1971 TO 2019

48 YEARS OF MOBILIZING INVESTMENT | 1

48 years of 

Investing in Emerging Economies

Developing Stable Societies

Transforming Lives

and looking forward to the new

U.S. International Development Finance Corporation
Men and women everywhere can be grateful that OPIC 

is providing important services toward the social and 

economic progress of the developing nations.

— President Richard Nixon

A vital element of our foreign policy is our relationship 

with the developing countries in Africa, Asia and Latin 

America.

— President Gerald Ford

One of the greatest challenges before us as a nation, 

and therefore one of our greatest opportunities, is to 

participate in molding a global economic system which 

will bring greater prosperity to all the people of all 

countries. 

— President Jimmy Carter

The greatest contribution this nation can make to 

developing countries is through increased investment 

in their developing markets. OPIC fulfills an important 

responsibility by encouraging greater involvement 

of American business in developing countries, in the 

process helping our own economy to expand as well.

— President Ronald Reagan

1970s

OPIC is a government corporation run as a sound 

business... At OPIC, we call this investing in freedom.

— OPIC President and CEO Fred Zeder

As OPIC expands into new markets and countries, it 

is at the crest of a new wave of American assistance, 

bringing growth, business know-how and prosperity to 

the developing world.

— President George H. W. Bush

OPIC has harnessed the resources of American 

businesses to build hope and opportunity through 

investment and commerce in countries around the 

world. 

— President Bill Clinton

World events of the past quarter century have revealed 

that OPIC was ahead of its time. Now there is a 

widespread consensus that the private sector is the 

best engine for fueling economic growth.

— OPIC President Ruth Harkin

1980s

1990s

2 | THE HISTORY OF OPIC
48 YEARS OF MOBILIZING INVESTMENT | 3

Development assistance should light a path to reform 

and economic growth rather than perpetuate the need 

for further aid.

— President George W. Bush

In every region of the world, we see new examples 

of the catalytic role that investment and economic 

development plays in improving the quality of life 

for people, encouraging the growth of democratic 

institutions and the rule of law, and in fostering political 

stability.

— OPIC President Robert Mosbacher

2000s

The next chapter of development cannot just 

be about what governments spend, it has to 

harness the unprecedented resources of our 

interconnected world. 

— President Barack Obama

With each passing year, OPIC becomes more 

responsive, more effective, and more necessary 

to America’s role and leadership abroad. 

— OPIC President and CEO Elizabeth L. Littlefield

We are committed to reforming our development 

finance institutions so that they better incentivize 

private sector investment in emerging economies.

— President Donald J. Trump 

The United States is entering a new era in 

development finance.

—OPIC President and CEO Ray W. Washburne

2010s

2019

For almost 50 years, OPIC has been committed to 

advancing American values around the world. As 

Thomas Jefferson said, ‘I like the dreams of the future 

better than the history of the past.’

We cannot imagine the infinite opportunities of the next 

50 years. While the world changes, our mission will 

remain helping people to improve their lives, exercise 

their liberties, and enjoy an ever expanding array of 

pursuits of happiness.

I am confident DFC will advance global peace and 

prosperity for generations. 

— Acting OPIC President and CEO David Bohigian
4 | THE HISTORY OF OPIC

I am a strong believer in 

the importance of private 

investment to the development 

process. It is the most effective 

way of transferring the financial 

resources, technology and 

management skills which play 

so vital a role in stimulating 

development in poorer nations.

– President Richard Nixon, 1972
48 YEARS OF MOBILIZING INVESTMENT | 5

Beginnings: 

A Modern Day Marshall Plan

When the United States committed to rebuilding Europe after World War II, it 

recognized that private investment would be essential to address this massive need. 

The Marshall Plan authorized the U.S. Government to insure private U.S. investors 

against the risk that their earnings generated overseas in foreign currencies might not 

be convertible into U.S. dollars. 

This powerful new tool was political risk 

insurance and it became the first financial 

tool the U.S. offered to support investors in 

emerging markets.

