Overseas 

Private 

Investment 

Corporation

An Agency of

The United States 

Government

www.opic.gov

Overseas 

Private 

Investment 

Corporation

An Agency of

The United States 

Government

1100 New York Avenue, N.W.

Washington, D.C. 20527

InfoLine: (202)336-8799

Internet: www.opic.gov
PROGRAM

HANDBOOK

Overseas 

Private 

Investment 

Corporation

An Agency of

The United States 

Government
Overseas Private Investment Corporation | www.opic.gov

President’s 

Message

ore than ever in today’s global economy,

emerging markets are a destination point for

many American companies. 

It makes sense. 

With ninety-five percent of the world’s population living outside the United States, American

businesses are looking beyond traditional borders for

growth and opportunity. The stability and prosperity of

other countries significantly affect America’s economy

and U.S. security.

But expanding to countries that are in transition to democracy and a market economy can be difficult.

Countries in the developing world often face economic

and political uncertainty. 

Our mission at OPIC is to assist the U.S. private

sector with investments in these countries. 

We have ways to mitigate some of the risks.

We can provide political risk insurance and loans for

worthy projects. Our interest is to help American

companies—particularly small businesses—stay competitive, and to help raise the standard of living in

developing countries—particularly those that are of

strategic interest to the United States.

Whether your interest is in Africa, Asia, Latin

America, Southeastern Europe, or any one of the 140

countries in which we operate, OPIC has helped and

will continue to help lead the way. 

Please contact us anytime at www.opic.gov or

call us directly. We look forward to working with you. 

George Muñoz

President & Chief Executive Officer

Overseas Private Investment Corporation | www.opic.gov

M
INTRODUCTION TO OPIC

OPIC’s Mission 1

Eligibility for OPIC Support 2

Eligible Companies 3

Eligible Projects 3

Eligible Countries 4

U.S. Economic Contribution 4

Development Contribution 5

Environmental Impact 5

Other Requirements 6

Monitoring & Compliance 7

POLITICAL RISK INSURANCE

Coverage & Eligibility 9

Currency Inconvertibility 10

Expropriation 11

Political Violence 11

Special Insurance Programs 13

Financial Institutions 13

Capital Markets 14

Leasing 14

Oil & Gas 15

Natural Resources (Except Oil & Gas) 16

Contractors & Exporters 17

Election of Coverages & 

Premium Base Rates 21

Manufacturing & Services 22

Institutional Loans & Leases 22

Oil & Gas 22

Natural Resources (Except Oil & Gas) 23

Contractors & Exporters 23

Overseas Private Investment Corporation | www.opic.gov Overseas Private Investment Corporation | www.opic.gov

Contents
Availability, Extent of Coverage & Claims 23

Availability 23

Extent of Coverage 24

Claims 24

Application Procedures 25

Registration 25

Application 25

For More Information 25

FINANCING

Financing 27

Eligibility 27

Financing Techniques 30

Loan Terms 30

Relationships With Other 

Financial Institutions 31

Application Procedures 32

For More Information 34

INVESTMENT FUNDS 37

Investment Funds 37

For More Information 38

SPECIAL PROGRAMS FOR 

U.S. SMALL BUSINESSES 

OPIC’s Small Business Commitment 41

Eligibility for OPIC’s 

Small Business Programs 41

Eligible Companies 41

Eligible Projects 41

Insurance Products and 

Programs for Small Businesses 42

Small Business Contract 42

Contractors’ and Exporters’ Insurance 42

Small Business Insurance 

Application Procedures 42

Finance Products and 

Programs for Small Businesses 43

Corporate Finance Direct Loan 43

Project Finance Direct Loan 43

Finance Contractors Program 44

Small Business Loan 

Application Procedures 44

For More OPIC Small Business 

Program Information 45

ADDITIONAL INFORMATION

OPIC Countries & Areas 47

Contacting OPIC 49

General Information 49

Insurance Information 50

Finance Information 50

Investment Funds Information 51

Small Business Information 51

U.S. Government 

International Trade Information 52

Wherever this icon appears, see OPIC’s website at the address

given to obtain updates, forms or further information. You

may also use keywords with the SEARCH function on

OPIC’s homepage to locate information on other topics.

Please visit our Interactive Small Business Training

on OPIC’s finance and insurance programs located

on our website at www.opic.gov

Overseas Private Investment Corporation | www.opic.gov Overseas Private Investment Corporation | www.opic.gov
1

OPIC’s Mission

PIC’s mission is “to mobilize and facilitate the

participation of United States private capital

and skills in the economic and social development of

less developed countries and areas, and countries in

transition from nonmarket to market economies, thereby

complementing the development assistance objectives of

the United States...”1

OPIC accomplishes this mission by assisting U.S.

investors through four principal activities designed to promote overseas investment and reduce the associated risks:

insuring investments overseas against a 

broad range of political risks;

financing businesses overseas through 

loans and loan guaranties;

financing private investment funds that 

provide equity to businesses overseas; and

advocating the interests of the American 

business community overseas.

Private sector investment overseas contributes

substantially to both U.S. national and foreign policy

interests. It strengthens and expands the U.S. economy

by improving U.S. competitiveness in the international

marketplace. It also helps less developed nations

expand their economies and become valuable markets

for U.S. goods and services, thereby increasing U.S.

exports and creating U.S. jobs.

As part of its overall mission, OPIC advocates

on behalf of U.S. businesses that have made long-term

investments in emerging markets and developing

nations. OPIC also works with host country governments to help promote economic climates that attract

U.S. investment, facilitating the entry of hundreds of

1 22 U.S.C.§2191.

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Introduction

to OPIC

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ELIGIBLE COMPANIES

OPIC requires significant U.S. participation in the projects

it supports. Company eligibility requirements differ for

OPIC political risk insurance and financing. For insurance eligibility requirements, please see Coverage &

Eligibility on page 9. For financing eligibility requirements, please see Eligibility on page 27.

OPIC’s statute encourages the agency to give

preferential consideration to projects significantly

involving U.S. small businesses and cooperatives.

Companies with annual revenues less than $250 million

or individuals and other non-corporate entities with

net worth less than $67 million qualify as small businesses for the purpose of OPIC support. 

ELIGIBLE PROJECTS

OPIC support is available for new investments, privatizations, and expansions and modernizations of existing

plants. Acquisitions of existing operations are eligible for

financing if the investor contributes additional capital for

modernization and/or expansion. OPIC can generally

insure an acquisition of an industrial, commercial or

other self-sustaining enterprise, subject to a finding of

positive developmental benefits. Investments in certain

sectors may be excluded from consideration based on

statutory or policy guidelines. Investors can contact OPIC

directly to obtain more information about these sectors.

Neither financing nor insurance will normally

be available for investments in enterprises majorityowned and controlled by a foreign government.

Financing is not available for projects that can secure

adequate financing from commercial sources. Investors

are required to confirm that they have considered

private sector political risk insurance before OPIC will

issue coverage.

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U.S. businesses into new markets abroad. OPIC sponsors

and participates in numerous seminars and conferences

throughout the U.S. and overseas to increase awareness

among U.S. companies, especially small and mediumsized firms, of real opportunities for business expansion

through overseas investment, as well as the OPIC services available to assist them. To enhance its outreach,

OPIC often works closely with other federal government agencies, state and local governments, private

organizations, and multilateral institutions.

