*EPF310 12/19/2001
Text: OPIC Promotes U.S. Private Investment in Afghanistan
(OPIC chief meets Afghan finance minister-designate Amin-Arsala) (700)

President and Chief Executive Officer of the Overseas Private Investment Corporation (OPIC) Peter Watson and OPIC Executive Vice President Ross Connelly met with Afghanistan's finance minister-designate, Hedayat Amin-Arsala, in Washington December 18 and promised to promote U.S. private investment in Afghanistan to help rebuild the country.

"OPIC will work diligently with Minister-designate Amin-Arsala and other members of the new Afghan government to identify opportunities for U.S. investment in their country, then offer the support of OPIC services to realize those opportunities. During the past two months, Americans have been impressed by ordinary Afghans' perseverance and industry in the face of terrific challenges. OPIC will work with Afghanistan to help its entrepreneurs capitalize on those qualities," Connelly was quoted as saying in an OPIC press release December 18.

OPIC offers political risk insurance and financing to help U.S. businesses of all sizes invest in emerging markets and developing nations worldwide. OPIC is helping other frontline Asian states such as Uzbekistan and Pakistan, which support the international campaign against terrorism, attract U.S. investment, the press release said.

In October, OPIC offered Pakistan a $300 million special line of credit as one of a series of extraordinary initiatives for Pakistan, the press release said.

Following is the text of the press release:

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U.S. Overseas Private Investment Corporation Washington, D.C. www.opic.gov

FOR IMMEDIATE RELEASE Tuesday, December 18, 2001

OPIC LEADERSHIP MEETS WITH AFGHAN FINANCE MINISTER-DESIGNATE, PLEDGES SUPPORT

WASHINGTON, D.C. -- Dr. Peter S. Watson, president and CEO of the Overseas Private Investment Corporation (OPIC), and OPIC Executive Vice President Ross Connelly met with Afghanistan's finance minister-designate, Hedayat Amin-Arsala, and said OPIC would work to attract U.S. private sector investment to the war-torn country as an important element in its rebuilding.

The meeting was the latest in a series of OPIC actions to encourage U.S. private sector investment in Afghanistan and frontline Asian states supporting the international war against terrorism.

"Post-Taliban Afghanistan will require not only humanitarian assistance, but support as it rebuilds its economy and economic institutions, including a capacity to make use of foreign direct investment in a way that benefits as many Afghans as possible," Dr. Watson said. "Economic growth generated by investment stands to be the most sustainable and diffuse -- two outcomes certainly we all support."

Connelly said, "OPIC will work diligently with Minister-designate Amin-Arsala and other members of the new Afghan government to identify opportunities for U.S. investment in their country, then offer the support of OPIC services to realize those opportunities. During the past two months, Americans have been impressed by ordinary Afghans' perseverance and industry in the face of terrific challenges. OPIC will work with Afghanistan to help its entrepreneurs capitalize on those qualities."

In October, OPIC announced a series of extraordinary initiatives for Pakistan, including extension of a $300 million special line of credit; OPIC financing and political risk insurance for U.S.-sponsored projects affected by the war on terrorism; and an updated bilateral agreement between the U.S. and Pakistan enabling private insurers to co-insure developmental projects in Pakistan with OPIC.

Also that month, Dr. Watson met with Uzbekistan's minister for foreign economic relations and affirmed OPIC support for U.S. investment in Uzbekistan.

Regionally, OPIC is represented at the Ankara-based Caspian Finance Center, sited to provide business development services for U.S. companies interested in investing in Turkey and the Caucasus and Central Asia regions. OPIC, the U.S. Trade and Development Agency and the Export-Import Bank of the U.S. announced recently their intention to extend operation of the center through 2003.

OPIC's political risk insurance and financing help U.S. businesses of all sizes invest in 140 emerging markets and developing nations worldwide. Over the agency's 30-year history, OPIC has supported $138 billion worth of investments that have helped developing countries to generate over $10 billion in host-government revenues and create nearly 668,000 host-country jobs. OPIC projects have also generated $63.6 billion in U.S. exports and create nearly 250,000 American jobs.

For further information, contact: Lawrence Spinelli (202) 336-8690 or Timothy Harwood (202) 336-8744

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(Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)

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