Congress created OPIC in 1969 through an 

amendment to the Foreign Assistance Act 

and two years later, in 1971, the agency began 

operations with a portfolio of $8.4 billion in 

political risk insurance and $169 million in loan 

guaranties. 

During the first year in operation, OPIC 

provided political risk insurance to projects 

in 39 countries, including a petrochemical 

plant in South Korea, a food processing facility 

in the Dominican Republic, and a flavor and 

fragrance manufacturer in Indonesia.

Although insurance was OPIC’s core product 

for years, the agency also began providing 

investment guaranties to projects such as a 

fertilizer manufacturer in Brazil, a copper mine 

in Indonesia, and other projects to improve 

the quality of life for people in developing 

countries. 

Left and above: Empowering local communities 

— An early OPIC project introduced a 

Community Credit Guaranty Program to support 

small businesses and community projects. 

The program enabled the small town of San 

Matias in Guatemala to obtain a loan to build 

a downhill gravity flow system to access clean 

drinking water. The loan was repaid through 

a monthly subscription by 154 families in San 

Matias.
6 | THE HISTORY OF OPIC

A New Strategy for Addressing 

Major World Challenges

At a time when money flowing into developing economies was mostly in the form of aid, 

OPIC’s model of mobilizing private investment channeled more resources toward some 

of the world’s most urgent challenges.

Many early OPIC projects were in the 

agriculture sector and focused on not only 

producing more food, but on building value 

chains to help food produced reach more 

people and larger markets. 

OPIC support helped a shrimp operation in 

Cameroon establish a system of freezing and 

packaging for export as far away as Japan. 

Other projects brought more refrigeration to 

Ghana, improved the quality of beef produced 

in Kenya, and helped expand dairy production 

in Thailand.

Meanwhile, support for the construction of 

fertilizer plants in India and Latin America 

helped increase food production for a global 

population. 

Right: An OPIC-supported fertilizer 

plant in India.
48 YEARS OF MOBILIZING INVESTMENT | 7

The developing countries must 

look increasingly to private 

investment for the capital 

resources they need for growth.

– Secretary of State Henry Kissinger

Above: An OPIC-supported dairy processing 

facility in Thailand made milk, cheese and ice 

cream more widely available.

Above: An OPIC-supported flour mill in Nigeria.
8 | THE HISTORY OF OPIC

Were it not for the availability 

of OPIC programs, we would 

not be involved in five 

developing nations.

– Early OPIC client investing 

in Africa and Latin America
48 YEARS OF MOBILIZING INVESTMENT | 9

Advancing American 

Competitiveness

With more than two-thirds of the world’s population living in developing countries, 

these markets held growing interest to American businesses. Demand for OPIC 

services was strong from the beginning and helped businesses operate in places that 

would have otherwise been inaccessible.

In the late 1970s, OPIC began domestic 

outreach to educate small American 

businesses about the opportunities in 

emerging markets. This focus would remain 

a priority throughout the agency’s history 

and would result in small businesses 

eventually accounting for more than half of 

all the projects OPIC supported.

In response to strong demand, OPIC 

gradually increased the amount of financing 

and political risk insurance it offered. In 

addition to helping American businesses 

gain entry into many rapidly-growing 

emerging markets, OPIC projects also 

supported the U.S. economy. In 1999, a 

single OPIC-supported power plant in 

Indonesia led to the procurement of 

$1 billion in U.S. goods and services and 

supported 3,000 U.S. jobs. The major U.S. businesses OPIC supported 

included a Colgate-Palmolive manufacturing 

plant in Egypt, a Ford Motor Co. plant in India,

a Mack Truck distributorship in Honduras, and 

a flour mill in Liberia. 
10 | THE HISTORY OF OPIC

A Commitment to 

Fiscal Responsibility 

OPIC was established as a self-sustaining agency that would operate at no cost to 

American taxpayers. Skeptics challenged the idea that the U.S. could generate returns 

by investing in some of the world’s poorest countries, but during OPIC’s first year in 

operation, the agency reported a net income of more than $25 million.

Years later, in 1983, OPIC strengthened its 

commitment to fiscal responsibility when it 

presented President Ronald Reagan with 

a $56 million check, fulfilling its promise 

to pay back the funds that Congress had 

allocated to start the agency in 1971.