OPIC is a self-sustaining agency, operates at

no net cost to the U.S. taxpayer, and has accumulated

reserves of more than $4 billion. OPIC has supported

investments worth $138.7 billion, that are expected 

to generate $63.6 billion in U.S. exports, and help to

create 250,000 American jobs. Currently, OPIC programs are available for new and expanding business

enterprises in approximately 140 countries and areas

worldwide. OPIC has recorded a positive net income 

for every year of operation. All of OPIC’s guaranty and

insurance obligations are backed by the full faith and

credit of the United States of America.

www.opic.gov/subdocs/congress.htm

Eligibility for OPIC Support

OPIC supports, insures, and finances investment projects

with substantial U.S. participation that are financially

sound, promise significant benefits to the social and

economic development of the host country, and foster

private initiative and competition. OPIC will not support

projects that could result in the loss of U.S. jobs,

adversely affect the U.S. economy or the host country’s

development or environment, or contribute to violations of internationally recognized worker rights.

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are “trade-related” performance requirements covering

local content and maximum import and minimum

export levels, where the effect is to reduce U.S. trade

benefits that would otherwise accrue.

DEVELOPMENT CONTRIBUTION

OPIC has a statutory mandate to support U.S. private

sector investments that are responsive to the development needs of the host country and that foster private

initiative and competition. The contribution of a proposed

investment to the economic and social development of

the host country will be carefully examined with

respect to such factors as:

increased availability of goods and services 

of better quality or at lower costs;

development of skills through training;

transfer of technological and managerial skills;

foreign exchange earnings or savings;

job creation;

host country tax revenues; and

stimulation of other local enterprises.

OPIC is required to discourage monopolistic

practices, and projects involving anti-competitive

advantages may require additional scrutiny. OPIC will

provide guidance to assist sponsors in submitting the

necessary information.

ENVIRONMENTAL IMPACT

OPIC is required by statute to conduct an environmental

assessment of every project proposed for insurance or

financing and to decline support for investment projects

that, in OPIC’s judgment, would have an unreasonable

or major adverse impact on the environment, health, or

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ELIGIBLE COUNTRIES

OPIC programs are available in over 140 countries and

areas listed on page 47. From time to time, statutory and

policy constraints may limit the availability of OPIC programs in certain countries. Likewise, countries where

programs were previously unavailable may become

eligible. Also, in certain countries, the investor may

need to obtain host government approval before OPIC

can support the project. The approval procedures vary

from country to country and are available from OPIC.

Investors are urged to contact OPIC directly

for up-to-date information regarding availability of

OPIC services in specific countries, as well as information

on program availability in countries not listed. 

www.opic.gov/subdocs/public/publications/ctrylist.htm

U.S. ECONOMIC CONTRIBUTION

When U.S. companies invest abroad, their projects

often generate U.S. exports. In fact, projects supported

by OPIC since 1971 are expected to generate $63.6 

billion in U.S. exports, supporting 250,000 jobs. OPIC

supports only those projects that are not likely to harm

the U.S. economy or have a negative effect on U.S.

employment. OPIC will not support “runaway plants,”

which substitute existing U.S. facilities with foreign

plants to serve the same markets.

By statute, and consistent with overall U.S.

government policy, OPIC does not participate in projects

subject to performance requirements that would substantially reduce the potential U.S. trade benefits of the

investment. Performance requirements are host government incentives designed to cause a project to operate

in a way that is more beneficial to the local economy

than would otherwise be the case. Of particular concern

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MONITORING & COMPLIANCE

OPIC systematically monitors investor compliance with

U.S. economic, environmental, worker rights, and corrupt

practices representations through questionnaires,

investor reporting, and site visits. Noncompliance may

constitute a default under OPIC insurance contracts

and loan agreements.

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safety in the host country. For most industrial sectors,

OPIC expects the project to meet the more stringent of

World Bank or host-country environmental, health, and

safety standards. Of particular concern are adverse

effects on tropical forests, national parks, protected

areas, and endangered species, as well as on the health

and safety of employees and the public.

For projects in sectors designated as “environmentally sensitive,” an Environmental Impact

Assessment (EIA) must be submitted for OPIC’s review.

As part of its review process, OPIC lists every such project

on OPIC’s web site for a 60-day public comment period;

the listing includes the country and industry sector of

the project but not the sponsor’s name. This listing may

result in requests from members of the public for copies

of the EIA; therefore, the EIA must be in a form that

can be released to the public without compromising

confidential business information.

www.opic.gov/subdocs/environmental.htm

OTHER REQUIREMENTS

OPIC is prohibited by statute from supporting projects

that contribute to violations of internationally recognized

worker rights. OPIC insurance and finance agreements

require the investor to agree to respect these rights,

including the rights of association, collective bargaining,

and acceptable working conditions with respect to

wages, hours of work, occupational health and safety,

and minimum age requirements.

OPIC does not support projects that involve

illicit payments. OPIC insurance and finance documentation requires representations and covenants

from the investor regarding compliance with applicable

corrupt practices laws.

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Coverage & Eligibility

PIC insurance can cover the following three

political risks:

currency inconvertibility—deterioration in the

investor’s ability to convert profits, debt service, and other investment returns from local

currency into U.S. dollars or to transfer U.S.

dollars out of the host country;

expropriation—loss of an investment due to

expropriation, nationalization, or confiscation

by the host government; and

political violence—loss of assets or income due

to war, revolution, insurrection, or politically

motivated civil strife, terrorism, or sabotage.

OPIC can insure up to $200 million per project

and has no minimum investment size requirements.

OPIC provides political risk insurance to U.S.

investors, contractors, exporters, and financial institutions

involved in international transactions. Specifically,

OPIC insurance is available to:

citizens of the United States;

corporations, partnerships or other associations

created under the laws of the United States,

its states or territories, and beneficially owned

by U.S. citizens;2

foreign corporations at least 95 percent owned

by investors eligible under the above criteria; and

other foreign entities that are 100 percent

U.S.-owned.

2 OPIC deems a corporation organized under the laws of the United States or

its states and territories to be beneficially owned by U.S. citizens if more than

50 percent of each class of its issued and outstanding stock is owned by U.S.

citizens either directly or beneficially. Where shares of stock of a corporation

with widely dispersed public ownership are held in the names of trustees or

nominees (including stock brokerage firms) with addresses in the United

States, such shares may be deemed to be owned by U.S. citizens unless the

investor has knowledge to the contrary. OPIC also permits the beneficial ownership of U.S. corporations to be determined by tracing back through any foreign

ownership of their shares to the ultimate beneficial owners.

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Political Risk 

Insurance

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11

EXPROPRIATION

Expropriation coverage protects against the nationalization, confiscation, or expropriation of an enterprise,

including “creeping” expropriation—unlawful government actions that deprive the investor of fundamental

rights in a project. The coverage excludes losses due to

lawful regulation or taxation by host governments and

actions provoked or instigated by the investor or 

foreign enterprise.

For equity investments, compensation is based

on the book value of the investment as of the date of

expropriation. For loans, compensation is based on outstanding principal and accrued interest which could have

been paid. With some limited exceptions, OPIC covers total

expropriation only; to receive compensation, an investor

must assign to OPIC all rights in an insured investment.

