Head of the US Overseas Private Investment Corporation (OPIC) Peter Watson has signed an agreement with Tunisia's Minister for Development and International Cooperation, Mohamed Nouiri Jouini under which OPIC will provide political risk insurance for US companies to invest in Tunisia.
The agreement updates a document originally concluded between the two countries in 1959. The bilateral agreement affirms the two nations' "common desire" to encourage activities in the Republic of Tunisia that promote the economic resources and productive capacities of the Arab state and recognizes that "this objective can be promoted through investment support" by OPIC.
Watson said the agreement reaffirmed "the strong ties between our two nations." "For OPIC, the strength of that tie lies in our ability to enable US companies to contribute to the development of Tunisia's free market economy. The projects OPIC supports devolve many developmental benefits to ordinary Tunisians, among them jobs, procurement of materials, technological expertise, and the growth of Tunisia's financial infrastructure,” he said.
Historically, OPIC has supported 20 projects in Tunisia with nearly $550 million in political risk insurance. Those projects have represented a variety of sectors in Tunisia's economy, from manufacturing to financial services, tourism to oil and gas exploration.
OPIC was established as an agency of the US government in 1971. It helps US businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports US foreign policy. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