Because OPIC maintained a small staff 

and an efficient operation, its profit per 

employee exceeded $1 million by 1990. 

The money generated contributed to 

U.S. deficit reduction.

You’ve proved it is possible to 

introduce efficiencies and put 

government on a business-like 

basis...you’ve set a trend that all 

should follow.

– President Ronald Reagan

Total amount generated 

for deficit reduction 

since 1971: 

$8.7 billion Record net income in 1982 enabled OPIC to 

return $56 million to the U.S. Treasury.
48 YEARS OF MOBILIZING INVESTMENT | 11
12 | THE HISTORY OF OPIC
48 YEARS OF MOBILIZING INVESTMENT | 13

Transforming Lives

By focusing on solutions to some of the world’s most urgent challenges, 

OPIC helped transform lives around the world.

Support for Small Farmers

By helping the world’s smallest farmers 

access equipment and training, OPIC 

enabled them to increase their yields.

Critical Infrastructure

OPIC supported construction of roads, 

hospitals, power plants, ports, airports, 

and other critical infrastructure projects.

Financial Services

By partnering with banks and microfinance 

institutions, OPIC helped more people 

access financial services to start and grow 

businesses and create local jobs.

Access to Housing 

OPIC support helped hundreds of thousands 

of low-income families around the world 

access financing to build or expand a house 

or obtain an affordable mortgage.

Electricity to Homes and Small Businesses

A variety of off-grid and utility-scale 

electricity projects helped to power farms, 

schools, businesses and homes.

Quality Healthcare 

Multiple healthcare projects supported 

construction of major new hospitals 

and enabled small rural clinics to reach 

more patients. 

Modern Technology 

OPIC supported the introduction of modern IT 

and telecommunications technology in remote 

and underserved areas. 

Projects supported over 

OPIC’s history led to the 

creation of a projected

one million host country 

jobs.
14 | THE HISTORY OF OPIC

A Pillar of U.S. Foreign Policy 

American foreign policy and national security were at the core of OPIC’s development 

mission throughout its 48 year history.

OPIC responded quickly to world events 

and worked to support investments as a 

stabilizing force.

In the 1970s, when the Organization of 

Petroleum Exporting Counties hiked 

oil prices, OPIC supported oil and gas 

production in less developed fields in 

Egypt, Ghana and other countries.

In the 1980s, OPIC responded quickly to 

the fall of communism in Eastern Europe, 

dispatching staff to Poland and Hungary. 

This work continued into the next decade 

as OPIC helped American businesses 

compete for opportunities in multiple former 

Soviet Republics and Eastern Bloc nations 

that were working to repair and upgrade longneglected infrastructure.

In 1991, OPIC committed to supporting 

development in South Africa after the repeal of 

Apartheid laws.

In 1995, as part of its support for the Middle East 

peace process, OPIC led an investment mission 

to the West Bank, leading to several projects that 

supported small business lending and access to 

housing.

OPIC also supported multiple investments to help 

rebuild infrastructure in Iraq and Afghanistan.

Support for investment in the West Bank helped 

create jobs and enable small businesses like 

this date producer to expand operations and 

reach international markets.

By standing behind the U.S. 

private sector, OPIC has both 

encouraged long-term stability 

in developing markets and 

makes significant contributions 

to America’s economic growth.

– President Bill Clinton 
48 YEARS OF MOBILIZING INVESTMENT | 15

Above: Before and After — OPIC was one of the first 

development organizations in Georgia after that country 

gained independence. OPIC has supported more than 50 

projects in the former Soviet Republic that have modernized 

industry and rebuilt war-torn buildings, such as this hotel in 

downtown Tbilisi, helping Georgia transform into one of the 

most investment-friendly economies in the world.

Below: OPIC President Bruce Llewellyn meeting 

with President Jimmy Carter. OPIC consistently 

worked to support U.S. foreign policy priorities 

and advance national security. In response 

to the 1970s oil crisis, the agency supported 

development of new oil and gas projects in 

Ghana and other countries. 
16 | THE HISTORY OF OPIC

Successes and New Challenges 

A key sign of OPIC’s success mobilizing private capital in developing markets was that 

several of these markets experienced growth to the point that OPIC support was no 

longer needed.