Coverage for expropriation of funds only—

unlawful host government blockage of funds intended to

be remitted as returns of the insured investment or earnings on it—may be purchased for a reduced premium in

conjunction with currency inconvertibility coverage.

Insurance for specialized risks peculiar to a

specific project may be available, including, for example,

coverage against losses resulting from the unlawful

breach of specific host government obligations identified

by the insured at the outset as vital to the successful

operation of the project. Coverage is available on a

case-by-case basis and will be individually rated.

POLITICAL VIOLENCE

Political violence coverage compensates for property

and income losses caused by violence undertaken for

political purposes. Declared or undeclared war, hostile

actions by national or international forces, civil war,

revolution, insurrection, and civil strife, including 

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Insurance is available for investments in new

ventures, expansions of existing enterprises, privatizations, and acquisitions with positive developmental 

benefits. Coverage is available for capital markets

investors, equity investments, parent company and

third-party loans and loan guaranties, technical assistance agreements, leases, consigned inventory or

equipment, and other forms of investment. Coverage 

is also available for contractors’ and exporters’ exposures, including certain breaches of contractual dispute

resolution mechanisms and wrongful calling of bid,

performance, advance payment, other guaranties 

posted in favor of foreign buyers, and other risks.

CURRENCY INCONVERTIBILITY

Currency inconvertibility coverage compensates

investors if new currency restrictions prevent the conversion and transfer of investment returns from

insured investments. Currency restrictions may take

the form of new, more restrictive foreign exchange 

regulations or a failure by exchange control authorities

to act on an application for hard currency.

OPIC inconvertibility coverage may insure

earnings, returns of capital, principal and interest payments, technical assistance fees, and similar remittances

on insured investments.

OPIC inconvertibility coverage does not protect against the devaluation of a country’s currency.

Rather, OPIC insures investors against deterioration of

their ability to convert local currency or transfer dollars

from the project country through any lawful channel at

whatever rate is then available.

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Special Insurance Programs

OPIC has several insurance programs offering coverages tailored to meet the special insurance needs associated with certain types of international investments.

FINANCIAL INSTITUTIONS

OPIC’s political risk insurance enables U.S. banks and

other institutional investors to play an active role in

financing projects in developing countries while managing the incremental cross-border exposure associated with

these investments. A wide range of banking activities can

be insured by OPIC, including:

loans made or arranged by banks;

capital markets transactions;

cross-border leases;

debt-for-equity investments;

commodity price or interest rate swaps; and

gold loans.

For institutional lenders, currency inconvertibility insurance coverage pays compensation for defaults

on scheduled payments that result from deterioration

in the ability to convert these payments from local currency to dollars or to transfer dollars outside the host

country. In the case of expropriation or political violence,

compensation generally is payable if the borrower

defaults on a scheduled payment as a direct result of

one of these events, and the default lasts three months

(or one month in the event of subsequent defaults

caused by the same event). 

Loans must have a tenor of at least three

years, and borrowers must be private sector enterprises

in the foreign country. Coverage may be tailored to

reflect the specific nature of the project.

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politically motivated terrorism and sabotage, are all

examples of political violence covered by OPIC. 

An investor may choose to insure for all these

risks or to exclude civil strife. Actions undertaken primarily

to achieve labor or student objectives are not covered.

OPIC pays compensation for two types of losses:

business income losses and damage to tangible property.

An investor may purchase one or both coverages.

Business Income Coverage

Business income coverage (BIC) protects the investor’s

share of income losses resulting from damage to the

assets of the foreign enterprise caused by political 

violence. With an “off-site” rider, OPIC may also compensate for income losses resulting from damage to

specific sites outside the insured facility, such as a critical

railway spur, power station, or supplier.

Compensation is based on what the project

would have realized in net income but for the damage,

plus the investor’s share of the project’s continuing,

normal operating expenses that must be paid during

the time the damage is being repaired. OPIC will also

pay for expenses that reduce the business income loss,

such as renting a temporary facility. Compensation is

paid for the period until productive capacity can reasonably be restored, not to exceed one year.

Assets Coverage

Assets coverage compensates for loss of or damage to tangible property caused by political violence. Compensation

is based on the investor’s share of the adjusted cost of the

property or replacement cost. Adjusted cost is defined as

the least of the original cost of the item, the fair market

value at the time of loss, or the cost to repair the item.

OPIC may pay replacement cost up to twice the original

cost of the lost or damaged property, provided the property is actually replaced within three years.

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Operating Leases

Under operating leases, where the U.S. lessor expects to

recover the leased assets when the lease expires, expropriation and political violence compensation is based

on the value of the leased assets, including installation

and transportation costs.

Under OPIC’s inconvertibility coverage, 

compensation is paid if defaults on lease payments 

are caused directly by deterioration in the conditions

for conversion of local currency or transfer of dollars.

OPIC also provides coverage against unlawful

host government actions that prevent a lessor from

enforcing its right to repossess, re-export or de-register

leased equipment.

OIL & GAS

OPIC has a comprehensive insurance program to

encourage petroleum exploration, development, and

production in developing countries. In addition to its

standard political risk insurance, OPIC can provide the

following enhanced coverages.

Expropriation

Expropriation coverage for oil and gas projects can

include coverage for losses caused by material changes

in project agreements unilaterally imposed by a host

government. This includes abrogation, impairment and

repudiation or breach of concession agreements, production sharing agreements, service contracts, risk contracts,

and other agreements between the U.S. investor or the

foreign enterprise and the foreign government. Such

actions must last for at least six months and prevent the

insured investor from effectively exercising its fundamental rights with respect to the project agreements

(such as rights to take and export petroleum or to be

paid for it) and otherwise meet OPIC’s expropriation 

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CAPITAL MARKETS

In response to growing demand, especially for infrastructure projects, investors and their financial 

advisors have sought out new sources of financing and

have turned to the capital markets to supplement traditional bank financing. Consequently, capital markets

transactions, such as 144A bond issues, are playing an

increasingly important role in financing projects in

emerging markets. OPIC can provide insurance coverage

for capital markets transactions similar to the coverage

provided under OPIC’s institutional lender’s program.

The coverage may enable investors to mobilize capital

markets funding for transactions where it was previously unavailable.

LEASING

Cross-border leasing has become a popular means of

financing capital investments in many developing and

emerging market countries. OPIC has insurance packages to cover both capital and operating leases. The

insurance is available to U.S. investors leasing to private

sector entities. Transactions must have a tenor of three

years or more.

Capital Leases

Capital or financial leases are those where ownership

of the asset is expected to be transferred to the lessee

at the end of the lease. Under OPIC’s inconvertibility

coverage, compensation is paid if defaults on lease payments are caused directly by deterioration in the conditions for conversion of local currency or transfer of dollars. In the case of expropriation or political violence,

compensation is payable if one of these events directly

causes a default on a lease payment.

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CONTRACTORS & EXPORTERS

OPIC’s program for U.S. contractors and exporters

insures against:

wrongful calling of bid, performance or

advance payment guaranties, customs bonds,

and other guaranties;

loss of physical assets and bank accounts due

to confiscation or political violence and inconvertibility of proceeds from the sale of equipment

used at the site; and

losses due to certain breaches by the foreign

buyer of the contractual disputes resolution

procedure. 

This insurance can protect U.S. companies acting as contractors in international construction, sales or

service contracts, and U.S. exporters of heavy machinery,

turbines, computers, medical equipment, and other

goods. Typically, coverage is issued when the U.S. company has a contract with a foreign government buyer.

