that they will not
are expected to generate 17,450 jobs,
eratives. meeting the 1978 Congres-
have a significant adverse effect on
of which 2,838 will be at the manage-
sional mandate directing OPIC to
the U.S. economy or U.S. employment.
ment level. Additional employment
strive for at least 30 percent.
OPIC's economists analyze the prob-
will be created because some $913
able impact of every proposed project
million of the total $2.6 billion in-
U.S. Benefits
on the U.S. economy. Such factors as
vested will be utilized to obtain goods
OPIC-assisted projects also provide
U.S. employment. the sensitivity of
and services in the host countries and
substantial benefits for the United
U.S. business to imports. the competi-
approximately $77 million in other
States by expanding markets. increas-
tiveness of U.S. exports in foreign
developing countries.
ing exports. creating new jobs, open-
markets. the imposition of trade-
The net effect of these projects on
ing access to new resources, and con-
related performance requirements by
the host country's balance of pay-
tributing positively to the U.S. balance
the host country and the transfer of
ments will be strongly favorable.
of payments.
high technology abroad are analyzed.
While average annual production-
The 140 projects supported by
Based on this, OPIC refuses assis-
related imports will amount to $292
OPIC during fiscal 1984 will generate,
tance to "runaway" plant projects and
million. and capital outflows will be
over a five-year period, total initial
any other investment that might have
$194 million, the projects will enable
and follow-on U.S. exports of $2.0 bil-
a significant adverse effect on U.S.
the host countries to replace an aver-
lion. The net direct trade effect of
employment. Eight projects were for-
age of $311 million in imports and
these projects, after accounting for
mally rejected in fiscal 1984; since
earn $518 million annually from addi-
U.S. imports and the displacement of
1974. OPIC has formally rejected 99
tional exports. Therefore, host govern-
exports. will amount to $1.6 billion.
projects that might have caused job
ments will generate a net foreign ex-
U.S. employment benefits resulting
loss or produced significantly negative
change savings of $343 million per
from these projects also will be signif-
effects on the U.S. economy. Many
year during the first five years of proj-
icant. During the first five years of
others were discouraged informally in
ect operations. Also, the average an-
operation. an estimated 16,084 man-
the early stages of inquiry.
21
OPIC
INSURED INVESTORS
IN FISCAL 1984
Total
Investment
Largest Single
Country
Insured This
Maximum
Company
or Area
Project
Investor
Coverage
A. E. Staley
India
Soybean processing facility
$ 5,000,000
$ 4,500,000
Manufacturing Co.
AVX Ceramics
El Salvador
Manufacture electronic components
6,100,000
3.939.900
Abbott Laboratories
Philippines
Manufacture pharmaceuticals
437,000
1,179,000
Abbott Laboratories
Philippines
Manufacture pharmaceuticals
191.000
515.70D
Abbott Laboratories
Philippines
Property lease for pharmaceutical firm
57.000
307,800
Agro Associates. Inc.
Pakistan
Poultry breeding & hatchery operations
165.394
148.855
Agua Fria Mill Tailings. Ltd.
Honduras
Processing of gold & silver
600.000
540.000
American Cyanamid Co.
Korea
Manufacture specialty chemicals &
2,451,000
3,676.500
pharmaceuticals
American Cyanamid Co.
Korea
Sutures assembly facility
3.100.000
1,710.000
American Express Leasing Corp.
Brazil
Leasing of an oil rig
70,000,000
75,000.000
American Standard. Inc.
Guatemala
Manufacture vitreous china
645.176
1.161.316
American Standard. Inc.
Indonesia
Manufacture vitreous china
2,975,000
2,677.500
Applied Magnetics Corp.
Korea
Manufacture magnetic recording heads
290,000
783.000
Applied Magnetics Corp.
Korea
Manufacture magnetic recording heads
4,045,000
10.921.500
Baby Togs, Inc.
Philippines
Manufacture infant-wear
2,500,000
2,250.000
Barnwell-Israel Oil & Gas Limited
Israel
Oil & gas exploration. development &
111.111.111
100,000,000
Partnership
production
Bob's Candies. Inc.
