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Viewing cable 07BOGOTA6957, OPIC CEO MOSBACHER HIGHLIGHTS U.S.-COLOMBIAN

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Reference ID Created Released Classification Origin
07BOGOTA6957 2007-09-25 14:17 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Bogota
VZCZCXYZ0006
RR RUEHWEB

DE RUEHBO #6957/01 2681417
ZNR UUUUU ZZH (CCY AD109F3D AMG4646-695)
R 251417Z SEP 07 ZDS
FM AMEMBASSY BOGOTA
TO RUEHC/SECSTATE WASHDC 9132
INFO RUEHBR/AMEMBASSY BRASILIA 7765
RUEHCV/AMEMBASSY CARACAS 9337
RUEHPE/AMEMBASSY LIMA 5429
RUEHZP/AMEMBASSY PANAMA 0657
RUEHQT/AMEMBASSY QUITO 6028
UNCLAS BOGOTA 006957 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
C O R R E C T E D COPY TEXT 
 
EEB/IFD/OIA PASS TO OPIC KCALLAGHAN 
E.O. 12958: N/A 
TAGS: ECON EINV EFIN ETRD ENRG OPIC CO
SUBJECT: OPIC CEO MOSBACHER HIGHLIGHTS U.S.-COLOMBIAN 
INVESTMENT POTENTIAL 
 
REF: BOGOTA 6499 
 
1. (SBU) SUMMARY: In September 10-11 meetings with government 
and private sector representatives, Overseas Private 
Investment Corporation (OPIC) Chief Executive Officer (CEO) 
Robert Mosbacher, Jr. highlighted the potential for increased 
U.S. investment in Colombia and the range of OPIC services 
available to facilitate U.S. investment.  CEO Mosbacher 
underscored the role of increased U.S. investment in 
reinforcing the economic development benefits of the 
U.S.-Colombia Trade Promotion Agreement (CPTA).  President 
Uribe identified housing, energy and infrastructure as 
critical sectors in need of increased investment. 
Separately, business leaders expressed broad interest in 
taking greater advantage of OPIC services.  Together with the 
Colombian export and investment promotion agency, Proexport, 
CEO Mosbacher signed a Memorandum of Understanding to 
cooperate on investment facilitation.  END SUMMARY. 
 
President Uribe and Economic Cabinet Welcome OPIC Engagement 
--------------------------------------------- --------------- 
 
2. (SBU) President Uribe opened his meeting with CEO 
Mosbacher by describing increased investment as a "daily 
concern" for his administration and outlined GOC efforts to 
encourage investment through tax incentives, stable rules for 
investors, and regulatory reform.  He noted that these 
efforts, along with Colombia's postive economic conditions, 
raised investment from 15 percent of GDP to almost 27 percent 
since 2002.  Uribe expressed interest in OPIC's work on 
housing programs in the region and said the GOC has tried to 
encourage the private sector to get more involved in 
low-income housing construction.  He also suggested that 
Colombia's public pension and worker unemployment funds may 
have resources to invest in housing development.  In 
response, CEO Mosbacher detailed OPIC projects which helped 
create a market for 15-year fixed rate mortgages in Central 
America and have leveraged more than USD 7 billion in housing 
around the world. 
 
3. (SBU) President Uribe said Colombia must also catch up on 
developing modern road, port,and freight systems.  He 
encouraged OPIC to look closely at infrastructure projects as 
well as the Colombian energy sector.  Mines and Energy 
Minister Martinez said Colombia must add 6000 megawatts of 
electicity generation capacity over the next 10 years and 
will solicit several power generation project bids by the end 
of 2007.  President Uribe and Minister Martinez both 
described biofuels development as a priority.  CEO Mosbacher 
said OPIC wants to support clean energy development projects, 
including biofuels production for domestic consumption.  CEO 
Mosbacher encouraged the GOC to consider utilizing biofuels 
for electricity generation as a means of reducing dependence 
on thermal generation plants. 
 
4. (SBU) In a subsequent meeting with the GOC's economic 
cabinet ministries chaired by Finance Vice Minister Juan 
Pablo Zarate, representatives from Finance, Foreign 
Relations, Transportation, Agriculture, Planning, and 
Environment and Housing emphasized the Uribe administration's 
committment to increasing investment in housing, 
infrastructure and access to credit by 2010 as part of the 
administration's comprehensive poverty reduction strategy. 
National Planning Director Carolina Renteria said her office 
wants to facilitate the building of 800,000 low-income 
housing units over the next five years for displaced persons, 
demobilized ex-combatants and other vulnerable populations 
 
through access to credit, government housing subsidies, and 
construction projects.  Vice Minister Zarate characterized 
the Colombian mortgage market as inefficient and said that no 
real secondary mortgage market existed.  He suggested OPIC 
expertise in the mortgage sector and in securitization would 
improve the situation. 
 
5. (SBU) Vice Minister of Transport Gabriel Garcia described 
eight low-emission public transit projects the GOC plans to 
request bids for soon and suggested some might qualify for 
OPIC financing.  CEO Mosbacher acknowledged banks' hesitance 
at times to make loans to low-income borrowers, but said OPIC 
can guarantee up to 75 percent of the debt of qualifying 
projects if necessary.  He stated OPIC's interest in seeing 
any tender processes for GOC housing or transportation 
projects.  CEO Mosbacher congratulated the Uribe 
Administration on its significant gains in reducing poverty 
and increasing access to basic services.  He reiterated 
 
 
 
OPIC's interest in assisting the GOC in facilitating private 
investment to meet its development goals 
 
Private Sector Interested in OPIC Services 
------------------------------------------ 
 
6. (SBU) In separate meetings with business leaders from the 
Colombian-American Chamber of Commerce (AmCham), the National 
Association of Industries (ANDI), and the National 
Association of Financial Institutions (ANIF), the private 
sector consistently characterized Colombia's current positive 
economic conditions as the optimal moment for increased OPIC 
assistance.  They identified the credit, housing, 
infrastructure and energy sectors as priorities.  Many 
representatives acknowledged current limits on access to 
credit for small and medium enterprises as well as 
chronically insufficient investment in infrastructure as key 
impediments to long-term sustainable growth in Colombia.  CEO 
Mosbacher stated that OPIC's interest in Colombia stemmed 
from the USG's desire to support opportunity in Colombia, 
complement the economic gains of the CTPA, and build a strong 
private sector to serve as a basis for further development. 
CEO Mosbacher noted that much of OPIC's activities in 
Colombia previously focused on the energy sector, but said 
that OPIC could expand its area of activities to include 
credit, housing, health, educational institutions, 
telecommunications and infrastructure.  In particular, OPIC 
wants to support projects that reduce carbon emissions or 
reduce pollution.  He encouraged companies interested in 
partnering with U.S. investors on projects that meet OPIC 
standards to contact the U.S. embassy in Bogota. 
 
MOU Signing 
----------- 
 
7. (U) In addition to his meetings, on September 10, CEO 
Mosbacher signed a Memorandum of Understanding with Proexport 
to provide technical assistance and promote coordination on 
the submission of local project proposals to OPIC. 
Implementation of the MOU, signed by Proexport President 
Maria Elvira Pombo and CEO Mosbacher before an audience of 
government, private sector and media representatives, will 
begin with the visit of an OPIC technical team at the end of 
September. 
 
8. (U) OPIC cleared this cable. 
Brownfield