Bid, Performance, Advance Payment, 

& Other Guaranty Coverages

Bid, performance, advance payment, or other guaranties

issued on behalf of a U.S. exporter of goods or services,

or a contractor in favor of a foreign government buyer,

can be covered against the risk of a wrongful calling.

The guaranties are usually in the form of irrevocable,

on-demand, standby letters of credit. A wrongful calling

is one not justified by the terms of the underlying 

contract or the invitation for bids.

In the case of a bid guaranty, the insured may

file a claim when it believes a wrongful calling has

occurred, and OPIC will then determine if the calling

is, in fact, wrongful. With performance, advance payment, and other guaranties, the insured must invoke

the dispute resolution procedure in its contract with

the foreign buyer before OPIC will pay compensation.

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criteria. The coverage can also include compensation for

confiscation of tangible assets and bank accounts.

Compensation is based on the value of the insured

investment or, in the case of confiscation of specific

assets, the book value of the confiscated assets. OPIC

will not compensate for loss of reserves of any kind.

Interference with Operations

This coverage insures against cessation of operations

lasting six months or more caused by political violence.

The investor has the right, and OPIC may require the

investor, to reacquire from OPIC its insured interests in

the project if within five years the political violence has

abated and the investor can resume operations.

NATURAL RESOURCES (Except Oil & Gas)

Mineral and other natural resource projects can be

major contributors to economic development. To

encourage such projects, OPIC may offer coverage tailored to the special needs of investors in this sector.

Investors also may insure against the unlawful

withdrawal or breach by the host government of mineral

exploration and development rights and other legal

rights vital to the success of a particular project. Larger

natural resource projects typically involve substantial

risk-taking by project lenders, owners, and others.

Accordingly, OPIC typically offers coverage for equity,

parent company and institutional loans, owners’ guaranties of loans (including completion guaranties), leases

of equipment to project companies, and other exposures

to these projects.

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Customs Bonds Coverage

Customs bonds are required when a foreign government

wants assurances that a company will re-export

machinery or equipment temporarily moved into the

country, usually for the duration of a construction project or trade show, rather than selling it locally. Customs

bonds replace customs duties and may be as much as

200 percent of the value of the equipment.

OPIC provides compensation for a loss resulting from a wrongful calling by a foreign government of

a standby letter of credit issued as a customs bond. In

the case of a claim, OPIC will determine if a calling is

wrongful without requiring the insured to pursue any

dispute resolution procedure.

Assets Coverage

U.S. contractors and exporters with physical assets overseas may insure project assets for the following risks:

Currency Inconvertibility. Local currency proceeds

from the sale of insured property after job completion

are covered against the risk that the currency will

become inconvertible into U.S. dollars. Inconvertibility

is offered only to the extent local currency is convertible

and dollars are transferable under host country exchange

regulations and practices in effect at the time the

insurance is issued. Payments for work completed

under the contract are not covered.

Confiscation. Physical assets and bank accounts

of the insured in the host country in connection with a

project are covered against the risk of confiscation by

the host government.

Political Violence. Physical assets owned by the

insured or for which the insured bears the risk of loss

are covered against the risk of damage due to war, revolution, insurrection, or civil strife.

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Events of Compensation. OPIC will compensate for

wrongful calling of performance or advance payment

guaranties if:

due to inaction of the buyer the dispute resolution procedure is prevented from proceeding;

the foreign buyer refuses to pay an award in

favor of the insured;

the procedure yields an award in favor of the

foreign buyer and the award can be proven to

have been obtained through fraud, corruption

or duress, or, if there is a written record of the

proceedings, the award is unsupported by substantial evidence in that record;

the procedure fails to issue a holding within a

reasonable period of time (not less than 36

months) despite the insured’s compliance

with all of the procedure’s requirements; or

due to changed conditions in the project country, it is too dangerous or would be futile for

the insured to pursue dispute settlement.

Requirements. Coverage for wrongful calling of

performance, advance payment, and other guaranties is

only available when the underlying contract contains a

dispute resolution procedure, that, at the time insurance coverage is issued, is fair, impartial, and expeditious

and its results enforceable.

Exclusions. OPIC does not compensate the

insured if the guaranty is drawn because the insured

fails to perform its contractual obligations, or the

insured provokes or agrees to the drawing.

Private Entities. Coverage is also available to

insureds who post guaranties in favor of private, nongovernmental entities. In such cases, wrongful calling is

defined as a drawing that is not justified by the terms

of the contract and is directly caused by the host government or is followed by unlawful host government

action that thwarts the dispute resolution procedure.

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Election of Coverages &

Premium Base Rates

Coverage elections for most equity and shareholder

debt investments are based on a coverage ceiling and

an active amount. The coverage ceiling represents the

maximum insurance available for the insured investment

and future earnings under an insurance contract.

Premiums are calculated based on the active amount,

which represents the insurance actually in force during

any contract period. The active amount under all coverages must equal at least the book value of the insured

investment unless a lower coverage ceiling is elected.

There is no charge for the difference between the coverage ceiling and the active amount.

For most other investment types, premiums

are computed based on a maximum insured amount

(MIA), a current insured amount (CIA), and a standby

amount. The MIA represents the maximum insurance

available for the insured investment under an insurance

contract. The CIA represents the insurance actually in

force during any contract period. The difference

between the MIA and CIA is the standby amount.

Separate premiums are charged for CIA and standby

amounts. For loans, premiums are charged on the

“covered amount,” the amount of disbursed principal

plus accrued interest less principal paid to date, and a

standby fee is charged for undisbursed principal.

The base rates shown in the following tables

may be increased or decreased, usually by not more than

one-third, depending on the risk profile of the project.

The base rates shown are also subject to change without

notice. Once established, the rates are fixed for the life

of the contract. OPIC insurance contracts generally

require that premiums be paid in advance.

www.opic.gov/insurance/products/rates.htm

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20

Disputes Coverage

Disputes coverage provides protection in the event of

contractual disputes that may arise during the performance of a contract. As a condition for compensation, a

U.S. contractor must invoke the dispute resolution

mechanism in its contract with the foreign buyer.

Events of Compensation. OPIC will compensate

the contractor if:

the foreign buyer refuses to pay a judgment or

an award in favor of the insured;

due solely to inaction of the foreign buyer, the

dispute resolution procedure is prevented from

proceeding; or

due to changed conditions in the project country,

it is too dangerous or would be futile for the

insured to pursue the agreed upon procedure.

In the first situation, OPIC compensation is

based on the amount of the award. In the latter two

cases, compensation is limited to the insured’s uncompensated cost of goods, services, and materials provided

pursuant to its contract with the buyer.

Requirements. Disputes coverage is offered only

when a project has secure and adequate funding, commonly from an international development or export credit

agency. As with performance and advance payment

guaranties, disputes coverage is only available when the

underlying contract contains a dispute resolution procedure that, at the time insurance coverage is issued, is fair,

impartial, and expeditious and its results enforceable.

Private Entities. If the insured’s contract is with

a private, nongovernmental entity, OPIC will compensate

the insured only if nonpayment or noncompliance with

the dispute resolution procedure is directly caused by

the host government.

