‘‘(2) RISK SHARING ARRANGEMENTS WITH FOR-
EIGN GOVERNMENTS AND MULTILATERAL ORGANIZA-
TIONS.—Recognizing that major private investments
in eligible countries or areas are often made by en-
terprises in which there is multinational participa-
tion, including significant United States private par-
ticipation, the Corporation may make arrangements
with foreign governments (including agencies, instru-
mentalities, and political subdivisions thereof) and
with multilateral organizations and institutions for
sharing liabilities assumed under investment insur-
ance for such investments and may, in connection
with such arrangements, issue insurance to investors
not otherwise eligible for insurance under this title,
except that—
‘‘(A) liabilities assumed by the Corporation
under the authority of this paragraph shall be
consistent with the purposes of this title; and
‘‘(B) the maximum share of liabilities so
assumed shall not exceed the proportionate par-
ticipation by eligible investors in the project.
‘‘(3) MAXIMUM CONTINGENT LIABILITY WITH
RESPECT TO SINGLE INVESTOR.—Not more than 10
percent of the maximum contingent liability of in-
vestment insurance which the Corporation is per-
mitted to have outstanding under section 235(a)(1)
shall be issued to a single investor.
‘‘(b) INVESTMENT FINANCING.—
‘‘(1) DIRECT LENDING.—(A) The Corporation
is authorized to make loans in United States dollars,
repayable in dollars, and to make loans in foreign
currencies, to firms privately owned or of mixed pri-
vate and public ownership, upon such terms and
conditions as the Corporation may determine.
‘‘(B) The Corporation may designate up to 25
percent of any loan under this paragraph for use in
the development or adaptation in the United States
of new technologies or new products or services that
are to be used in the project for which the loan is
made and are likely to contribute to the economic or
social development of less developed countries.
‘‘(2) EQUITY INVESTMENT.—(A) The Corpora-
tion is authorized to purchase, invest in, or other-
wise acquire equity securities or securities with eq-
uity characteristics of any firm or entity, upon such
terms and conditions as the Corporation may deter-
mine, to be funded in the same manner as direct
loans under the Federal Credit Reform Act of 1990
for the purpose of providing capital for any project
which is consistent with the provisions of this title,
subject to the limitations in subparagraph (B).
‘‘(B)(i) The aggregate amount of the Corpora-
tion’s equity investment under this paragraph with
respect to any project shall not exceed 30 percent of
the aggregate amount of all equity investment made
with respect to such project at the time that the
Corporation’s equity investment is made (excluding
any securities acquired through the enforcement of
any lien, pledge, or contractual arrangement as a re-
sult of a default by any party under any agreement
relating to the terms of the Corporation’s invest-
ment).
‘‘(ii) The Corporation’s equity investment under
this paragraph with respect to any project, when
added to any other investments made or guaranteed
by the Corporation under this subsection with re-
spect to such project, shall not cause the aggregate
amount of all such investment to exceed, at the time
any such investment is made or guaranteed by the
Corporation, 75 percent of the total investment com-
mitted to such project, as determined by the Cor-
poration. The determination of the Corporation
under this clause shall be conclusive for purposes of
the Corporation’s authority to make or guarantee
any such investment.
‘‘(C) In making investment decisions under this
paragraph, the Corporation shall give consideration
to the extent to which the Corporation’s equity in-
vestment will assist in obtaining the financing re-
quired for such projects.
‘‘(D) Taking into consideration, among other
things, the Corporation’s financial interests and the
desirability of fostering the development of local cap-
ital markets in emerging democracies, economies in
transformation, and less developed countries, the
Corporation shall endeavor to dispose of any equity
interest it may acquire under this paragraph within
a period of 10 years from the date of acquisition of
such interest.
‘‘(3) INVESTMENT GUARANTEES.—(A) The Cor-
poration is authorized to issue to eligible investors
guarantees of loans and other investments made by
such investors assuring against loss due to such
risks and upon such terms and conditions as the
Corporation may determine, subject to subpara-
graphs (B) and (C).
‘‘(B) A guarantee issued under subparagraph
(A) on other than a loan investment may not exceed
75 percent of such investment.
‘‘(C) Except for loan investments for credit
unions made by eligible credit unions or credit union
associations, the aggregate amount of investment
(exclusive of interest and earnings) for which guar-
antees are issued under subparagraph (A) with re-
spect to any project shall not exceed, at the time of
issuance of any such guarantee, 75 percent of the
total investment committed to any such project as
determined by the Corporation. Such determination
by the Corporation shall be conclusive for purposes
of the Corporation’s authority to issue any such
guarantee.
