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B-173240 1 (1971-09-24)

handle is hein.gao/gaobaaffj0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNT FFc O WASHINGTON, D.C. 20 INTERNATIONAL DIVISION )/ B-173240 SEP 2 4 1971 lIIIIilfl 11111 (II llI tllll 111 1fli iiJllll LM095514 Dear Mr. Mills: The General Accounting Office has made a study of the development impact of U.S. investment in less developed countries under the investment insurance program formerly administered by the Agency for International Development and now by the Overseas Private Investment Corporation (OPIC). Investment insurance is the most significant of several pro- grams now being administered by OPIC for encouraging the flow of new development-oriented U.S. investment to less developed countries. Our interest in the development aspects of this program stems from the stress placed by the Congress on the need for the activities undertaken by OPIC to be development oriented. The recent legislation establishing OPIC states that OPIC is 1 . . . to encourage and support only those private invest- ments in less developed friendly countries and areas which are sensitive and responsive to the special needs and require- ments of their economies and which contribute to the social and economic development of their people; . . . Our study relates to insured investment in extractive and manufacturing industries in the less developed countries. Insured investment in these industries has accounted for about 77 percent of total insured investment. In our study we focused on the impact of insured investment on employment, efficiency, exports, and stimulation of the growth of local industry. While these are not the only ways of measuring developmental impact, they are important factors in deciding whether insured invest- ment may benefit less developed countries. 50HANNIVERSARY 19211971Ior26 51 Y-

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