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23

NATURAL RESOURCES (Except Oil & Gas)

Annual Base Rates per $100 of Coverage

Active/

Coverage Current Standby

Inconvertibility $ .30 $ .25

Expropriation .90 .25

Political Violence

Business Income .45 .25

Assets .60 .25

CONTRACTORS & EXPORTERS

Annual Base Rates per $100 of Coverage

Coverage Current Standby

Assets

Inconvertibility $ .30 $ .25

Expropriation .60 .25

Political Violence .60 .25

Bid Bonds .50 .25

Performance, Advance 

Payment, & Other Guaranties .60 .25

Disputes .70 .25

Availability, Extent of

Coverage & Claims

AVAILABILITY

OPIC insurance may not be available for certain coverages, or there may be limitations for underwriting or

other reasons. Investors should consult with OPIC regarding availability of its programs in particular countries.

www.opic.gov/subdocs/public/publications/ctrylist.htm

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MANUFACTURING & SERVICES

Annual Base Rates per $100 of Coverage

Active/

Coverage Current Standby2

Inconvertibility $ .30 $ .25

Expropriation .60 .25

Political Violence1

Business Income .45 .25

Assets .60 .25

1 Discounted rates may be available for combined business income and assets

political violence coverage.

2 Coverage is also available on a non-standby basis.

INSTITUTIONAL LOANS & LEASES

Annual Base Rates per $100 of Coverage1

Covered Undisbursed

Coverage Amount 2 Principal

Inconvertibility $ .45 $ .20

Expropriation .40–.90 .20

Political Violence .40–.70 .20

1 Package rates may be available for combinations of coverages.

2 The covered amount is the amount of disbursed principal plus accrued

interest, less principal repaid to date.

OIL & GAS

Annual Base Rates per $100 of Coverage 

Development/

Exploration Production

Coverage Period Period Standby

Inconvertibility $ .30 $ .30 $ .25

Expropriation .40 1.50 .25

Political Violence

Assets .75 .75 .25

Interference

with Operations .40 .40 .25

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25

designed to ensure that OPIC protects the taxpayer,

preserves the project if possible, and pays valid claims.

Application Procedures

REGISTRATION

Investors are required to register projects with OPIC

before the investment has been made or irrevocably

committed. Registration is free of charge and, to the

extent permitted by law, treated as confidential business

information. To register, an investor must submit Form

50—Request for Registration for Political Risk Insurance.

Upon receipt of Form 50, OPIC will send a confirmation

letter and application forms. A registration is valid for

two years and may be renewed in one-year increments.

Registration of a project is non binding and in no way

constitutes a commitment to issue insurance, nor does

it indicate that OPIC’s eligibility criteria have been met.

APPLICATION

Once the final form of an investment is determined, an

investor must submit Form 52—Application for Political Risk

Insurance. OPIC also has specialized application forms tailored for small businesses (Form 223), bid bonds (Form

228), contractors and exporters (Form 81), and oil and

gas (Form 52 Supplement). The applications provide

OPIC with detailed information necessary for OPIC to

determine a project’s eligibility and underwriting risks.

OPIC will charge a retainer fee after the submission of an

application in order to proceed with review of the project.

FOR MORE INFORMATION

To obtain the insurance registration and application

forms, written requests may be sent to the attention of

“Applications Officer—Insurance Department” at 1100

New York Avenue, N.W., Washington, D.C. 20527. 

www.opic.gov/subdocs/forms.htm

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EXTENT OF COVERAGE

Term

The term of an insurance policy may extend a maximum of 20 years. For loans, leases, and transactions

covered by the contractors and exporters program, the

term is generally equal to the duration of the underlying contract or agreement.

Self-Insurance Requirement

OPIC can insure up to 90 percent of an eligible investment. OPIC’s statute generally requires that investors

bear the risk of loss of at least 10 percent. However,

loans from financial institutions to unrelated third 

parties may be insured for 100 percent of principal 

and interest.

Coverage Multiples

For equity investments, OPIC typically issues insurance

commitments equal to 270 percent of the initial investment—90 percent representing the original investment

and 180 percent to cover future earnings. Coverage

amounts may be limited for investments in countries

where OPIC has a high portfolio concentration.

CLAIMS

As of September 30, 2000, OPIC had paid, guaranteed or

provided indemnities for more than $779 million to

investors in settlement of 260 insurance claims. OPIC’s

ability to pay claims is backed by the full faith and credit

of the United States of America, as well as OPIC’s own

substantial reserves, which are in excess of $4 billion.

OPIC is often able, in cooperation with the

U.S. investor, other U.S. government agencies, the local

United States embassy, and the host government to

resolve potential claim situations before they materialize. When OPIC has paid or settled claims, its recovery

rate has been outstanding. OPIC’s claim process is

Overseas Private Investment Corporation | www.opic.gov
Overseas Private Investment Corporation | www.opic.gov

Financing

27

Financing

PIC provides financing through direct loans and

loan guaranties that provide medium- to longterm funding to ventures involving significant equity

and/or management participation by U.S. businesses.

OPIC can provide financing on a project

finance or a corporate finance basis. Rather than relying

on sovereign or sponsor guaranties, project financing

looks for repayment from the cash flows generated by

projects. Therefore, OPIC carefully analyzes the economic, technical, marketing, and financial soundness of

each project. There must be an adequate cash flow to

pay all operational costs, service all debt, and provide

the owners or sponsors with an adequate return on

their investments. To the extent that such project

financing is appropriate, sponsors need not pledge their

own general credit beyond the required completion

undertakings. Corporate finance looks to the credit of an

existing corporate entity other than the project company to support debt repayment.

OPIC can provide medium- and long-term

financing in countries where conventional financial

institutions often are reluctant or unable to lend on such

a basis. Since its programs support private sector investments in financially viable projects, OPIC does not offer

concessionary terms usually associated with governmentto-government lending, nor does it typically offer financing of export sales unrelated to long-term investments in

overseas business. OPIC will not lend to projects that can

secure adequate financing from commercial sources. 

ELIGIBILITY

In addition to the eligibility requirements indicated on

pages 2–7, all projects or transactions considered for

OPIC financing must be commercially and financially

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29

The financing plan should provide funds to

meet all costs, including feasibility studies, organizational expenses, land, construction, machinery, equipment,

training and market development expenses, interest 

payments during construction, start-up expenses,

including initial losses, and adequate working capital.

OPIC Participation

The amount of OPIC’s participation may vary, taking

into consideration the project’s contribution to the host

country’s development, the project’s financial requirements, and the extent to which the financial risks and

benefits are shared among the investors and the lenders.

OPIC may assist in designing the financial

plan and in coordinating it with other lenders and

investors. In providing project financing, OPIC can 

participate in up to 50 percent of the total costs of a

new venture, while a somewhat higher participation

may be considered in the case of an expansion of a 

successful existing business, or in a corporate financing. OPIC support cannot exceed 75 percent of the 

total investment.

Completion Agreement & Sponsor Support

OPIC recognizes that possible cost overruns and early

operating problems may occur, despite careful planning

and an allowance for contingencies in the financial

plan. Therefore, OPIC, like other limited recourse

lenders, normally requires that the principal sponsors

enter into an agreement that guaranteess the OPIC

loan, the project, the company’s debt service, and cost

overruns prior to project completion. Project completion is defined to include certain financial, legal, and

operating tests, as well as physical completion. The

sponsors must have the financial capability to perform

their obligations under this agreement.

