Word: opic
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Dates: during 1990-1999
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...company that manufactures cotton and coffee in Argentina? Or a company that manufactures vans for the local jitney service in South Africa? Or a soft-drink company in Russia? For every buck you put up, the government, in the form of something called the Overseas Private Investment Corporation (OPIC), puts up two bucks. Best of all, if the deal goes sour because of a crumbling economy, currency devaluation or some other unforeseen event, you won't have to pay back the government's share...
Thus far in the 1990s, the Overseas Private Investment Corporation has established 26 funds, which have invested $3.2 billion in businesses in Europe, Asia and Latin America. The U.S. Agency for International Development (AID) has established 11 other funds with 1.4 billion taxpayer dollars. President Clinton is OPIC's best friend. During his tenure, he has increased funds earmarked for OPIC ventures from less than $100 million to $3.2 billion...
...seeking loans from the Export-Import Bank and loan guarantees from the Overseas Private Investment Corporation for a multimillion dollar diamond deal in Angola. After the meeting, a sympathetic Lake decided to intervene: he directed an NSC staff member, with approval from legal counsel, to call Ex-Im and OPIC. The message: Templesman's venture had "merit." But TIME has obtained the text of a recent letter from Angola's ambassador in Washington that bluntly asks the U.S. to stop attempts to broker a diamond deal and, in an apparent reference to Tempelsman, criticizes similiar attempts by "private companies...
...House floor. Indeed, the committee got a taste of the battles to come last Friday, when the House killed the committee's funding for the Army museum -- a move that Livingston called "penny-wise and pound-foolish and meanspirited." This week G.O.P. freshmen will lead a fight to undo OPIC...
...killing was the Overseas Private Investment Corp., a $34 million-a-year agency venture that promotes exports to countries where U.S. businesses have been reluctant to operate. The Republican House formally endorsed its demise in foreign-aid legislation as well. How did the appropriators respond? By more than doubling opic's budget. The Budget Committee also recommended doing away with the Energy Department entirely. But if the energy subcommittee gets its way, the department will be cut by a mere 6% next year, or $940 million...