Jamaica
Manufacture of candy
600.000
540.000
Borden. Inc.
Costa Rica
Manufacture dairy products
1.413,659
1.798.293
Brown & Root. Inc.
Sri Lanka
Construction of airport runway
510.000
459,000
C. Braxton Moncure
Jamaica
Business conference center
1,296,746
500.000
Canis. E. H. et al.
Haiti
Distribution & installation of electronic/
950.000
675,000
electrical wire
Caribe Crown. Inc.
Haiti
Production of mangoes & hot peppers
195.400
175.860
Carnation Co.
Korea
Manufacture specialty animal feeds
765,000
2,065.500
Citibank Overseas Investment Corp.
Philippines
Finance company
41.457
111.934
Citibank. N.A.
Korea
Branch bank expansion
1,579.000
4.263,300
Citibank. N.A.
Haiti
Branch bank expansion
100,000
300,000
Citibank. N.A.
Korea
Branch bank expansion
1,798,228
4,693,216
Citibank. N.A.
Jamaica
Branch bank expansion
1,380,000
3,726,000
Citibank. N.A.
Philippines
Bank expansion
4,277,684
11.549.747
Citibank. N.A.
Turkey
Branch bank expansion
1.320,000
7.128,000
Citibank. N.A.
El Salvador
Branch bank expansion
1,584,800
152.640
Citibank. N.A.
Zaire
Commercial bank expansion
2,005,200
5.414.040
Citibank. N.A.
Jordan
Branch bank expansion
8,202,878
16,406,000
22
Total
Investment
Largest Single
Country
Insured This
Maximum
Company
or Area
Project
Investor
Coverage
Citibank. N.A.
Chile
Branch bank expansion
$ 6,930,000
$ 18,711.000
Citibank, N.A.
Uruguay
Branch bank expansion
1,429,000
4,000,000
Citibank. N.A.
Kenya
Branch bank expansion
1.028.812
2,777,793
Citibank, N.A.
Philippines
Branch bank expansion
1,349,000
1,214.000
Clayton Dewandre Holdings. Ltd.
India
Manufacture railway signalling
1.096,000
986,400
equipment
Compania Baltima. S.A. & World
Haiti
Beverage distribution
2,000,080
1,620,072
Management Consultants. Inc.
Continental Milling Corp.
Zaire
Expansion of flour mill operation
1.491.383
4,026,734
Cosecha de Oro
Costa Rica
Passion fruit & cocoa farm
355.000
750,000
Dana Corp.
Indonesia
Manufacture & assemble axles & drive
1,560,000
1.404,000
shafts
Delmed. Inc.
El Salvador
Assemble plastic medical products
2,000,000
1.500.000
Dixilyn-Field International Drilling Co.,
India
Oil and gas drilling
3,200,000
3.200.000
S.A.
E.P. Supe Gaulding Import & Export
Dominican
Manufacture printing inks
350.000
270,000
Republic
Edward Broch
Costa Rica
Grow coconuts. pejibayos. oranges &
50,000
45.000
teak/mahogany
Ellicott Machine Corporation
Egypt
Supply dredges
269.500
110.250
International
Elliot. Thomas and Winnick, Martin
Haiti
Mink. rabbit and leather garments
408,206
817.385
Firestone Tire & Rubber Co.
Liberia
Latex crumb rubber processing facility
2,750,000
2,475,000
First National Bank of Boston
Turkey
Establishment of branch banks
9.000,000
24,300,000
Foote Mineral Co.
Chile
Production of lithium carbonate
14,000,000
12.600.000
General Electric Co.
Turkey
Lamp & glass bulb production
432,020
388,818
General Electric Co.
Saudi Arabia
Install combustion turbine
2,464,512
2,218,061
General Electric Co.
Saudi Arabia
Supply & install gas power substation
1,866,711
1,120,027
General Electric Co.
Brazil
Manufacture electrical conductors
471,108
423.997
General Electric Co.
Egypt
Supply turbine
2,084,912
1,876.420
General Foods Corp.
Korea
Manufacture of food products
4,456,239
12.031.845
Gillette Co.