South Korea initially represented the 

largest country share of OPIC’s portfolio, 

but due to the economic expansion that 

resulted from increased investment, 

foreign businesses were eventually able to 

enter the market without OPIC support. 

Demand for OPIC political risk insurance 

also waned in many markets as the 

agency’s presence paved the way for 

private insurers to enter these markets.

In response to this shifting economic 

landscape, OPIC worked to mobilize 

investment in less developed places, 

including Sub-Saharan Africa, which 

accounted for more than one-quarter of 

the agency’s portfolio by 2019. That year, 

OPIC committed its first ever financing 

to a project in Chad, one of the least 

developed countries on the continent.

The problems we had to solve 

together were problems like 

‘how do you build a power plant 

in a place that doesn’t have any 

roads leading to the power plant 

site?’ This project was brash and 

the odds were long...and without 

the support of OPIC it never 

would have been a success.

– OPIC Partner in Togo 
48 YEARS OF MOBILIZING INVESTMENT | 17

Left: This grain storage facility was one of 

many projects OPIC supported in South Korea, 

helping to foster an investor-friendly business 

environment.

Below: OPIC’s work in Africa encompassed 

some of the least developed countries on 

the continent including Togo, where an OPICsupported power plant tripled that country’s 

energy generating capacity.
18 | THE HISTORY OF OPIC

Above: Early Mobile Banking — Decades before mobile banking became a widely recognized 

service, OPIC support helped a bank in Malawi partner with a U.S. bank to reach the most rural 

parts of the country through a fleet of nine mobile banking units. 
48 YEARS OF MOBILIZING INVESTMENT | 19

Innovation

OPIC was launched as an innovative, investment-based model of global development 

and a culture of innovation defined OPIC from the outset. OPIC sought out business 

partners with fresh approaches to addressing the needs of people in emerging markets. 

In the 1970s, decades before mobile banking 

was adopted in the developed world, OPIC 

helped a major U.S. bank partner with a 

commercial bank in Malawi to dispatch a fleet 

of mobile banking vehicles to reach people 

in the most rural parts of the country who had 

no access to physical banks.

In more recent years, OPIC committed to 

supporting small businesses and entrepreneurs 

who developed new solutions to persistent 

challenges. These partners developed power 

plants that generated electricity from discarded 

rice husks in India, modern toilets that converted 

waste into animal feed in Kenya, and a major 

reverse osmosis desalination plant in Algeria. 

Guided by an understanding that entrepreneurs 

are often highly engaged in their communities, 

OPIC developed multiple programs to help 

entrepreneurs in developing countries access 

financing to start or expand businesses so that 

they could bring jobs and innovation to their 

communities.

The agency’s innovative culture also inspired 

OPIC to expand its own products and services. 

In 1987, OPIC launched its investment funds 

department with a $20 million loan guaranty 

for a regional growth fund designed to 

develop private sector projects in South Africa. 

The Investment Funds Department grew to 

eventually become one of the leading providers 

of emerging market private equity in the world. 

Above: Some of the creative solutions 

developed by OPIC’s innovative partners 

included power plants that generated 

electricity from discarded rice husks in India.
20 | THE HISTORY OF OPIC

Investing with Impact 

OPIC’s strong focus on investing with impact 

led to the support of projects that delivered 

significant social and environmental returns. 

This led to a series of impactful projects long 

before “Impact Investing” was recognized 

as a legitimate investment tool that could 

generate social and environmental as well as 

financial returns.

Above: OPIC’s success in generating strong 

financial returns from impact investments led 

it to pursue more innovative deal structures, 

including the Development Impact Loan, a 

pay-for-performance structure in which interest 

repaid was linked to the impact achieved. By 

providing this type of financing to a hospital 

specializing in cataract surgery in Cameroon, 

OPIC was able to help thousands of people 

access sight-saving surgery. 

