Amcham President Philippe Armand makes open remarks to OPIC luncheon

On behalf of Board of the American Chamber of Commerce in Haiti, we are truly pleased to welcome Mrs. Elisabeth Littlefield, President and CEO of the Overseas Private Investment Company, known as OPIC. I believe that it is truly the first time that Haiti is receiving a visit from OPIC at the most senior level and we do hope that this will only confirm the institution’s renewed interest in helping the reconstruction of Haiti.

As most of you are aware of, OPIC is a development finance institution owned by the US Government. OPIC was created in 1971 and works as a self-sustaining institution, which does not rely on US tax payers funds but carries the full fledge support and guarantee of the US Government. OPIC works essentially with US businesses and its mandate is primarily to help US business to work in emerging markets, helping them to solve critical development challenges and creating jobs and growth opportunities both in the USA and the emerging countries.

In an environment of worldwide economic uncertainty and perceived risk, OPIC complements the private markets with innovative financial products and services that encourage investment in countries and regions where the private sector would not otherwise participate. It does so via a number of products which include direct financing, guarantees, political risk insurance and support for private equity funds. To date, OPIC projects worldwide have generated $74 billion in U.S. exports and supported more than 275,000 American jobs.

I will of course let Mrs. Littlefield talk about what OPIC is and what it can offer to Haiti. But we would like to provide some background information about what we know of the history of OPIC in Haiti.

It is worth mentioning indeed that, in the early 1990’s, OPIC had signed an important agreement with Citibank Haiti branch, providing them with a risk sharing agreement, which allowed the latter to make important financing available  to a number of local companies operating in Haiti. This was a truly innovative agreement, in as much as Citi Haiti was considered the US partner who could then onlend to local companies which did not have to be US owned or operated firms.

More recently, in October 2012, we became aware of OPIC’s involvement together with the Clinton Bush Haiti Fund and USAID  to support an inter-agency project that will make available affordable home mortgages as well as repair loans for low-income Haitians and small businesses affected by the 2010 earthquake. More than 4,000 Haitians stand to benefit. According to the press release issued in October 2012, the project provides for  $17 million in loans from OPIC, a $6 million grant from USAID, and $3 million from the Clinton Bush Haiti Fund.  Development Innovations Group (DIG), a U.S.-based housing finance and urban development firm, is managing the project and we are clearly looking forward to hearing more on this critical subject for the reconstruction of Haiti.

I will now introduce US ambassador Pamela White who will share with us her introductory remarks.

Philippe R. Armand

President

The American Chamber of Commerce in Haiti (AmCham)

18, rue Moise,Pétion-Ville, Haiti