Santo Domingo, DN.- The ambassador of the United States of America, Robin Bernstein, presented to the Minister of Finance, Donald Guerrero Ortiz, an agreement signed by the governments of the United States and the Dominican Republic to facilitate investments of US companies in the Dominican Republic, through the financial institution of development, Overseas Private Investment Corporation (OPIC).
The agreement, signed by Minister Guerrero Ortiz and OPIC President and CEO Ray W. Washburne, facilitates the use of OPIC’s loan guarantee and political risk insurance programs by US companies seeking to invest in the Dominican Republic. In addition, it updates procedures in accordance with a long-standing agreement between the governments of the United States and the Dominican Republic.
“We are pleased to announce formally that this agreement will simplify the process for US companies, supported by OPIC, to invest here in the Dominican Republic,” said Ambassador Bernstein.
“OPIC’s visit in December 2018 was the first step, which highlighted the excellent opportunities available in the Dominican Republic; This effort linked to the procedures is the next step. The United States continues to work to ensure free and fair trade with its allies and improve access to regional markets in Latin America in a transparent manner. The expansion of trade relations with our neighbors in the hemisphere is a key part of President Trump’s effort to confront unfair trade and investment practices and protect the economic security of the region, “said the US diplomat.
Minister Guerrero Ortiz explained that the “Operational Procedure for Government Approval of Projects” defines the manner in which the Ministry of Finance, on behalf of the Dominican Government, will give its approval to the projects that the OPIC is considering financing or supporting in the Dominican Republic. .
He reported that the projects financed by the US financial institution are developed by the private sector and financed with private capital. “In this sense, we
emphasize that they will not be developed with public support, they will not generate an increase in public debt nor will they have any type of associated public guarantee,” the official said.
The Finance Minister expects that the projects submitted to OPIC will promote the creation of quality jobs in the Dominican Republic and the United States, promote the productive investment of North American capital in our country, generate economic growth in key areas and help increase the commercial flow between both countries, as indicated by saying a few words during the activity.
The president and CEO of OPIC, Washburne, also shared his expectations about the agreement.
“Today’s agreement, which facilitates the mobilization of private sector capital from the United States to the Dominican Republic, will be a powerful engine of economic growth in the country,” Washburne said.
He added that “OPIC hopes to identify high-impact investment opportunities in the Dominican Republic and advance its long-standing commitment to Latin America and the Caribbean, a region of critical importance to the United States.”
OPIC is an agency of the United States government that helps US companies invest in emerging markets. Established in 1971, OPIC provides companies with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and promotes the priorities of the United States’ foreign policy and national security. Since 1974, OPIC financing and insurance has supported more than US $ 387 million of investment from the United States in the Dominican Republic.-.