In 2002, OPIC committed to carefully evaluate 

the developmental impact of every proposed 

investment, and established a world class 

measurement tool and scoring matrix. 

OPIC supported a non-profit to drill dozens of 

wells in Ghana and Kenya providing families 

with a reliable source of clean water near 

their homes. 
48 YEARS OF MOBILIZING INVESTMENT | 21

A Far-reaching Impact

OPIC investments supported

• Thousands of affordable 

housing loans

• Millions of patient visits 

• Tens of millions of mobile 

phone subscriptions

• More than 5 million loans 

to microfinance and small 

business borrowers 

• Hundreds of thousands of host 

country jobs

Right: OPIC-supported housing 

project in South Africa 
22 | THE HISTORY OF OPIC

OPIC closely monitored projects to ensure 

they were environmentally and socially 

sustainable; and respected human rights, 

local communities and the environment.
48 YEARS OF MOBILIZING INVESTMENT | 23

Bringing High Standards 

to the World 

OPIC’s longstanding commitment to investing with the highest standards ensured that 

the projects it supported were built to last and built with respect for local communities, 

workers, and the environment. 

This focus on high standards also helped 

introduce American best business practices 

to the world. 

As the agency grew, it devoted greater 

attention to developmental screening, while 

suspending projects in countries that failed 

to show progress in human rights.

In 1985, Congress amended OPIC’s statute 

to require environmental assessments of 

OPIC projects, and directed OPIC to decline 

support for projects posing unreasonable 

or major environmental, health or safety 

hazards.

In the ensuing years, OPIC developed a 

detailed environmental and social policy. 

The agency also committed to carefully 

evaluating all potential projects and 

monitoring active projects to ensure they 

were having a positive impact.

OPIC’s 1998 Environmental and Social Policy 

Statement provided a detailed outline of 

standards to be applied to every project.

In 2006, OPIC announced the anti-corruption 

and transparency initiative, to build on efforts 

to combat corruption in host countries, 

create a level playing field for lawful business 

activities and improve information sharing and 

transparency of OPIC’s own operations. By 

encouraging countries to adopt reforms, this 

focus helped open new markets for developing 

countries.

This consistent attention to high standards 

helped encourage reform in emerging markets, 

making them more welcoming business 

environments, and distinguishing the U.S. 

approach to development.

OPIC worked to ensure that the projects it 

supported respected worker rights.
24 | THE HISTORY OF OPIC

Supporting American Small 

Businesses in the Global Economy

OPIC was created at a time when the 

largest American businesses accounted 

for the vast majority of U.S. foreign direct 

investment. OPIC maintained a longstanding 

commitment to domestic outreach to 

educate small businesses about the 

opportunities of investing in emerging 

markets. 

The share of OPIC’s projects involving 

American small business grew steadily, 

accounting for over half of all projects 

supported in OPIC’s later years.

Above: Many of OPIC’s most impactful projects 

were initiated by American small businesses. 

A California startup used an OPIC loan to 

establish an açaí berry processing facility in 

Brazil that — in the words of the company 

founder — helped “make the rainforest too 

valuable to cut down.”

Right: An Arkansas business used OPIC 

political risk insurance to invest in modernizing 

Rwanda’s coffee sector. 

One of the ways OPIC has 

helped us is by giving us the 

confidence to go into these 

markets and take risks. 

– OPIC Partner in Rwanda 

OPIC projects led to the procurement of 

American-made goods and services. 
48 YEARS OF MOBILIZING INVESTMENT | 25

Above: A small Oklahoma business used an 

OPIC loan to extend the life of an aging oil 

field in Colombia.

Below: A Massachusetts startup used an 

OPIC loan to introduce its cloud-based cargo 

technology to India and the Philippines.
26 | THE HISTORY OF OPIC

Empowering Women

The world’s fastest growing emerging market is 

not a country or a region. Rather, it is the world’s 

women, who invest a larger share of their 

earnings in their families and communities and 

are vital to fostering stability and prosperity. 

In 2017, OPIC launched the 2X Women’s 

Initiative to economically empower women in 

the developing world by supporting projects 

that were owned by or led by women, or offered 

a product or service that benefits women.