‘‘(c) INVESTMENT ENCOURAGEMENT.—The Corpora-
tion is authorized to initiate and support through financial
participation, incentive grant, or otherwise, and on such
terms and conditions as the Corporation may determine,
the identification, assessment, surveying, and promotion
of private investment opportunities, using wherever fea-
sible and effective the facilities of private investors. The
Corporation shall not finance any survey to ascertain the
existence, location, extent, or quality of oil or gas re-
sources.
‘‘(d) SPECIAL ACTIVITIES.—The Corporation is au-
thorized to administer and manage special projects and
programs, including programs of financial and advisory
support, which provide private technical, professional, or
managerial assistance in the development of human re-
sources, skills, technology, capital savings, intermediate fi-
nancial and investment institutions, and cooperatives. The
funds for these projects and programs may, with the Cor-
poration’s concurrence, be transferred to it for such pur-
poses under the authority of section 632(a) or from other
sources, public or private.
‘‘(e) OTHER INSURANCE FUNCTIONS.—
‘‘(1) IN GENERAL.—The Corporation is author-
ized—
‘‘(A) to make and carry out contracts of
insurance or reinsurance, or agreements to as-
sociate or share risks, with insurance compa-
nies, financial institutions, any other persons,
or groups thereof; and
‘‘(B) to employ such insurance companies,
financial institutions, other persons, or groups,
where appropriate, as its agent, or to act as
their agent, in the issuance and servicing of in-
surance, the adjustment of claims, the exercise
of subrogation rights, the ceding and accepting
of reinsurance, and in any other matter incident
to an insurance business.
Such agreements and contracts shall be consistent
with the purposes of the Corporation set forth in
section 231 and shall be on equitable terms.
‘‘(2) RISK-SHARING
AGREEMENTS.—The Cor-
poration is authorized to enter into pooling or other
risk-sharing agreements with multinational insur-
ance or financing agencies or groups of such agen-
cies.
‘‘(3) OWNERSHIP INTEREST IN RISK-SHARING
ENTITIES.—The Corporation is authorized to hold
an ownership interest in any association or other en-
tity established for the purposes of sharing risks
under investment insurance.
‘‘(4) REINSURANCE OF CERTAIN LIABILITIES.—
The Corporation is authorized to issue, upon such
terms and conditions as it may determine, reinsur-
ance of liabilities assumed by other insurers or
groups thereof with respect to risks referred to in
subsection (a)(1).
‘‘(5) 
LIMITATION
ON
REINSURANCE.—The
amount of reinsurance of liabilities under this title
which the Corporation may issue shall not in the ag-
gregate exceed at any one time an amount equal to
the amount authorized for the maximum contingent
liability outstanding at any one time under section
235(a)(1). All reinsurance issued by the Corporation
under this subsection shall require that the rein-
sured party retain for his or her own account speci-
fied portions of liability, whether first loss or other-
wise.
‘‘(6) ENHANCING PRIVATE POLITICAL RISK IN-
SURANCE INDUSTRY.—In order to encourage greater
availability of political risk insurance for eligible in-
vestors by enhancing the private political risk insur-
ance industry in the United States, and to the ex-
tent consistent with this title, the Corporation shall
undertake programs of cooperation with such indus-
try, and in connection with such programs may en-
gage in the following activities:
‘‘(A) Utilizing its statutory authorities, en-
courage the development of associations, pools,
or consortia of United States private political
risk insurers.
‘‘(B) Share insurance risks (through coin-
surance, contingent insurance, or other means)
in a manner that is conducive to the growth
and development of the private political risk in-
surance industry in the United States.
‘‘(C) Notwithstanding section 237(e), upon
the expiration of insurance provided by the Cor-
poration for an investment, enter into risk-shar-
ing agreements with United States private po-
litical risk insurers to insure any such invest-
ment. In cooperating in the offering of insur-
ance under this clause, the Corporation shall
not assume responsibility for more than 50 per-
cent of the insurance being offered in each sep-
arate transaction.
‘‘SEC. 234. GUIDELINES AND CRITERIA FOR OPIC SUPPORT.
