Foreign Aid: Overseas Private Investment Corporation's Management of Loans
NSIAD-88-161
Published: May 06, 1988. Publicly Released: May 06, 1988.
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Highlights
Pursuant to a congressional request, GAO reviewed: (1) the Overseas Private Investment Corporation's (OPIC) loan approval, monitoring, and documentation procedures; and (2) OPIC actions on a loan it made to a Costa Rican corporation.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Overseas Private Investment Corporation | The President, OPIC, should take steps to separate the post-disbursement oversight function from the preapproval process to ensure that objectivity is attained in managing the loan program. |
Post-disbursement oversight for the OPIC loan program was assigned to the Credit Review Officer, who reports directly to the Treasurer. The preapproval process for OPIC loans remains with the Managing Director of the Independent Credit Review Group.
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Topics
Delinquent loansDeveloping countriesFederal corporationsFinancial recordsForeign corporationsForeign economic assistanceForeign loansInvestments abroadLoan defaultsCredit risk