June 21, 2019
SINGAPORE – Eric Jones, Chief of Staff of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today traveled to Singapore, where he reaffirmed OPIC’s commitment to partnering with the country to support development and investment in priority sectors including digital and energy infrastructure across the Indo-Pacific region.
“The United States and Singapore share a strong and longstanding relationship based on goals of stability and prosperity,” Jones said. “Through this visit, I’m proud to reaffirm OPIC’s commitment to partnering with Singapore to support economic growth across the region and advance prosperity in the Indo-Pacific.”
While in Singapore, Jones met with high-level government officials from the Ministry of Finance and Infrastructure Asia, and also discussed high-impact investment opportunities in the region with local business leaders.
Singapore is the second stop on a four-country Indo-Pacific tour that began in Malaysia and will continue to Indonesia and Laos. Jones is visiting the region to promote U.S. investment, strengthen relationships, and explore opportunities to cooperate with strategic partners to drive economic growth and counter predatory lending practices.
OPIC currently has more than $3 billion invested across 75 projects in the Indo-Pacific and a long history of collaborating with key partners in the region. Earlier this year, OPIC signed a memorandum of understanding with the Government of Singapore to strengthen coordination in advancing development throughout the region.
The visit comes as OPIC prepares to transform into a new, modernized agency called the U.S. International Development Finance Corporation (DFC) in October 2019. Equipped with a more than doubled investment cap of $60 billion and new tools like equity authority, DFC will have more resources to invest in priority regions such as the Indo-Pacific.
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.