Indonesia
Manufacture razors, blades & shaving
530.000
648,720
preparations
Gillette Co.
Philippines
Manufacture blades. razors. toiletries &
450.000
1,215.000
writing instruments
Gillette Co.
Philippines
Manufacture blades. razors. toiletries &
800,000
2,160,000
writing instruments
Gillette Co.
Jamaica
Toiletries manufacturing facility
768,000
2.073.600
Gillette Co.
Thailand
Manufacture razors, writing instruments.
3,803,000
10,268,100
etc.
23
Total
Investment
Largest Single
Country
Insured This
Maximum
Company
or Area
Project
Investor
Coverage
Gillette Co.
Malaysia
Manufacture ballpoint pens & refills
$ 2,000,000
$ 2,641,500
Gillette Co.
Philippines
Manufacture razors, blades, toiletries &
2,000,000
5,400,000
writing instruments
HARSCO Corp.
Indonesia
Processing of metallic-bearing materials
841,790
1,331,300
Hanawalt. Jack F.
Costa Rica
Citrus farm
50,000
45,000
Harbert-Howard Cos.
Egypt.
Design & install grain silos
79,278,470
4,000,000
Harris Corp.
Malayisa
Test integrated circuits
18,389,000
17,400,960
Honeywell. Inc.
Thailand
Assemble integrated circuits
2,500,000
2,700,000
Howard-Harbert-Sadelmi
Egypt
Rehabilitation of sewage pumping
8.555.555
7,700,000
stations
Ingle Industries. Inc.
Grenada
Manufacture wooden toys & furniture
350,000
1.050,000
Int'l Development Institute Assoc.
Nepal
Software production facility
300,000
270,000
International Minerals & Chemical Corp.
Brazil
Production & marketing of fertilizer
13,000,000
35,100,000
International Nabisco Brands, Inc.
Turkey
Process & distribute peanuts & other nut
1,260,000
3,780,000
products
International Paper Co.
Korea
Manufacture & market liquid packaging
4,000,000
10,800,000
cartons
International Paper Co.
Taiwan
Manufacture & market liquid packaging
1,650,000
4.455.000
cartons
J. Rose & Assoc./National Diversified
Belize
Oil & gas exploration. development &
4,166,667
3,750,000
Properties
production
Kimberly-Clark International. S.A.
Honduras
Manufacture disposable hygiene
112,500
304,000
products
Kimberly-Clark Corp.
Indonesia
Manufacture paper
2,550,000
4,590,000
La Barge. Inc.
Haiti
Manufacture electrical & electronic
4,220,000
3,600,000
components
Marsell. J.S., et al.
Costa Rica
Grow ferns
250,000
153.000
Morgan Guaranty International Finance
Portugal
Establishment of an investment
1,070,000
963,000
Corp.
company
Motorola Asia, Ltd.
Korea
Expansion of semiconductor facility
7.150.450
10,000,000
Nello L. Teer Co.
Dominica
Road reconstruction
3,000,000
2,000,000
North Central Oil Corp. & Newmont Oil
Thailand
Oil & gas exploration. development &
27,777,778
25,000,000
Co.
production
Omega Industries. S.A.
Haiti
Expansion of leather-tanning facility
100,000
160,000
24
Total
Investment
Largest Single
Country
Insured This
Maximum
Company
or Area
Project
Investor
Coverage
Owens-Illinois. Inc.
Indonesia
Manufacture disposable plastic syringes
$ 7,272,000
$
4,528,000
Page, Robert E.
Costa Rica
Citrus farm
1.500,000
1.035.000
Paul den Haene
Belize
Construct & operate tourist hotel
1.100,000
1.035.000
Pennzoil Co. & Mr. Rutherford
Tunisia
Oil & gas exploration. development &
111,111.111
100.000,000
production
Pennzoil Co.
China
Oil & gas exploration. development &
166,666,666
75,000,000
production
R. F. Varley International. Inc.
India
Provide offshore directional drilling
25,000
22.500
services & training
Resort Development. Inc.
Jamaica
Resort facility
233.643
525.697
Roepke, Gordon R.