Above: Investing with a Gender Lens — When 

clean water is in short supply in the developing 

world, the task of collecting it frequently falls on the 

women in the family, who often have to walk for 

hours a day, leaving no opportunity to work in the 

formal economy and earn income. The 2X Initiative 

supported a project in India that installed hundreds 

of water purification plants around the country, 

vastly improving the quality of life for women, and 

the health prospects for their families. 

When woman earn a 

competitive income, they 

invest the vast majority of 

it into their families and 

communities. 

The 2X Women’s Initiative helped address a multibillion dollar credit gap that made it particularly 

difficult for women to obtain loans to start and 

grow businesses. During its first year, the initiative 

catalyzed more than $1 billion in capital to 

economically empower women.
48 YEARS OF MOBILIZING INVESTMENT | 27
28 | THE HISTORY OF OPIC

Powering the World 

Insufficient energy has long been one of the biggest barriers to economic growth and 

improved quality of life in the developing world.

OPIC’s ability to support major infrastructure 

projects requiring large investments of time 

and money enabled it to advance energy 

production, oil refining, and power generation 

from Asia to Eastern Europe and Latin America, 

supplying fuel to growing populations and 

increasingly modern economies.

OPIC insurance supported construction of the 

Trans Panama pipeline in 1982. 

In 2013, OPIC redoubled efforts to expand 

access to electricity in the most powerscarce place on the planet: Sub-Saharan 

Africa, where more than half the population 

lacked regular access to power. As a key 

partner in the U.S. Power Africa Initiative, 

OPIC supported development of more than 

30 utility-scale and off-grid power projects in 

multiple countries including Kenya, Ghana, 

Nigeria, Senegal, and Chad. 

Early OPIC project supported construction of 

an oil refinery in South Korea.
48 YEARS OF MOBILIZING INVESTMENT | 29

Left: This OPIC-supported power plant in 

Senegal is one of more than 30 power 

projects the agency supported through the 

U.S. Power Africa initiative.

Below: OPIC’s support for renewable energy 

projects helped multiple countries diversify 

their power supplies.
30 | THE HISTORY OF OPIC

Passage of the BUILD Act shows what we can accomplish when 

we set politics aside and work together. The BUILD Act creates 

a 21st Century development finance institution that will double 

the U.S. lending capacity, bringing U.S. private sector investment 

to low income countries around the world. This investment will 

allow us to reduce poverty in areas that are critical to our national 

security, compete with Chinese influence in the developing world, 

and help U.S. businesses grow and succeed. – Senator Chris Coons
48 YEARS OF MOBILIZING INVESTMENT | 31

A New Era 

for Development Finance 

By 2018, after years of consistent portfolio growth, OPIC was approaching its $29 billion 

investment cap. Demand for OPIC financing and insurance remained strong, and as 

authoritarian governments increased their presence in developing countries, development 

finance was increasingly recognized as a critical component of American foreign policy. 

The BUILD Act (Better Utilization of 

Investments Leading to Development) 

passed Congress with bipartisan support 

and was signed into law by President 

Donald Trump on October 5, 2018.

The new law set in motion OPIC’s 

transformation to the United States 

International Development Finance 

Corporation. 

The new DFC combines OPIC with the 

Development Credit Authority, previously 

housed in the U.S. Agency for International 

Development, launching a modern 

agency with more tools and resources for 

development.

• A higher investment cap. The new DFC has 

a total investment limit of $60 billion, which is 

more than double OPIC’s $29 billion threshold.

• Equity authority. In addition to debt 

financing, DFC has the ability to make equity 

investments.

• Technical assistance and feasibility studies. 

Additional tools enable DFC to be more 

proactive in identifying and addressing 

development needs around the world.

• Strong focus on empowering the world’s 

poorest. DFC will promote inclusive economic 

growth in the world’s least developed 

countries.

• Robust alternative to state directed 

investments. DFC will promote an 

economically viable form of private-sector led 

investment that avoids debt trap diplomacy. 

