Since 1971, U.S. firms looking to expand their operations overseas have had a little-known but very wealthy federal agency assisting them in their efforts. The Overseas Private Investment Corporation (OPIC) enhances foreign investments of U.S. firms by providing project financing and political risk insurance. OPIC has earned a profit in every year of its existence, according to its 1996 annual report. In fact, its 1996 annual report listed OPIC as having provided $18.7 billion in financing and insurance to U.S. firms investing in 44 nations overseas, enabling it to earn a profit of nearly $209 million.

The largest OPIC beneficiary was Citibank of New York, which received $819.8 million in financing and insurance from the federal agency in 1996. The second largest recipient was the Chase Manhattan Bank, also of New York, which received $690.1 million in insurance and financing.

Other significant recipients include CalEnergy Co., $525 million; First National Bank of Boston, $390 million; the Coca-Cola Company, $245.6 million; US West International Holdings, $105.5 million; and Motorola, $101.1 million.

Of the nations receiving U.S. private investment backed by OPIC, Brazil was the largest recipient, benefiting from over $1 billion of new U.S. investment. Russia was the next largest recipient, receiving $914.6 million. Rounding out the top ten recipients were Peru, Argentina, Indonesia, Colombia, Morocco, the Philippines, India, and El Salvador.