Costa Rica
Grow rice. beans & raise cattle
200.000
180.000
Salvador. B. J.
St. Kitts-Nevis
Commercial fishing
286,000
772,200
Schering Overseas, Ltd.
Korea
Manufacture & market pharmaceuticals/
3,155,754
5,680,357
chemicals
Searle. G.D. & Co.
Pakistan
Pharmaceutical expansion
290.000
783.000
Signode International. Ltd.
Kenya
Manufacture steel strapping systems
57.692
103.846
Slater Electric. Inc.
Jamaica
Manufacture circuit boards, relays. &
370.000
333.000
electronic subassemblies
Smithkline Beckman Corp.
Korea
Pharmaceuticals manufacturing facility
3,100,000
2,790.000
Spencer Turbine Co.
Saudi Arabia
Provide dental equipment
10,604
9.544
Squibb International, Inc.
Pakistan
Establishment of pharmaceutical plant
1.635,000
3.139.221
St. Joe International Corp.
Chile
Gold/silver exploration. development &
220,000,000
90,000,000
production
Standex International Corp.
Haiti
Assemble & test electronic filters
750,000
675.000
Stapling Machines Co.
Turkey
Lease equipment to manufacture
121.124
109.912
wirebound boxes
Tera Corp.
Saudi Arabia
Sell & install computerized document
247.356
222.620
storage system
Texaco. Inc.
China
Oil & gas exploration. development &
111.111.111
50,000,000
production
Uniroyal. Inc.
Turkey
Expansion of tire manufacturing facility
922,667
1,660,800
Uniroyal. Inc.
Taiwan
Manufacture antizonants. antioxidants.
3,982,880
7,169,184
intermediates & accelerators for rubber
industry
Universal Foods Corp.
Jordan
Operate yeast manufacturing facility
480.000
324.000
Universal Foods Corp.
Chile
Manufacture yeast
555.000
500.000
Universal Foods Corp.
Chile
Manufacture yeast
555.000
500.000
Warner-Lambert Co., A.G.
Thailand
Manufacture confectionary products
934,783
2.523.914
25
FINANCIAL
HIGHLIGHTS
t the end of fiscal 1984,
Analysis of FY 84
A
OPIC's financial results
Total Revenue
mirrored the Corpora-
tion's favorable financial
($113.3 million)
status. Total revenue for
the year was $113.3 million. an in-
crease of $15.8 million or 16 percent
Other Interest & Income
$ 5.1
over the $97.5 million reported for
the previous year.
Direct Investment Interest
$ 3.0
Polítical risk insurance operations
contributed 24 percent of total reve-
Investment Guaranty Fees
$ 3.6
$74.3
nue. while finance programs contrib-
Interest on
uted 6 percent; interest income from
U.S. Treasury
investment in U.S. Treasury securities
Securities
Net Political Risk
contributed 65 percent and other in-
terest and income accounted for 5
Insurance Premiums
$27.3
percent. Net income was $97.2 mil-
lion. 18 percent more than fiscal 1983.
Net revenue from operations in-
creased to $33.9 million from $31.9
million recorded for fiscal 1983. This
increase was due principally to a $1.8
million increase in net insurance reve-
nues.
Interest income on the portfolio of
FY 84 Profit Generated
U.S. government securities increased
from Total Revenue
by 21 percent over fiscal 1983 to
($113.3 million)
$74.3 million. reflecting higher yields
obtained on investments. At the end
of the fiscal year, the par value of the
Net Income
portfolio amounted to $824.1 million.
$97.2
the original cost of which totalled
$775.4 million.
Total Expenses
$16.1
26
Analysis of FY 84
Total Expenses
($16.1 million)
Other Administrative Expenses
$4.6
Expenses
Salaries & Benefits
$5.7
Total expenses of $16.1 million for
fiscal 1984 were $1.3 million more
Investment Encouragement
$.9
than the $14.8 million recorded last
fiscal year. This increase was due to a
Provision for Uncollectible DIF loans
$1.0
$2.1 million net increase in insurance
and guaranty loan claims and invest-
Net Loss on Insurance
ment encouragement expenses-offset
& Guaranty Payments
$3.9
by an $800,000 reduction in adminis-
trative expenses.