Left: President Donald Trump signed the 

BUILD Act into law on October 5, 2018, 

paving the way for OPIC to transform into 

the U.S. International Development Finance 

Corporation.
32 | THE HISTORY OF OPIC

OPIC Partners 

BMR Energy • Joshi Technologies • Motorola • Avis Rent-a-Car • Relief International • Kaiser Cement • Gillette • Google 

• Citi • International Rescue Committee • Oscar Mayer • Reynolds Metals • Dimagi • Qualcomm • Singer Co. • Seminole 

Tribe of Florida • Johnson & Johnson • Nabisco • Chemtex Fibers • Squibb • Exxon • Black & Decker • Data General 

• Sambazon • Grameen Foundation • American Can • Zuari Agro Chemicals • U.S. Steel • Ormat • McDonald’s • 

Raytheon • African Leadership Foundation • Owens-Illinois • Dana Corporation • Revlon • WaterHealth • Emerging 

Capital Partners • Bank of America • Wells Fargo • Iron Pillar Capital Management • One Acre Fund • Dow Chemical • 

Calvert Foundation • Advanced Micro Devices • Abbott Laboratories • Mine Safety Appliances • Standard Oil • Cargill 

• National Can • Marriott • B.F. Goodrich • Tesoro Petroleum • Mack Trucks • Schering-Plough • Wachovia • Kiva • Total 

Impact Capital • General Mills • Helios Investment Partners • Del Monte • Habitat for Humanity • Access Africa Fund • 

American Wool and Cashmere • Hormel • Halliburton • Gigawatt Global • Cray Research • SunFunder • Merck • DuPont 

• Sheraton • American Express • Ford Motor Co. • International Paper • General Motors • Omidyar Network • Westrock 

Coffee • Trans World Airlines • Bechtel • Grassroots Business Fund • AES Corporation • John Hancock • Ramada Inns 

• Quantum ID • Yaque Agricultural Enterprises • Westinghouse Electric • General Dynamics • Seaboard Corporation 

• Georgia Pacific • Hershey International • Azul • Occidental Petroleum • Kellogg • Aluminum Company of America • 

Emerging Europe Fund for Sustainable Development • Alsis • Mission Energy • Monsanto • Universal Foods • Kmart • 

Nike • Intel • Bethlehem Steel • American Cyanamid • Reservoir Capital • Honeywell • Volt Information Sciences • Smith 

Barney • Dresser Industries • International Telephone & Telegraph • Noble Energy • Hilton Foundation • Mercy Corps • 

Pepper Construction • H.J. Heinz • Global Partnerships • Kimberly-Clark • Teachers Insurance and Annuity Association 

of America • Medical Credit Fund • First Solar • Clark Realty • Caterpillar • Warner Lambert • Global Communities 

• Westin Hotels • Fluor • Unitus • Chemonics • Kidder • Phatisa • Water Equity • Blue Mountain Renewables • First 

National Bank of Boston • Colgate-Palmolive • World’s Finest Chocolate • Root Capital • Celanese • Mobil • Heaven 

Holdings • Freeport McMoran • Phelps Dodge • Quanta Corporation • Xerox • Rohm & Haas • Levi Strauss • McKinnon 

• Accion • Sara Lee • Scott Paper • General Instrument • Beyond the Grid Solar Fund • LeapFrong Investments • KerrMcGee • Greenlight Planet • ZH Computer • Applied Magnetics • Pennzoil • Texaco • GE • Coca-Cola • Gazelle Finance 

• ContourGlobal • Hyatt • Living Water International • Ellicott Dredges • Pfizer • Land O’Lakes • Silver Street Private 

Equity Strategies • Chase Manhattan Bank • Paladin • Dragon Capital • Mellon Bank • RCA • Uniroyal • Bristol-Meyers 

• Alistair James • Hercules • Pepsi • Reader’s Digest • North Shore Medical Labs • Ralston Purina • Lafise Group • 

Pacific Gas • Fresh Star Bakeries • Carrier Corporation • Apache Corporation • Middle East Investment Initiative • 

Sarona Asset Management • Peabody • Ace Hardware • Unocal • Belstar • Driscoll Strawberry • Microvest • Chubb