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ARTICLE · 12 OCTOBER 2006

International Client Alert, October 11, 2006

Powell Goldstein LLP
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The Overseas Private Investment Corporation announced on September 21 a new initiative to combat corruption and promote transparency. OPIC is a U.S. Government-owned corporation that provides financing and political risk insurance to U.S. businesses to assist them to compete in emerging markets and invest overseas when private sector support is not readily available.

United StatesInternational Law
Clif Burns
Clif Burns
Peggy Clarke
Peggy Clarke
Carolyn Lindsey
Carolyn Lindsey
Bill Steinman
Bill Steinman

OPIC ANNOUNCES NEW ANTICORRUPTION PROGRAM

The Overseas Private Investment Corporation ("OPIC") announced on September 21 a new initiative to combat corruption and promote transparency. OPIC is a U.S. Government-owned corporation that provides financing and political risk insurance to U.S. businesses to assist them to compete in emerging markets and invest overseas when private sector support is not readily available. As part of the initiative, OPIC announced that it was endorsing the guidelines of the Extractive Industries Transparency Initiative ("EITI"). The EITI guidelines seek to enhance transparency in payments made by resource-rich countries in the developing world to companies in the oil, gas and mining industries. In addition, the EITI program promotes the use of revenues from extractive projects for sustainable development and ameleorating poverty, rather than the enrichment of individual officials.

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