Overseas Private Investment Corporation [OPIC] Law and Legal Definition

The Overseas Private Investment Corporation (OPIC) is a federal agency promoting economic development in the U.S. The OPIC was established in 1971. The OPIC encourages the U.S. businesses to make investments in overseas. The objectives of the OPIC are:

1.Fostering economic development in new and emerging markets;

2. Supporting the U.S. foreign policy;

3. Creating more employment opportunities in the U.S. by helping the U.S. businesses to invest overseas.

OPIC also provides financing through direct loans and loan guarantees. OPIC’s financing and political risk insurance also help U.S. businesses of all sizes to compete in emerging markets. The OPIC promotes the U.S. best practices by requiring projects to adhere to international standards on the environment and worker and human rights. The OPIC's policy is to make its records available to the public to the greatest extent possible which promotes accountability and provides information for citizens about what their government is doing.[22 CFR 706.11]