INTERNATIONAL AFFAIRS

SUPPORTING THE OVERSEAS PRIVATE INVESTMENT CORPORATION

WHEREAS, mayors recognize the importance of trade, exports and overseas investments to the economic health of America’s cities and to the security of the Unites States generally; and

WHEREAS, U.S. cities export billions of dollars in goods and services annually, and account for most of the economic gains made in the United States during recent years; and

WHEREAS, the Overseas Private Investment Corporation has extended financing and insurance worth $112 billion for projects sponsored by U.S. companies, many of which are located in cities, creating $56 billion in U.S. exports, and creating mor than 230,000 American jobs; and

WHEREAS, cities benefit greatly from the job creation and new revenues in urban communities throughout the United States which result from these exports and investments; and

WHEREAS, mayors support the African Growth and Opportunity Act currently under consideration in Congress; and

WHEREAS, the Overseas Private Investment Corporation is called upon in this legislation to finance and support direct investment funds for Sub-Saharan Africa totaling $650 million,

NOW, THEREFORE, BE IT RESOLVED that The U.S. Conference of Mayors supports the continued activities of the Overseas Private Investment Corporation.