Number: 98-567 Title: The Overseas Private Investment Corporation: Background and Legislative Issues Authors: Danielle Langton, Foreign Affairs, Defense, and Trade Division Abstract: The Overseas Private Investment Corporation (OPIC) was established in 1969 and began operations in 1971 to promote and assist U.S. business investment in developing nations. OPIC is a U.S. government agency that provides project financing, investment insurance, and other services for U.S. businesses in 154 developing nations and emerging economies. OPIC is currently authorized through March 9, 2009 under the Consolidated Security, Disaster Assistance, and Continuing Appropriations Act, 2009 (P.L. 110-329). On July 23, 2007, the House approved H.R. 2798 to reauthorize OPIC through 2011 and make other changes. The Senate Committee on Foreign Relations reported this bill with an amendment on March 4, 2008. The Consolidated Appropriations Act of 2008 provides $47.5 million for OPIC's FY2008 administrative expenses and allows a transfer of $20 million from OPIC's non-credit account to fund its credit program. Pages: 6 Date: October 20, 2008