SANTO DOMINGO, Dominican Republic – David Bohigian, Acting President and Chief Executive Officer of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today visited the Dominican Republic, where he met with President Danilo Medina and other senior government officials to promote U.S. investment and discuss enhanced security cooperation in the Dominican Republic and across the Caribbean.
Earlier in his visit, Bohigian also toured DP World Caucedo, a marine terminal and free zone, located in Punta Caucedo that is facilitating foreign investment and driving economic growth in the country. Later in the day, he will meet with local business leaders to discuss investment opportunities and highlight how OPIC supports private sector investment in markets like the Dominican Republic. They will also meet with AES Dominicana and toured their facilities.
“Private sector investment is a powerful engine of prosperity and stability,” said Bohigian. “Through closer coordination with valued partners like the Dominican Republic to identify high-impact investment opportunities, we can build thriving societies in the Caribbean and ensure greater security throughout the region.”
Bohigian is leading a high-level OPIC delegation to the Caribbean to explore investment opportunities in energy and other critical sectors, and strengthen relationships with countries who are key partners in fostering stability and security in the Western Hemisphere. The Dominican Republic is the fourth stop on a five-country tour of the Caribbean that has included stops in the Bahamas, Jamaica, and Haiti and will continue to St. Lucia.
OPIC’s current portfolio in the Caribbean includes more than $250 million invested across projects ranging from small business lending, power generation, agriculture, and low-income mortgage lending.
At a meeting with Caribbean leaders to discuss trade, energy investment, and security concerns, President Trump in March reaffirmed the United States’ commitment to working with its partners in the region to foster economic growth, counter predatory investment practices, and strengthen security cooperation.
Since 1974, OPIC financing and insurance have supported more than $387 million of U.S. investment in the Dominican Republic. In early 2019, the United States and Dominican governments signed an agreement to streamline the approval process and facilitate investment by U.S. companies in the Dominican Republic through OPIC.
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 in both the United States and the countries that receive U.S. investment. 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.