Tokyo, Japan, Nov. 07, 2017 (GLOBE NEWSWIRE) -- TOKYO, JAPAN - Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution, President and Chief Executive Officer Ray W. Washburne today signed Memorandums of Understanding (MOU) with Japan Bank for International Cooperation (JBIC) Chief Executive Officer and Executive Managing Director Tadashi Maeda and Nippon Export and Investment Insurance (NEXI) Chairman and Chief Executive Officer Kazuhiko Bando highlighting their commitment to tackling development challenges and bolstering investment in infrastructure, energy and other critical sectors throughout Asia and the Indo Pacific, the Middle East, and Africa. U.S. Ambassador to Japan William F. Hagerty and State Minister of Economy, Trade, and Industry Kosaburo Nishime officiated at the signing ceremony.
During his remarks on November 6 in Tokyo to American and Japanese business leaders, President Donald J. Trump stated that the agreements are "a major development that will advance our shared interests in the region."
Each MOU develops a framework for cooperation between the agencies to bolster support for investment in emerging markets by mutually collaborating on projects that meet policy objectives and by coordinating business development efforts.
"These agreements will allow us to have a broader impact while strengthening the continued work between the U.S. and Japan," Mr. Washburne said. "Through focusing on infrastructure and energy projects around the globe, we can enhance the position of our respective private sector companies in an increasingly competitive global market."
The MOUs follow the recent Japan-U.S. Economic Dialogue, when the Governments of Japan and the U.S. committed to bolster energy and infrastructure projects in emerging markets. To date, OPIC, JBIC, and NEXI have coordinated support for several projects together including a 370MW natural gas-fired power in Jordan and a private equity fund supporting the renewable energy value chain in India and South Asia. From Tokyo, Mr. Washburne is traveling to Vietnam in conjunction with President Trump's visit to the Asia-Pacific Economic Cooperation Chief Executive Officer Summit.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity fund managers.
OPIC services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/40f95a6f-1de5-4e16-b776-0e5fce5f5209
Amanda M. Burke Overseas Private Investment Corporation 202-312-2186 firstname.lastname@example.org
Source:Overseas Private Investment Corporation