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sound. They must be within the demonstrated competence of the proposed management, which must have 

a proven record of success in the same or a closely related

business, as well as a significant continuing financial risk

in the enterprise.

OPIC provides financing for a wide range 

of enterprises under terms and conditions sufficiently

flexible to permit sound development projects to be

implemented.

Ownership

OPIC provides financing for overseas investments that

are wholly owned by U.S. companies or that are joint

ventures in which the U.S. sponsor firm is a participant.

The U.S. investor is expected to assume a meaningful

share of the risk, generally through ownership of at

least 25 percent of the equity in the project.

As a rule, more than 50 percent of the voting

shares of the overseas venture should be held by firms

or persons from the private sector. However, financing

may be offered to an entity in which government ownership of voting shares represents the majority, if it is

contractually agreed that management will remain in

private hands and there is a strong showing of direct

U.S. interest in other respects. Projects wholly owned or

controlled by governments are not eligible.

Financing Plan

Investors must be willing to establish sound debt-toequity relationships that will not jeopardize the success

of the project through excessive leverage. In general,

OPIC looks for a debt-to-equity ratio in the range of

60/40. The financial structure will vary with the nature of

a specific business and by the variability of expected cash

flows. Experience indicates that an adequate level of

equity contributions is essential for a project to succeed.

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31

typically provide for a final maturity of five to fifteen

years including a suitable grace period during which

only interest is payable.

Interest rates on OPIC loans will vary with

OPIC’s assessment of the commercial and political risks

involved. They will also reflect interest rates in longterm capital markets in the United States. Base rates of

interest on guaranteed loans are comparable to those of

other U.S. government-guaranteed issues of similar

maturity. To that base rate, OPIC adds its guaranty fee,

which typically ranges from two and one-half to five percent per annum on the outstanding principal amount,

depending upon commercial and political risk. Both

fixed and floating interest rates are available, although

direct loans are financed only on a fixed rate basis.

In general, OPIC expects that its creditor participation will be on a senior basis, pari passu with the

holders of other senior debt, and that it will share in a

first lien on fixed assets and any other appropriate collateral. A host government guaranty normally is not

required by OPIC.

Consistent with commercial lending practices,

up-front fees ranging from one to two percent, commitment fees, and cancellation fees may be charged,

and reimbursement is required for related out-of-pocket

expenses, including fees for outside counsel and for the

services of experts or consultants.

RELATIONSHIPS WITH OTHER

FINANCIAL INSTITUTIONS

OPIC’s financing is designed to complement and supplement the lending and investing facilities of commercial

banks; local, regional, and international development

banks and investment funds; other agencies of the

United States government such as the Export-Import

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In corporate finance transactions, OPIC lends

directly to the corporate parent of the foreign venture

and looks to the parent for repayment of the loan.

FINANCING TECHNIQUES

OPIC provides loan guaranties, which are typically used

for larger projects, and direct loans, which are reserved

for projects sponsored by or substantially involving U.S.

small businesses and cooperatives. OPIC can normally

guarantee or lend up to $200 million per project.

Under both financing techniques, the borrower

approaches OPIC to analyze and structure financing for

an overseas project. OPIC determines the appropriate

terms of borrowing and, where a guaranty is sought

rather than a direct loan, may assist in identifying financial institutions willing to provide the needed funds.

Guaranties are issued to U.S. financial institutions more than 50 percent beneficially owned by U.S.

citizens, corporations or partnerships. Foreign corporations that are at least 95 percent U.S. owned are also

eligible. Typical funding institutions include insurance

companies, pension funds, and commercial banks.

These lenders are protected by the full faith

and credit of the United States of America. OPIC-guaranteed loans are classified as eligible U.S. government

securities for insurance companies and many other

institutional investors.

LOAN TERMS

The repayment schedule of a direct or guaranteed loan

will reflect the purpose of the loan and the projected

level of cash flows to be generated in the transaction.

The cash flows must be sufficient to meet interest and

principal payments and to provide for an adequate

return to equity investors. The terms of such loans will

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a summary of project costs and anticipated

suppliers of capital goods and services;

a financing plan, including the amount of the

proposed OPIC participation; 

pro forma financial statements of the proposed

project or corporate borrower and accompanying

assumptions; and

a description of the contribution the business

is expected to make to local economic and

social development. 

The data prepared and submitted by sponsors

to substantiate sources of raw material, technical feasibility, and market demand are carefully analyzed

together with the financial forecasts. In some

instances, OPIC retains independent consultants to

assist in its analysis and review.

Following OPIC’s preliminary review and

approval, the sponsors may be asked to provide additional economic, financial, and technical information

as a formal application for financing. Such information

is essentially that which any board of directors would

need before committing its company to an investment.

Guidelines for formal applications will be provided,

though the type of information to be supplied will vary

with the nature of the proposed business.

The time required to review and approve an

application depends on the scope and detail of the data

first presented as well as the complexity of the transaction and typically varies from three to six months. A

key determinant is the thoroughness and timeliness

with which all the information required by OPIC is

developed and submitted. Approval time may be

reduced in corporate financing transactions since there

are fewer project issues to be researched and generally

collateral is located in the United States. Investors are

encouraged to consult with OPIC early in the loan

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32

Bank of the United States; and a number of other multilateral and bilateral lending institutions. OPIC advises

and assists U.S. sponsors in securing debt and equity

financing from these institutions where appropriate in

conjunction with OPIC financing.

Many of OPIC’s financings involve at least one

other lender or independent investor, and in large projects

several such institutions are typically involved. OPIC’s

willingness to finance a substantial portion of debt

requirements, to accept longer or more flexible maturities, and to finance at fixed interest rates may facilitate

participation of other lenders and investors in a project.

APPLICATION PROCEDURES

The sponsor of a potential project interested in obtaining

financing from OPIC should submit Form 115—Application

for Financing as well as a business plan for the proposed

project. Legal documentation requirements vary from case

to case. Sponsors that qualify as U.S. small businesses may

want to consider completing the Small Business Financing

Worksheet, which is a diagnostic tool to determine whether

the project is at an appropriate stage to apply for OPIC

financing. After completing the worksheet, the sponsor

should submit Form 115—Application for Financing.

The business plan should establish general 

eligibility and give OPIC the basis on which it can

respond to the amount and basic terms of the requested financing. It should include:

a description of the project;

the identity, background, and audited financial

statements of the project’s proposed principal

owners and management;

planned sources of supply, anticipated output

and markets, distribution channels, competition, and the basis for projecting market share;

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Overseas Private Investment Corporation | www.opic.gov

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process, since simultaneous satisfaction of as many of

the above requirements as possible will speed loan

approval and disbursement.

FOR MORE INFORMATION

For more information on OPIC financing or to obtain

application forms, written requests may be sent to the

attention of “Vice President—Investment Development”

at 1100 New York Avenue, N.W., Washington, D.C. 20527. 

www.opic.gov/subdocs/forms.htm

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Investment Funds

orking with private capital, OPIC-supported

funds make direct equity and equity-related

investments in new, expanding, and privatizing companies in emerging market economies. These funds have

invested in more than 350 business projects in more

than 40 countries around the world and play a critical

role in providing capital, technical know-how, and

management assistance in important emerging markets. The funds are structured, like all OPIC programs,

to be self-sustaining. At the end of 2000, there were 26

OPIC-supported funds with combined committed capital of 3.1 billion.

