The United States Government has opened a new type of overseas office in Ankara, Turkey, for the specific purpose of helping U.S. companies identify, evaluate and finance commercially viable projects in the Caspian Region. Called the Caspian Finance Center, the office is staffed by senior business development managers from the U.S. Export-Import Bank (Ex-Im Bank), the U.S. Trade and Development Agency (TDA), and the Overseas Private Investment Corporation (OPIC), also the U.S. Commercial Service. The Center locates these seasoned U.S. financing personnel close to the places where decisions are made on Caspian Region projects. It facilitates coordination among U.S. financing agencies on both the business development activities and the financing support needed by U.S. companies for successful pursuit of projects in the region.
Each of the agencies represented at the Financing Center has been active for some time in the Caspian Region. While differing in focus, each agency’s activities will now be effectively coordinated as parts of a total project effort. For example, TDA, which in 1998 funded 26 studies for projects in Turkey, Azerbaijan, Kazakhstan, and other Caspian countries, specializes in the feasibility studies, technical assistance and reverse trade missions that help American firms form beneficial partnerships with overseas sponsors. Ex-Im Bank, which has authorized nearly $700 million to support U.S. exports to Turkey, Uzbekistan, Turkmenistan, and Kazakhstan, helps finance U.S. goods and services exports to industrializing and developing markets worldwide by providing loans, loan guarantees, and insurance. OPIC, with over $2 billion in project finance and political risk insurance support in the region, has a history of working closely with the U.S. Commercial Service to support U.S. participation in energy and infrastructure projects, economic reform, and privatization programs. OPIC can and has provided political risk insurance coverage (including for capital market transactions) in Caspian Region projects in oil/gas, electric power, telecommunications, financial services, agribusiness and food processing, transportation, equipment sales and distribution facilities, and commercial, retail and hotel development.
The governments of Turkey, Azerbaijan, Kazakhstan, Turkmenistan, Armenia, Georgia, and Uzbekistan, all leading countries either endowed with oil and gas reserves or providing pipeline passage to the West for these resources, are planning to develop their energy reserves and modernization their economies. Thus TDA is already providing the feasibility study funding and technical assistance that will provide these governments with access to U.S. expertise. OPIC is available at the Center to provide eligible U.S. investors with insurance coverage and financing for construction, ownership and operation of oil and gas pipelines and other energy and non-energy projects, both large and small. Ex-Im Bank is available for trade and export finance to U.S. and foreign companies that use U.S.-manufactured goods and services to implement these projects.
Contacts:
Local Mailing Address:
Caspian Finance Center
110 Atatrk Bulvari
06100 Ankara, Turkey
Telephone: 90 (312) 466-6081
Fax: 90 (312) 466-6082
E-Mail: pballinger@opic.gov
Internet: www.caspianfinance.com
U.S. Mailing Address:
Caspian Finance Center
PSC 93, Box 5000
APO, AE 09823-5000
Caspian Finance Center staff:
Peter Ballinger, Overseas Private Investment Corporation
John Breidenstine, U.S. Commercial Counselor for Turkey, Armenia, Georgia and Uzbekistan
Julie Panaro, Export-Import Bank
Deborah Forhan, Trade and Development Agency
Emel Erdemir, Administrative Assistant