Analysis of FY 84 Assets
($907.2 million)
Net DIF Loans Outstanding
$28.9
Accounts Receivable
$24.3
Assets Acquired in Claims Settlements
$35.3
Other Assets
$ 3.8
$814.9
Cash & Investments in
U.S. Treasury Securities
Analysis of FY 84 Liabilities,
Financial Condition
Capital & Reserves
OPIC's total assets at the end of fiscal
1984 amounted to $907.2 million. an
($907.2 million)
increase of four percent over $871.2
million at the end of fiscal 1983.
These assets are funded by liabilities
Total Liabilities
$ 24.0
of $24 million. capital of $50 million
$673.0 million
and reserves of $833.2 million. The
Capital
$ 50.0
Insurance Reserve
increase occurred despite a return of
Retained Earnings
$ 8.0
$56 million to the U.S. Treasury, rep-
resenting the balance of the $106 mil-
lion originally appropriated to OPIC.
OPIC reserves and retained earnings
Guaranty Reserve
$152.2
for claims payments and other contin-
gencies increased dramatically to
reach a level of $833.2 million at the
end of fiscal 1984, compared with
$735.9 million at the end of fiscal
1983.
27
CURRENT OPIC
AUSTIN COMPANY. INC.
CHICAGO BRIDGE & IRON CO.
AUTOMATIC SWITCH COMPANY
CITICORP
INSURANCE
AVIS RENT-A-CAR SYSTEM INC.
CLAYTON DEWANDRE HOLDINGS. LTD.
& FINANCE
AVX CERAMICS CORP.
CLINTON ELECTRONICS CORPORATION
BABY TOGS, INC.
CLUETT PEABODY & CO., INC.
CLIENTS
BAIN. JOE D.
CM INTERNATIONAL CORP.
BANKAMERICA CORPORATION
COCA-COLA COMPANY
BANKERS TRUST NEW YORK CORP.
A.B.A. INDUSTRIES. INC.
COILCRAFT INC.
BARNWELL-ISRAEL OIL & GAS LTD.
ABBEY ETNA MACHINE CO.
COLAC
BAXTER TRAVENOL LABORATORIES. INC.
ABBOTT LABORATORIES
COLGATE-PALMOLIVE COMPANY
BAYORIENT HOLDING CORP.
ABEX CORPORATION
COLT INDUSTRIES. INC.
BECHTEL GROUP INC.
ABRAMOSKA. PAUL
COMBUSTION ENGINEERING. INC.
BEKER INDUSTRIES CORP.
ADDISON-WESLEY PUBLISHING CO.
COMPANIA BALTIMA. S.A. et al.
BEROL CORPORATION
ADELA INVESTMENT COMPANY. S.A.
COMPANIA MINERA DEL MADRIGAL
BESTFORM FOUNDATIONS. INC.
AEL INDUSTRIES. INC.
CONCENTRADOS MARINOS BAYOVAR, S.A.
BETTFR COIL & TRANSFORMER CORP.
AGRICO CHEMICAL COMPANY
CONTINENTAL AFRICA INVESTORS. INC.
B-G SHRIMP SALES COMPANY
AGRO ASSOCIATES. INC.
CONTINENTAL GRAIN COMPANY
BIENENFELD. MARVIN et al.
AGRO-TECH INTERNATIONAL INC.
CONTINENTAL GROUPS. INC.
BLACK & DECKER MANUFACTURING CO.
AGUA FRIA MILL TAILINGS. LTD.
CONTINENTAL ILLINOIS CORPORATION
BLOUNT. INC.
AIR PRODUCTS AND CHEMICALS. INC.
CONTINENTAL MUREX COMPANY
BLUE BIRD BODY COMPANY
ALLIED CORPORATION
CONTROL DATA CORPORATION
BOB'S CANDIES. INC.
ALLIED TUBE & CONDUIT CORP.
CORNING GLASS WORKS
JUDY BOND. INC.
