Panama City, October 2nd 2018- The President and CEO of the Overseas Private Investment Corporation (OPIC), Ray Washburne, visited Panama to explore opportunities for highly developmental U.S. investment in Panama.
Washburne met with President Varela to discuss how OPIC could support impactful projects in Panama, underscoring the strong bilateral relationship between our countries. He also visited the Panama Canal’s Cocoli Locks and met with Panama Canal Authority representatives to study areas where OPIC might support development priorities in or around the Canal.
OPIC is a self-sustaining U.S. Government agency, which mobilizes private capital toward projects with a development component,helping U.S. businesses in emerging markets, and fostering job creation and growth in overseas markets and within the United States. OPIC is active in over 90 countries and provides businesses with financing, political risk insurance, and opportunities to collaborate with private equity investment fund managers.
“OPIC supports projects that create economic growth and increase living standards. We look forward to investing in projects with fair and transparent processes in Panama that have a strong developmental impact on the local economy,” said Ray Washburne.
U.S. Embassy Chargé d’affaires Roxanne Cabral also noted that “OPIC’s work highlights the firm commitment of the United States to the Panamanian people.”
In Panama, OPIC directly supports over $300 million in projects. OPIC has been an active partner to support and facilitate lending to small and medium enterprises. Likewise, it has supported the development of low-income housing units, and mortgage lending for such housing units. . In support of Panama’s renewable energy goals, OPIC funds solar power projects in Herrera, Los Santos, and Cocle provinces.