Ep. 24 The Governments Role In Emerging Economies with David Bohigian, CEO of OPIC

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And at the Overseas Private Investment Corporation, that's across infrastructure, housing, health, really every sector so that countries can be on that journey to self-reliance.

That's David Bohigian, the Executive Vice President of The Overseas Private Investment Corporation.

Right, it's those sort of stories that we have millions of times over that are helping to extend American values, and I think that's what's so important.

Real problems.

Einstein once said, you can't solve problems at the same level of thinking that created them.

Career journeys.

To be able to advance foreign policy through investment brings all these strains together and really, I think, aligns my values and my abilities And leadership lessons. Somebody who does what they say they're going to do. I think it's also living by your values and creating value in today's impact-driven environment.

You're listening to the Real Leaders Podcast to find out what motivates people beyond their chosen careers. Testing 1, testing 2. In 1971, President Richard Nixon established OPIC. The Overseas Private Investment Corporation, as an independent, self-sustaining agency of the U.S. government. OPIC provides direct loans and partners with private equity investment fund managers to help American businesses and ultimately improve emerging economies. They do this by managing risk, allocating political insurance to ensure job growth and revenue streams that will not be affected by political interruptions such as revolutions, government repudiation of contracts, and inconvertibility of foreign currency. Over the past 10 years, OPIC contributed to a total of $3.7 billion for deficit reduction. They now operate in over 160 countries around the world, and more than a quarter of those investments come from sub-Saharan Africa. On October 5th, President Trump signed the BUILD Act, the Better Utilization of Investments Leading to Development. Act that David will mention in this interview, and it has increased OPIC's budget to over $60 billion now, double what it used to be before. And if you're an entrepreneur listening to this and you're thinking about moving your business to a foreign economy and emerging markets, these are the only parameters that you, that you need for a loan. The first, how about no negative impact on U.S. jobs? The second, no negative impact on US economies. The third, make sure it's environmentally and socially sustainable. In this interview, learn about how the government is taking action by improving emerging economies. This is The Real Years Podcast with David Bohigian.

What's up, Facebook?

What's going on?

Live here from Concordia with David Bohigian. David, what brings you to Concordia today?

Well, I work with the Overseas Private Investment Corporation, and we're here because at Concordia and the UN General Assembly, they're trying to solve the biggest problems in the world, and OPIC can be a big part of that.

So it's OPIC, not OPEC?

That's right, it's not an oil cartel. This is the United States Development Finance Institution that since the 1970s has been working to ensure that countries move through the development phases into self-sustaining economies.

So we just, we just had a consult with Don a while ago, and I asked him, you know, what's the biggest thing that these countries need in terms of growing their economy? And he goes, well, investments. That's the number one thing we need. So how is OPIC delivering this, and what is happening right now in the United States Congress?

Sure.

Well, the Overseas Private Investment Corporation has a $23 billion portfolio across $23 billion? $23 billion across private equity and political risk insurance and project finance. So we're really one of the largest impact players in the history of the world, and we're trying to help families and societies advance. And we're getting help right now from Congress and the administration that's looking to double the size of OPIC by being able to have a $60 billion portfolio out there and giving us additional authority so we continue to advance American foreign policy as well as development goals.

And why is this so important? Why now?

Why now? Because I think the world is synthesizing governments and non-government organizations and the private sector. Einstein once said, you can't solve problems at the same level of thinking that created them. And so in order to have solutions to the 21st century, it's these actors working together like we see at Concordia and see at the UN General Assembly writ large. It's not just governments. Everyone realizes they need the private sector to help and the non-government sector to help. I think that's going to be driving prosperity in the 21st century.

Absolutely. So, you know, as the leader of the free world, you know, we almost feel obligated to help out these countries who might not have the financing, the investment money to really drive that economic growth. You know, what— can you kind of explain in layman's terms? I'm a young professional. I have no idea what I'm doing here. You know, what, what are you guys doing especially that's driving impact in these developing countries?

