Their ability to promote economic growth in developing countries has helped America compete overseas while supporting stability. By reducing or eliminating ceratin perceived political risks for investors and providing financial assistance not otherwise available, OPIC helps reduce the unusual risks and problems that would otherwise hinder investment opportunities in developing countries. Over 55,000 of these jobs were created by New York projects. Expansion of a business, as well as the drive to remain competitive, have long lasting impacts on a surrounding community because of the jobs they create. By providing the incentive to invest overseas, OPIC has evolved into a catalyst that promotes economic growth.
Small businesses are key to economic growth and development both home and abroad.
OPIC is a proven tool that helps businesses both large and small compete in the global economy. I thank the Chairman for recognizing the importance of this Corporation and look forward to the testimony from our witnesses.