OPIC funds: 

address the need for private equity in 

developing countries;

provide a catalyst for private sector development;

encourage investment discipline in emerging

markets; and

complement OPIC’s insurance and 

loan products.

Both large and small U.S. businesses benefit

from investments made by OPIC-supported funds. Of

primary impact the funds enhance capital markets,

strengthen foreign investment demand for clear, fair, and

transparent rules and regulations, and develop new markets and business opportunities. OPIC supported funds

finance overseas affiliates such as joint ventures, distributors, franchisees, and other entities, and provide capital

for the privatization of government-owned businesses.

Indirectly, these funds create export opportunities for

U.S. suppliers of necessary equipment and services.

OPIC-supported funds operate in a variety of

markets, including sub-Saharan Africa, India, the New

Independent States, Latin America, and Asia. SectorOverseas Private Investment Corporation | www.opic.gov Overseas Private Investment Corporation | www.opic.gov

Investment Funds

W
39

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specific funds operate worldwide and include investments

in environmental, water, and small business projects.

If and when OPIC determines as a policy matter that a new OPIC-supported fund should be created,

OPIC will select a fund manager in an open and competitive process. Unsolicited proposals for the establishment

of funds will be subject to a similar competitive process.

Each investment by a fund must meet OPIC’s

statutory and policy requirements, including respecting

impacts on the U.S. economy and employment, the

environment, and worker rights. Project sponsors seeking long-term growth capital for projects potentially of

interest to an OPIC-supported fund should approach

the appropriate fund directly.

FOR MORE INFORMATION

Written requests may be sent to the attention of “Vice

President—Investment Funds Department” at 1100

New York Avenue, N.W., Washington, D.C. 20527.

www.opic.gov/subdocs/public/publications/fundlist.htm

Overseas Private Investment Corporation | www.opic.gov
Overseas Private Investment Corporation | www.opic.gov

Special Programs

for U.S. Small 

Businesses

41

OPIC’s Small Business

Commitment

PIC is committed to helping America’s small

businesses grow through investments in

emerging markets around the world. While all OPIC

programs are available to eligible U.S. businesses of any

size, below is a listing of programs that have been

specifically created for U.S. small businesses. 

Eligibility for OPIC’s 

Small Business Programs

ELIGIBLE COMPANIES

All companies with annual revenues less than $250

million and individuals and other entities with net 

worth less than $67 million qualify for OPIC’s small

business programs.

ELIGIBLE PROJECTS

Small business projects eligible for OPIC support include: 

new investments, privatizations, expansions,

and modernizations; 

formation of a new branch office, sales office,

or service center; 

warehousing or small assembly operations; 

joint ventures; and

contracting to provide construction, advisory

or technical assistance services, and exporting

equipment. 

OPIC will not support projects that could

result in the loss of U.S. jobs, adversely affect the U.S.

economy or the host country’s development or environment, or contribute to worker rights violations. OPIC

programs are available in over 140 developing nations

and emerging markets.

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Application

The next step is to submit a Small Business Insurance

Application, Form 223—Small Business Application for

Political Risk Insurance. Prior to project review, a retainer

fee must be paid. 

Letters of Interest

To help small businesses secure financing or investments, a letter of interest may be available to registered

applicants whose projects meet OPIC’s eligibility and

policy requirements. 

Finance Products and

Programs for Small Businesses 

Although all of OPIC’s finance products are available to

small businesses (see Financing beginning on page 27),

OPIC has specifically tailored several products to meet

U.S. small business needs: 

CORPORATE FINANCE DIRECT LOAN

Available to fund overseas investment including 

permanent working capital, fixed assets, and 

expansion of facilities. 

The minimum loan amount is $250,000 for 

a term of typically three to seven years. Terms are

determined on a case-by-case basis. 

This product is expressly intended to provide

support for creditworthy U.S. companies wishing to

make investments overseas when the investment is not

intended to be the sole source of repayment.

PROJECT FINANCE DIRECT LOAN

Available for U.S. small businesses to fund overseas

investment in expansion of facilities, permanent working capital, and fixed assets. 

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42

Insurance Products 

and Programs for 

Small Businesses

Although all of OPIC’s insurance products are available

to small businesses (see Political Risk Insurance beginning on page 9), OPIC has specifically tailored several

products to meet the needs of small businesses:

SMALL BUSINESS CONTRACT

The Small Business Contract is designed to provide

simplified, streamlined coverage. Quarterly elections of

coverage are available to small businesses to provide

maximum flexibility. Small businesses get a 25 percent

reduction on retainer fees and do not have to pay any

standby fees. 

CONTRACTORS’ AND 

EXPORTERS’ INSURANCE

While OPIC’s Contractors’ and Exporters’ insurance program is available for large and small businesses, it may

be of particular interest to small businesses acting as

contractors in international construction, sales, or service

contracts, and exporters of heavy machinery, turbines,

computers, medical equipment, and other goods.

SMALL BUSINESS INSURANCE

APPLICATION PROCEDURES 

Registration

Like all applicants, small business investors must register projects before the investment is made. To register,

an investor must submit Form 50—Request for

Registration for Political Risk Insurance. Registration is free

of charge, valid for two years, and may be renewed. 

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For More OPIC 

Small Business 

Program Information

General Inquiries and Loan Inquiries

For general inquiries about OPIC’s programs for small

businesses or about OPIC loans for small businesses,

direct requests to: 

Investment Development, 

OPIC Small Business Adviser

smallbiz@opic.gov 

Phone: (202)336-8621

Fax: (202)408-5145

Insurance Inquiries

For information about OPIC’s insurance programs for

small businesses, direct requests to: 

Insurance Small Business Group

ins-sbg@opic.gov

Phone: (202)336-8400 

Fax: (202)408-5142 

To obtain a copy of “OPIC Small Business

Guide to Federal Programs for International Business,”

go to: 

www.opic.gov/subdocs/public/publications/sb-contents.htm 

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The minimum loan amount is $250,000 and

the loan term is typically three to fifteen years. Terms

are determined on a case-by-case basis. 

For this type of loan, OPIC would look for

repayment from the cash flows generated by the project.

FINANCE CONTRACTORS PROGRAM

Provides an OPIC guaranty for bid bonds, performance

bonds, and other guaranties issued by U.S. financial

institutions on behalf of U.S. contractors who have

operational and financial track records. 

SMALL BUSINESS LOAN

APPLICATION PROCEDURES

Application

The sponsor of a potential project interested in obtaining financing should review the Small Business Financing

Worksheet, which is a diagnostic tool to determine

whether the project is at an appropriate stage to apply

for OPIC financing. After completing the worksheet,

the sponsor should submit Form 115—Application for

Financing. Legal documentation requirements vary from

case to case. 

Business Plan

Applicants must submit a business plan including: 

a general description of the project; 

background and financial statements of the

project’s owners and management; and 

sources of supply, output, markets, 

distribution channels, competition, and 

the basis for projecting market share. 

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47

OPIC Countries & Areas

PIC programs are generally available in the

countries and areas listed below. From time to

time, statutory and policy constraints may limit the

availability of OPIC programs in certain countries, or

countries where programs were previously unavailable

may become eligible. Also, under agreements with certain countries, the investor may need to obtain host

government approval before OPIC can support the project.