‘‘(a) DEVELOPMENT GUIDELINES.—
‘‘(1) CRITERIA.—The Corporation, in determin-
ing whether to provide insurance, reinsurance, or fi-
nancing for a project shall be guided by the eco-
nomic, environmental, and social development impact
and benefits of such a project and the ways in which
such a project complements, or is compatible with,
other development assistance programs or projects
of the United States or other donors.
‘‘(2) DEVELOPMENT
IMPACT
PROFILE.—In
order to carry out the policy set forth in paragraph
(1), the Corporation shall prepare and maintain, for
each investment project it insures, reinsures, or fi-
nances, a development impact profile consisting of
data appropriate to measure the projected and ac-
tual effects of such project on development.
‘‘(b) SMALL BUSINESS DEVELOPMENT.—
‘‘(1) BROADENED
PARTICIPATION
BY
SMALL
BUSINESSES.—The Corporation shall undertake, in
cooperation with appropriate agencies of the United
States Government as well as private entities and
others, to broaden the participation of United States
small business, cooperatives, and other small United
States investors in the development of small private
enterprise in eligible countries or areas.
‘‘(2) PREFERENTIAL
CONSIDERATION.—Not-
withstanding the requirements of section 231(c)(1),
and on such terms and conditions as the Corpora-
tion may determine through loans, grants, or other
programs authorized by section 233, the Corporation
shall undertake, to the maximum degree possible
consistent with its purposes—
‘‘(A) to give preferential consideration in
its investment insurance, reinsurance, and
guarantee activities to investment projects spon-
sored by or involving United States small busi-
ness; and
‘‘(B) to maintain the proportion of projects
sponsored by or significantly involving United
States small business at not less than 30 per-
cent of all projects insured, reinsured, or fi-
nanced by the Corporation.
‘‘(c) ENVIRONMENTAL CONSIDERATIONS.—
‘‘(1) ENVIRONMENTAL, HEALTH, OR
SAFETY
HAZARD.—The Corporation shall refuse to insure,
reinsure, or finance any investment in connection
with a project which the Corporation determines will
pose an unreasonable or major environmental,
health, or safety hazard, or will result in the signifi-
cant degradation of national parks or similar pro-
tected areas.
‘‘(2) 
RESOURCE
SUSTAINABLE
DEVELOP-
MENT.—The Corporation, in determining whether to
provide insurance, reinsurance, or financing for a
project, shall ensure that the project is consistent
with the provisions of section 117 (as so redesig-
nated by the Special Foreign Assistance Act of
1986), section 118, and section 119 of this Act re-
lating to the environment and natural resources of,
and tropical forests and endangered species in, de-
veloping countries, and consistent with the intent of
regulations issued pursuant to sections 118 and 119
of this Act.
‘‘(3) IMPACT ON ENVIRONMENT AND NATURAL
RESOURCES.—The requirements of section 117(c) of
this Act relating to environmental impact statements
and environmental assessments shall apply to any
investment which the Corporation insures, reinsures,
or finances under this title.
‘‘(4) NOTIFICATION
OF
FOREIGN
GOVERN-
MENTS.—Before finally providing insurance, reinsur-
ance, or financing under this title for any environ-
mentally sensitive investment in connection with a
project in a country, the Corporation shall notify ap-
propriate government officials of that country of—
‘‘(A) all guidelines and other standards
adopted by the International Bank for Recon-
struction and Development and any other inter-
national organization that relate to the public
health or safety or the environment and are ap-
plicable to the project; and
‘‘(B) to the maximum extent practicable,
any restriction, under any law of the United
States, that relates to public health or safety or
the environment and would apply to the project
if the project were undertaken in the United
States.
The notification under the preceding sentence shall
include a summary of the guidelines, standards, and
restrictions referred to in subparagraphs (A) and
(B), and may include any environmental impact
statement, assessment, review, or study prepared
with respect to the investment pursuant to para-
graph (3).
‘‘(5) 
CONSIDERATION
OF
COMMENTS
RE-
CEIVED.—Before finally providing insurance, rein-
surance, or financing for any investment subject to
paragraph (4), the Corporation shall take into ac-
count any comments it receives on the project in-
volved.
