Rep. Maloney Applauds OPIC Policy Clarification In Light of Greek Financial Crisis

Jul 28, 2016  | Press Release 

WASHINGTON, DC – After months of consultation between Rep. Carolyn B. Maloney (NY-12) and the Overseas Private Investment Corporation (OPIC), the agency has issued a documentfor investors clearly stating that the group is open to reviewing proposals for projects in Greece. Congresswoman Maloney, co-chair of the Congressional Caucus on Hellenic Issues, staunchly advocated for this statement and applauds OPIC’s work on this important matter. She and Hellenic Caucus Co-Chair Rep. Gus Bilirakis (FL-12) released a letter last year encouraging OPIC to make such changes.

“This OPIC statement of policy is a welcomed sign of United States support for Greece and its economic recovery,” said Congresswoman Maloney. “After attending a White House roundtable last August with Greek-American leaders to discuss efforts to assist Greece during its financial crisis, I joined Rep. Gus Bilirakis in a letter to OPIC President & CEO Elizabeth Littlefield inquiring as to the agency’s capacity to attract foreign investment to Greece. I want to thank President Littlefield for her willingness to find ways OPIC could support capital investment in Greece in light of the country’s extraordinary financial circumstances. This document will be invaluable to Greek Americans and others who wish to do business in Greece with a focus on economic development. I am also proud to commend the American Hellenic Institute for bringing this potential opportunity to the forefront. The U.S. Government has strongly supported, and must continue to support, Greece as it works to rebound from its economic crisis and this creative step with OPIC, benefiting both investors and the Greek people, will help achieve that goal.”

Following an August 6, 2015 roundtable discussion with Greek-American Leaders, White House Chief of Staff Denis McDonough, Deputy National Security Advisor for International Economics Caroline Atkinson, and Vice President Joe Biden to discuss efforts to assist Greece during its financial crisis, the Congresswoman released a letter co-authored with Hellenic Caucus Co-Chair Rep. Gus Bilirakis (FL-12), encouraging the Overseas Private Investment Corporation (OPIC) to explore ways in which it can actively encourage investment in Greece to stimulate economic growth and stability.

 “Our role as co-chairs of the Hellenic Caucus is to meaningfully enhance the US-Greece relationship in a way that mutually benefits both nations. Greece has always been an important geostrageic ally of the U.S. sitting at a crossroads to the Middle East where ongoing hostilities threaten peace in the region. That is why it all the more important for Greece to remain a steady and reliable partner in the Eastern Mediterranean,” said Congressman Bilirakis. “Encouraging private investment in Greece is an excellent way to ensure economic stability through job creation and revenue generation for a nation in dire need of relief. Greece is working to free itself from economic volatility, and anything we can do to spur private investment through OPIC will significantly help our steadfast ally and well serve the United States and our EU allies.”

“We congratulate Rep. Carolyn Maloney and her staff for their diligence and hard work over the last year as they continued bringing Greece to the forefront and engaging with OPIC to underscore the importance of the agency’s ability to operate in Greece,” AHI president Nick Larigakis stated. “This provides opportunities to attract potential U.S. investors at a time when Greece is struggling economically and when investment is critical to Greece’s growth and its ability to emerge from this financial crisis.”

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