Well, I think about it, if you ever took history, you remember the Marshall Plan as one of the proudest moments in American history where we helped rebuild Europe after the devastation of World War II. And that led to stable, prosperous societies throughout Europe that have helped contribute to the global economy and been great trading partners. We're trying to do that in markets today. And at the Overseas Private Investment Corporation, that's across infrastructure, housing, health, really every sector so that countries can be on that journey to self-reliance. And what matters is that we're really helping families, right? I had a chance recently to visit Cameroon and an eye hospital that we helped finance there. And a family for years, a decade, had asked their father to go get eye surgery, right? Because he couldn't see anymore. And finally, one day a neighbor came on his bike and said, we are going to the Cameroon Eye Clinic, and took him there. And once his family had a chance to visit him after the surgery, they said, welcome back to life, right? It's those sort of stories that we have millions of times over that are helping to extend American values, and I think that's what's so important.

Well, it's huge, and, and the part that we find most fascinating is that there's always a purpose behind it. You know, these aren't just companies or corporations or organizations that are doing it just for profit. You know, these, these are organizations that are doing it to make an impact on the world, to really change lives. How do you see OPIC changing the world in the long term going forward with this new plan that's about to be, or hopefully will be passed on Wednesday?

Well, we're hoping that the House of Representatives takes it up tomorrow.

Oh, okay.

The House. And then it'll need to go to the Senate after that, which will be scheduled. And then the Statement of Administration Policies. The President will sign that and hopefully very, very soon. Still, to temper expectations, it'll take us up to a year to make the conversion to the new entity, which will be called the U.S. International Development Finance Corporation. But we're really enthused about the signal that's going to send to the world about the U.S. being a player on the world stage for impact.

Interesting. Okay. So what about yourself? What about David? You know, what— How did you get involved in something like this? You know, let's talk a little bit about your career, and to those watching on Facebook Live, how did David get to where he is today?

Well, I'm generally a cautionary tale, but this is the best of all my other jobs combined. I've worked in venture capital, I've worked with hedge funds, I've worked in private equity and project finance. I was also an Assistant Secretary of Commerce in the Bush administration. So to be able to advance foreign policy through investment, Brings all these strains together and really, I think, aligns my values and my abilities and my skills. To see the impact that this organization's had over the 47 years it's been around, I really think can help catalyze prosperity for the next decade as we look to achieving Sustainable Development Goals and other important, important impact issues we can do in the 21st century.

Definitely. And so, Real Leaders Magazine, the real leaders taking on the world's most pressing issues.

Right.

This is something that fits in your area, your realm, your arena. What would you say your definition of a real leader is?

Somebody who says they're going to— somebody who does what they say they're going to do. I think it's also living by your values and creating value in today's impact-driven environment. It sounds easy to do what you say you're going to do, but whether that's trying to hit quarterly earnings or ensuring that you keep your promises, it's too rare in today's world. So I think it's important for leaders to be able to set out a vision and then work with a team to help accomplish that. And part of that is value-driven, right? The fact that leaders have integrity, that open-mindedness, right, holding people accountable— those sort of values are what help drive not just the business sector forward, but I think the impact sector.

Definitely. Well, we think a real leader inspires the future, and certainly that's what you and Opica are doing. So David, we appreciate your time here today, and thanks for joining us on this Facebook Live interview. Is there anything else that you would like to share with our community?

No, I think highlighting real leaders is an important step for the next generation to understand. The dozens of interviews that you're doing here today, every leader is a little bit different, and people need to be themselves when they're being a leader. So I think you're doing a great service here. So thank you very much.

Absolutely. Dave, appreciate your time here.

Thanks, Kevin.

Thanks for having me.

And that wraps up for this episode 24 of the Real Leaders Podcast with David Bohigian. Thanks for tuning in today, folks. And if you enjoyed this episode, please, by all means, share with friends and family members who may be struggling with finding purpose in their own career. And if you didn't know, all of these episodes are streamed live on our Facebook page at Real Leaders Magazine. Go on there, ring the bell to notify yourself when more leaders share about what motivates them. beyond their chosen career. Gen Zers, Millennials, Baby Boomers, entrepreneurs, social entrepreneurs, you got the tools now, so go out there and always keep it real.