ALLIS-CHALMERS CORPORATION
COSECHA DE ORO
BORDEN. INCORPORATED
ALUMINUM COMPANY OF AMERICA
CRESCENT CONSTRUCTION COMPANY
BOUDET. JAMES L. et al.
AM CABLE TV INDUSTRIES. INC.
CW COMMUNICATIONS
BRENTESON. ALLEN J.
AMERICAN CAN COMPANY
CWT FARMS
C. BREWER AND COMPANY
AMERICAN CYANAMID CO.
DANA CORPORATION
BROCH. EDWARD
AMERICAN EXPRESS COMPANY
DANLY MACHINE CORPORATION
BROTHERS. WILLIAM C.
AMERICAN MOTORS CORPORATION
DEKALB-PFIZER GENETICS
BROVENTURE CO.
AMERICAN PRESIDENT LINES. LTD.
DELMED. INC.
BROWN. CHARLES I.
AMERICAN STANDARD INC.
DEL MONTE CORPORATION
CABOT CORPORATION
AMERICAN UNIFORM CO.
DELTA WELL COMPANY
CANIS. E.H. et al.
AMERICAN WESTERN ENERGY CORP.
DEN HAENE. PAUL
CARIBE CROWN. INC.
AMF INCORPORATED
DEVCO INC.
CARNATION COMPANY
AMPEX CORPORATION
DIBRELL CAROLINA FAR EASTERN CORP.
CASA COMERCIAL MUNSON
ANDRE GREENHOUSES. INC.
DILLINGHAM CORPORATION
CASTILLO RIO, INC.
ANTAKLI. NICOLA M.
DISTRIBUIDORA INDUSTRIAL
CASTLE & COOKE. INC.
APPLIED MAGNETICS CORPORATION
DIXILYN-FELD DRILLING CO.
CATERPILLAR TRACTOR CO.
ARBOR ACRES FARMS. INC.
DRESSER INDUSTRIES. INC.
C&W TRADING CO., INC.
ARDAMAN & ASSOCIATES. INC.
DURAMETALLIC CORPORATION
CELANESE CORPORATION
ARKEL INTERNATIONAL. INC.
DYNALECTRON CORP.
CENTRAL SOYA COMPANY. INC.
ARMCO INC.
DYNAMICS TECHNOLOGY. INC.
CHAMPION SPARK PLUG COMPANY
ARMOUR AND COMPANY
EBSCO INDUSTRIES INC.
CHANDLER. COOPER & RICH. INC.
ARVIN INDUSTRIES INC.
ECLIPSE FUEL ENGINEERING COMPANY
CHASE MANHATTAN CORPORATION
ASHLAND OIL INC.
ECOLOGY AND ENVIRONMENT
CHEMICAL BANK
INTERNATIONAL
AT&T INTERNATIONAL INC.
CHEMICAL FABRICS CORPORATION
EDA INDUSTRIES INTERNATIONAL
ATLANTIC RICHFIELD COMPANY
CHEMTEX. INC.
ELLICOTT MACHINE CORPORATION
Note: In cases of multiple investment projects. only
the parent company is listed.
CHESEBROUGH-POND'S INC.
ELLIOT, THOMAS & WINNICK. MARTIN
28
ENVIROTECH CORPORATION
GYPSUM CARRIER. INC.
INTERNATIONAL TELEPHONE &
TELEGRAPH CORP.
E.P. SUPE GAULDING IMPORT & EXPORT
HALCO (MINING) INC.
IRVING TRUST CO.
ESI LTD.. N.V.
HALF MOON BAY. LTD.
JAMAICA PRE-MIX LIMITED
ESTECH, INC.
HALLIBURTON COMPANY
J DEBEER & SON. INC.
ETHYL CORPORATION
HANAWALT. JACK F.
FABRITEK LA ROMANA
JOHNSON. DEANE F.
HANNA MINING CO.
FAFNIR BEARING CO.
S.C. JOHNSON & SON. INC.
HANOVER BRANDS, INC.
FANKHAUSER. KEN et al.
JOHNSON PRODUCTS CO. INC.
HANS CONSTRUCTION CO.
FEDERAL ELECTRIC CORP.