The approval procedures vary from country to country

and are available from OPIC. 

Investors are urged to contact OPIC directly

for up-to-date information regarding availability of

OPIC services in specific countries, as well as information on program availability in countries not listed.

www.opic.gov/subdocs/public/publications/ctrylist.htm

Overseas Private Investment Corporation | www.opic.gov Overseas Private Investment Corporation | www.opic.gov

Additional

Information

A

Albania

Algeria

Angola

Anguilla

Antigua & Barbuda

Argentina

Armenia

Aruba

Azerbaijan

B

Bahamas

Bahrain

Bangladesh

Barbados

Belize

Benin

Bolivia

Bosnia &

Herzegovina

Botswana

Brazil

Bulgaria

Burkina Faso

C

Cambodia

Cameroon

Cape Verde

Central African 

Republic

Chad

Chile

Colombia

Congo

Congo, Democratic 

Republic of

Cook Islands

Costa Rica

Croatia

Cyprus

Czech Republic

D

Djibouti

Dominica

Dominican 

Republic

E

Ecuador

Egypt

El Salvador

Equatorial Guinea

Eritrea

Estonia

Ethiopia

F

Fiji

French Guiana

G

Gabon

Georgia

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49

Contacting OPIC

GENERAL INFORMATION

OPIC on the Internet

If you have access to the Internet, visit OPIC’s website

at the address below for a wide variety of publications,

application forms, press releases, OPIC’s free electronic

newsletter, and other information, including updates

on the information contained in this document.

http://www.opic.gov

Electronic Mail

To obtain general information via electronic mail,

requests may be sent to the following address:

info@opic.gov

Written Inquiries

Written requests for general information should be

sent to the attention of “Information Officer” at:

Overseas Private Investment Corporation

1100 New York Avenue, N.W.

Washington, D.C. 20527

The OPIC InfoLine

OPIC maintains an automated system to provide 

callers with general information on OPIC’s insurance

and financing programs 24 hours a day.

Using the OPIC InfoLine, callers with a 

touch tone phone may listen to brief recorded program

descriptions, request that printed program information

be sent to them via mail or fax or, from 8:45 a.m. 

to 5:30 p.m., Eastern Time, speak with an OPIC

Information Officer.

OPIC InfoLine: (202)336-8799

Overseas Private Investment Corporation 

| www.opic.gov

48

Ghana

Greece

Grenada

Guatemala 

Guinea

Guyana H

Haiti

Honduras

Hungary I

India

Indonesia

Ireland

Israel J

Jamaica

Jordan K

Kazakhstan

Kenya

Kiribati

Korea

Kuwait

Kyrgyzstan L

Laos

Latvia

Lebanon

Lesotho

Lithuania M

Macedonia, Former 

Yugoslav

Republic of

Madagascar

Malawi

Malaysia

Mali

Malta

Marshall Islands

Mauritius

Mauritania

Micronesia, 

Federated 

States of

Moldova

Mongolia

Montenegro

Morocco

Mozambique N

Namibia

Nepal

Netherlands 

Antilles

Nicaragua

Niger

Nigeria

Northern Ireland O

Oman P

Pakistan

Panama

Papua New Guinea

Paraguay

Peru

Philippines

Poland

Portugal R

Romania

Russia

Rwanda S

St. Kitts & Nevis

St. Lucia

St. Vincent & 

The Grenadines

São Tomé & 

Príncipe

Senegal

Sierra Leone

Singapore

Slovakia

Slovenia

Somalia

South Africa

Sri Lanka

Suriname

Swaziland T

Taiwan

Tajikistan

Tanzania

Thailand

Togo

Tonga

Trinidad & Tobago

Tunisia

Turkey

Turkmenistan

Turks & Caicos U

Uganda

Ukraine

Uruguay

Uzbekistan V

Venezuela

Vietnam W

West Bank & Gaza

Western Samoa Y

Yemen Z

Zambia

Zimbabwe

Overseas Private Investment Corporation 

| www.opic.gov
51

INVESTMENT FUNDS INFORMATION

Written requests may be sent to the attention of “Vice

President—Investment Funds Department” at OPIC’s

address on page 45.

www.opic.gov/subdocs/public/publications/fundlist.htm

SMALL BUSINESS INFORMATION

Written requests may be sent to the attention of

“Investment Development, OPIC Small Business

Group” at OPIC’s address on page 45.

For general information on OPIC programs: 

Small Business Hotline: (202)336-8610

For general inquiries or loan inquiries related to 

small businesses: 

Investment Development, 

OPIC Small Business Adviser: 

smallbiz@opic.gov

Phone: (202)336-8621

Fax: (202)408-5145 

For inquiries related to insurance for small businesses: 

Insurance Small Business Group:

ins-sbg@opic.gov

Phone: (202)336-8400

Fax: (202)408-5142 

www.opic.gov/subdocs/public/publications/sb-contents.htm

Overseas Private Investment Corporation | www.opic.gov

50

Contacting OPIC by Fax

Facsimiles may be sent to the number below. Please be

sure to specify an OPIC officer and/or department on

the cover sheet so the fax may be properly routed.

Main Fax Number: (202)408-9859

INSURANCE INFORMATION

Written requests may be sent to the attention of

“Applications Officer—Insurance Department” at

OPIC’s address on page 45 to obtain: 

information on insurance for specific projects;

Form 50—Request for Registration for Political Risk

Insurance;

Form 52—Application for Political Risk Insurance;

and

other specialized insurance forms 

(see page 25).

www.opic.gov/subdocs/forms.htm

FINANCE INFORMATION

Written requests may be sent to the attention of “Vice

President—Investment Development” at OPIC’s

address on page 45 to obtain: 

information concerning financing for 

specific projects;

Small Business Financing Worksheet;

Form 115—Application for Financing; and

Form 115 Supplement—Guidelines for the OPIC

Application for Financing.

www.opic.gov/subdocs/forms.htm

Overseas Private Investment Corporation | www.opic.gov
Overseas 

Private 

Investment 

Corporation

PROGRAM

HANDBOOK

Overseas Private Investment Corporation

1100 New York Avenue, N.W.

Washington, D.C. 20527

InfoLine: (202)336-8799

Internet: www.opic.gov

Electronic Mail: info@opic.gov

DESIGN AND ILLUSTRATIONS:

Lomangino Studio, Inc.

www.lomangino.com

PHOTOGRAPHY:

Mr. Muñoz: © 2000 Daniel Cima

PRINTING:

Fontana Lithograph, Inc.

December 2000

52

U.S. Government

International Trade

Information

The U.S. government has established a comprehensive

source—the Trade Information Center (TIC)—for information on federal export assistance programs. Housed

at the U.S. Department of Commerce, the TIC provides

information on sources of:

international trade and export promotion,

financing, and counseling;

international market research and trade leads;

overseas and domestic trade events and 

activities; and

documentation and licensing requirements.

The TIC’s international trade specialists can be

reached weekdays from 8:30 a.m. to 5:30 p.m., Eastern

Time, at:

Telephone: 1-800-USA-TRADE 

(1-800-872-8723)

TDD: 1-800-TDD-TRADE (1-800-833-8723)

Internet: http://infoserv2.ita.doc.gov/tic.nsf

Fax: (202)482-4473

Overseas Private Investment Corporation | www.opic.gov