The Overseas Private Investment Corporation has signed an agreement with the Banco Intercontinental (Baninter) for correspondent bank services. George Muñoz, president and chief executive officer of the corporation, was in Santo Domingo for the bank announcement of the event. OPIC encourages American private business investment in developing countries, newly emerging democracies and free market economies. The Baninter held a reception for Muñoz that was attended by President Leonel Fernández and Vice President Jaime David Fernández. El Siglo newspaper reports it is the first time that OPIC signs an agreement of this kind with a bank that does not have net US capital. The president of Baninter, Ramón Baez Figueroa said that the financial agreement is a recognition to the DR by foreign investors and international finance agencies. He believes the agreement will be important to attracting new foreign investment that will result in an increase in jobs, exports and the advent of new technologies that wil help make DR companies more competitive.