JOSTEN'S INC.
R.A. HANSON CO., INC.
FEFFER AND SIMONS. INC.
KAISER ALUMINUM & CHEMICAL CORP.
HARBERT-HOWARD COMPANIES
FELT PRODUCTS MANUFACTURING CO.
KIMBERLY-CLARK CORPORATION
HARRIS CORPORATION
FERRO CORP.
KING RANCH INC.
HARTFORD NATIONAL BANK
FIRESTONE TIRE & RUBBER CO.
LA BARGE. INC.
HARSCO CORP.
FIRST NATIONAL BANK OF BOSTON
LAWRENCE. THOMAS & JAMES et al.
HELECHOS DE POAS. S.A.
FIRST NATIONAL BANK OF ST. PAUL
LEVI STRAUSS & CO.
HERCULES INCORPORATED
FISH INTER-AMERICA. INC.
LIBERIA COMPANY
HERSHEY INTERNATIONAL LTD.
FLUOR CORPORATION
LIBERIAN STEEL PRODUCTS CORP.
HEXCO LEASING CO.
FORD MOTOR COMPANY
LINSON INVESTMENTS. LTD.
HIGHMARK/AMERICA INC.
FOREMOST-McKESSON. INC.
HILTON INTERNATIONAL INC.
LIQUID CARBONIC CORP.
FOXBORO COMPANY
LOMA CORPORATION
HOLIDAY INNS. INCORPORATED
FRANSEN. HENRY
LONE STAR INDUSTRIES
JOHN D. HOLLINGSWORTH ON
FREEPORT MINERALS CO.
WHEELS. INC.
JOSEPH M. LONG & CO.
F.S.I. FINANCIAL SERVICES
HONEYWELL. INC.
LSB INDUSTRIES. INC.
H.B. FULLER COMPANY
HORMEL INTERNATIONAL CORP.
LUPERCIO. CLIFFORD S.
GALAPAGOS TOURIST CORPORATION. S.A.
HOYT & WORTHEN TANNING CORP.
MANGOOD CORP.
GALLEON BEACH CLUB. LTD.
HUGHES EXPLORATION
MANCO INTERNATIONAL
GENERAL ELECTRIC COMPANY
HUNT OIL CO.
MANVILLE CORPORATION
GENERAL FOODS CORPORATION
HUNT'S INVESTMENT CORPORATION
MARCO SEATTLE
GENERAL INSTRUMENT CO.
HURD. OTTO WILLIAM JR.
MAREMONT CORPORATION
GENERAL IONEX CORPORATION
HYATT INTERNATIONAL
MARINE SHIPPING CORPORATION
GENERAL MILLS. INC.
HYTRONICS CORPORATION
MARLIN. JAY & DESILETS. ROGER
GENERAL MOTORS CORPORATION
IMS LYCRETE EGYPT. LTD.
MARSELL. JOHN
GENERAL REFRACTORIES COMPANY
INDUSTRIAL NATIONAL BANK
MASTER. JOSEPH J.. et al.
GENERAL RESISTANCE INC.
INGERSOLL-RAND COMPANY
MATHIEU. RALPH
GENERAL TIRE & RUBBER CO.
INGLE INDUSTRIES
McCORMICK & COMPANY. INC.
GERBER SCIENTIFIC. INC.
INTEL CORPORATION
MERCK & CO., INC.
GESLING. WILLIAM J.
INTERNATIONAL DEVELOPMENT
MIDTEX. INC.
GIBBS & HILL. INC.
INSTITUTE ASSOCIATES
MILLER. W.J., et al.
GILLETTE COMPANY
INTERNATIONAL FINANCE CORP.
MINE SAFETY APPLIANCES COMPANY
GOLDSMITH SEEDS. INC.
INTERNATIONAL FLAVORS &
MOBIL CORPORATION
FRAGRANCES INC.
B.F. GOODRICH COMPANY
MOHENCO CORPORATION
INTERNATIONAL FOOD STORAGE CORP.
GOODYEAR TIRE & RUBBER CO.
MONCURE. C. BRAXTON
INTERNATIONAL MINERALS &
W.R. GRACE & COMPANY
A.C. MONK & COMPANY. INC.
