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Member, Beacon International Group, Ltd.
WASHINGTON--The House of Representatives has voted to reauthorize the Overseas Private Investment Corp. through Sept. 30, 2011.
Among other things, OPIC provides up to $250 million in political risk insurance for U.S. companies involved in projects in most developing countries. Under the reauthorization bill approved by the House on Monday, OPIC would not be permitted to provide support in countries declared state sponsors of terrorism by the State Department.
The reauthorization, which was approved on a voice vote, also directs OPIC to favor clean energy projects.
The Senate must also approve the four-year reauthorization.