‘‘(d) WORKER RIGHTS.—
‘‘(1) LIMITATION
ON
OPIC
ACTIVITIES.—The
Corporation may insure, reinsure, or finance a
project only if the country in which the project is to
be undertaken is taking steps to adopt and imple-
ment laws that extend internationally recognized
worker rights, as defined in section 502(a)(4) of the
Trade Act of 1974 (19 U.S.C. 2462(a)(4)), to work-
ers in that country (including any designated zone in
that country). The Corporation shall also include the
following language, in substantially the following
form, in all contracts which the Corporation enters
into with eligible investors to provide financial sup-
port under this title:
‘‘ ‘The investor agrees not to take actions to
prevent employees of the foreign enterprise from
lawfully exercising their right of association and
their right to organize and bargain collectively. The
investor further agrees to observe applicable laws re-
lating to a minimum age for employment of children,
acceptable conditions of work with respect to mini-
mum wages, hours of work, and occupational health
and safety, and not to use forced labor. The investor
is not responsible under this paragraph for the ac-
tions of a foreign government.’.
‘‘(2) USE OF ANNUAL REPORTS ON WORKERS
RIGHTS.—The Corporation shall, in making its de-
terminations under paragraph (1), use the reports
submitted to the Congress pursuant to section
505(c) of the Trade Act of 1974 (19 U.S.C.
2465(c)).
‘‘(3) WAIVER.—(A) Paragraph (1) shall not
prohibit the Corporation from providing any insur-
ance, reinsurance, or financing with respect to a
country if the President of the United States deter-
mines that such activities by the Corporation would
be in the national economic interests of the United
States. Any such determination shall be reported in
writing to the appropriate congressional committees,
together with the reasons for the determination.
‘‘(B) As used in subparagraph (A), the term
‘appropriate congressional committees’ means the
Committee on Foreign Affairs and the Committee on
Appropriations of the House of Representatives and
the Committee on Foreign Relations and the Com-
mittee on Appropriations of the Senate.
‘‘(e) HUMAN RIGHTS.—
‘‘(1) IN GENERAL.—The Corporation shall take
into account in the conduct of its programs in a
country, in consultation with the Secretary of State,
all available information about observance of and re-
spect for human rights and fundamental freedoms in
such country and the effect the operation of such
programs will have on human rights and fundamen-
tal freedoms in such country.
‘‘(2) HUMAN RIGHTS VIOLATORS.—The provi-
sions of section 116 shall apply to any insurance, re-
insurance, or financing provided by the Corporation
for projects in a country, except that in addition to
the exception set forth in subsection (a) of such sec-
tion, the Corporation may support a project if the
national security interest so requires.
‘‘(f) HARM
TO
EMPLOYMENT
IN
THE
UNITED
STATES.—
‘‘(1) REPLACEMENT OF UNITED STATES PRO-
DUCTION.—(A) The Corporation shall refuse to in-
sure, reinsure, or finance an investment if the Cor-
poration determines that—
‘‘(i) such investment is likely to cause the
investor significantly to reduce the number of
the investor’s employees in the United States
because the investor is replacing his or her
United States production with production from
such investment; and
‘‘(ii) the production from such investment
involves substantially the same product for sub-
stantially the same market as the investor’s
United States production.
‘‘(B) If the Corporation determines that an in-
vestment is not likely to have the effects described
in subparagraph (A), the Corporation shall monitor
conformance with the representations made by the
investor on which the Corporation relied in making
that determination.
‘‘(2) EXPORT PROCESSING ZONES.—The Cor-
poration shall refuse to insure, reinsure, or finance
an investment for the purpose of establishing or de-
veloping in a foreign country any export processing
zone or designated area in which the tax, tariff,
labor, environment, and safety laws of that country
do not apply, in part or in whole, to activities car-
ried out within that zone or area, unless such assist-
ance is not likely to cause a loss of jobs within the
United States as determined in consideration of the
restrictions contained in paragraph (1).
‘‘(g) PERFORMANCE REQUIREMENTS.—The Corpora-
tion shall refuse to insure, reinsure, or finance an invest-
ment which is subject to performance requirements which
would reduce substantially the positive trade benefits like-
ly to accrue to the United States from the investment.
‘‘(h) PROHIBITED TRADE PRACTICES.—
‘‘(1) PAYMENTS TO VIOLATORS BARRED.—No
payment may be made under any insurance or rein-
surance which is issued under this title on or after
April 24, 1978, for any loss occurring with respect
to a project, if the preponderant cause of such loss
was an act by the investor seeking such payment, by
a person possessing majority ownership and control
of the investor at the time of the act, or by any
agent of such investor or controlling person, and a
court of the United States has entered a final judg-
ment that such act constituted a violation of section