CHEMICAL CORP.
GRANDEY. GERALD W.. et al.
INTERNATIONAL MULTIFOODS CORP.
J.P. MORGAN & CO. INCORPORATED
GREAT NORTHERN NEKOOSA CORP.
MORTON-NORWICH PRODUCTS. INC.
INTERNATIONAL PAPER COMPANY
GREENLAW. INC.
ROSCOE MOSS COMPANY
INTERNATIONAL PROTEINS CORP.
GTE CORPORATION
INTERNATIONAL STANDARD ELECTRIC
MOTOROLA, INC.
GULF & WESTERN INDUSTRIES. INC.
CORP.
MUELLER CO.
GULF OIL CORPORATION
INTERNATIONAL TANK TERMINALSINC.
NATIONAL CAN CORPORATION
29
BOARD
OF
DIRECTORS
Craig A. Nalen
President and Chief Executive Officer
of OPIC
M. Peter McPherson, Chairman
Director. International Development
Cooperation Agency
Robert E. Lighthizer, Vice Chairman
Deputy U.S. Trade Representative
Craig A. Nalen
M. Peter McPherson
Richard T. McCormack
Assistant Secretary of State for
Economic and Business Affairs
David C. Mulford
Assistant Secretary of the Treasury
for International Affairs
Harold P. Goldfield
Robert E. Lighthizer
Richard T. McCormack
David C. Mulford
Harold P. Goldfield
Assistant Secretary of Commerce for
Trade Development
Francis X. Lilly
Solicitor of Labor.
U.S. Department of Labor
Thomas A. Bolan
Attorney
Dr. Allie C. Felder, Jr.
Francis X. Lilly
Thomas A. Bolan
Dr. Allie C. Felder, Jr.
Paul J. Manafort. Jr.
Senior Vice President and Director,
Cooperative League of the USA
Paul J. Manafort, Jr.
Attorney
Carlos Salman
Real Estate Executive
Henry F. Schickling
Carlos Salman
Henry F. Schickling
William G. Simpson
Frances Todd Stewart
President. International Union of Tool,
Die and Mold Makers and the
International Society of Skilled Trades
William G. Simpson
Investment Banker
Frances Todd Stewart
President, Kerr-Hays Company
32
City, State
Address
Company
Name
Audit Report:
Zip
Please send me a copy of OPIC's 1984 Development and
If you would like to
receive OPIC's 1984
Development and Audit
Report which includes
complete financials, please
fill out the card above and
mail to OPIC.
Photo Credits:
D
Inside Cover: The White House
Pages 1 & 2: Richard A. Bloom
Pages 3. 6 & 7: Tomas Sennett
Pages 13 & 14: Richard A. Bloom
Page 16: The White House (upper photo): Richard A. Bloom
Pages 19 & 20: Tomas Sennett
Page 31: Richard A. Bloom (upper photo): Ana Ng
Page 32: Richard A. Bloom: Ana Ng
NO POSTAGE
NECESSARY
IF MAILED
IN THE
UNITED STATES
BUSINESS REPLY MAIL
FIRST CLASS PERMIT NO. 14418 WASHINGTON. D.C.
Postage will be paid by addressee
Publications Department
OVERSEAS PRIVATE
INVESTMENT CORPORATION
Washington, D.C. 20527
0
Overseas Private Investment Corporation
Washington, D.C. 20527
THE WHITE HOUSE
WASHINGTON
March 26, 1986
MEMORANDUM FOR THE FILES
FROM:
JOHN G. ROBERTS
on
SUBJECT:
Thomas Bolan
Thomas Bolan, a member of the OPIC Board of Directors,
telephoned me today to inquire if his registering as a foreign
agent on behalf of South Africa would present any problems with
respect to his continued service on the OPIC Board. I returned
Bolan's call and advised him that 18 U.S.C. § 219 prohibited him
from simultaneously serving on the OPIC Board and registering as
an agent for a foreign principal. He stated that he would
tender his resignation from the OPIC Board to OPIC President and
CEO Craig Nalen.