 So I have to admit that I have found it pretty surprising that two pieces of legislation have happened this year because When I heard about each of these I was like, okay. Yeah, let me know when that happens not expecting It would be any time soon. So it's a pretty Remarkable feat less than three weeks ago on October 5th A new piece of legislation was signed that combines OPIC and parts of USAID Into a new us international development finance corporation And so I'm thrilled that with us here today We have David Bohegan who is the executive vice president of OPIC the overseas private investment corporation To tell us more about what this legislation means For everyone in the room and for us international development, please welcome David Thanks Well, thank you so much Lindsay and I'm thrilled to be back here in the city of my birth I was born about three miles away from here and Made the awful decision to move But I give myself a break because I was 18 months old But I'm not going to go through all my mistakes today because we don't have that kind of time What I am thrilled to go through is we just we're talking about opportunity zones in the United States And now we're going to talk about opportunity societies worldwide Based on really exciting legislation we passed with a 47-year history of accomplishing results with OPIC the United States Development Finance Corporation So I'm going to try and turn that on Nope, that's slide 75. I'm just kidding not too many Okay So If I'm talking about a new era in development finance, why am I showing you a picture from almost a hundred and sixty years ago? well, it's because This was an emerging market in 1860 at the Pony Express was the high-speed information network of its day moving mail from my adopted home of Missouri to California in only 10 days 2000 miles in 10 days But within two years You see the telegraph poles going in there the Pony Express was gone It was replaced by the transcontinental telegraph which President Lincoln called a wild scheme Well today you all know better than anybody that innovation can be delivered Anywhere instantly to a global audience which transforms Societies and transforms economies You also know that emerging markets are some of the most fertile areas for that innovation Where leapfrogging is truly happening and created unprecedented in prosperity But it's not easy. It's not easy When we went from an agrarian regional economy to a national in National manufacturing economy there were major Dislocations right that guy needed to train To be able to provide for his family after he could no longer be a Pony Express rider But while that transition was difficult his family later generations and ours welcome the telephone and the internet and so the new era that we're talking about is going from a national manufacturing economy to a Global information economy and that's not going to be easy either Here's what most economists look at what most government policy makers look at How is the workforce doing? How is GDP doing? How's the stock market doing? right You here are looking at a different curve altogether Technological growth and you can't see the others if you plot that against the 21st century That is Moore's law and it doesn't just apply there It applies in energy applies in health care It applies to every segment of society, and it's not going to be easy Incumbent operators and entrenched stakeholders form a real constituency for inertia and it's difficult to develop a free and open future So government and the private sector must collaborate and cooperate to move society forward Some call it blended finance, but I'll tell you where these ideas start. It's with what Einstein once said We can't solve our problems with the same level of thinking that created them So what we're seeing today is a synthesis of NGOs and governments in the private sector working together To solve problems that couldn't solve by themselves Each has unique strengths and each has their piece in developing solutions for the 21st century Now we're I'm going to talk more about blended plans tomorrow a little teaser to come back out When we talk about a blended finance vehicle unlike the world has ever seen That's reaching truly millions of retail customers with institutional investors, but I'm not going to talk about that today What I am going to talk about is the US government's Development finance institution. I don't know if I am or not. I can do without the slides OPIC the overseas private investment corporation has a long history of supporting capital in Emerging markets. We've helped build airports. We've helped build power plants. We've helped build housing and hospitals And you can't see any of those Infrastructure remains a major part of our twenty three billion dollar portfolio But we're going to deepen our emerging market impact through expanding our portfolio of 21st century innovative solutions to solve persistent challenges Again, we're catalyzing private sector capital and this is the group that invented political risk insurance They've transformed project finance. We've come out with new products for limited partnerships in private equity funds And we've helped propel more than 90 countries and their societies One example of this is last year if I were standing here in front of you an idea was to have a women's empowerment initiative today Governments and the private sector and NGOs have come together with the 2x challenge that not only Started from an idea but has become the g7 nations combined Working together to catalyze billions of dollars of capital to help the majority of the world's population Now I'm up here taking credit for it But there are almost 300 people at OPIC and I'd like everyone who's here from OPIC to stand up for a second here if you could And there's too many other partners to name. I see friends out here, but let's clap for these guys And here's what I want you to do find these guys today tomorrow Friday and beyond Not just for the deals that you want to do to catalyze money into emerging markets But also we need your help in thinking through these problems We've got a major opportunity with legislation in the past that I'm trying to be like a zombie and get all the brains I can and Washington DC can be a tough place for that sometimes So we truly are trying to transform the business Landscape and we're doing that through all the sectors. I was talking about early and it's hard to pick some favorites But I believe that entrepreneurs are some of the world's most engaged citizens and that entrepreneurial ecosystems Create opportunity societies So Sun funders out here that's providing millions of people with power in Africa off grid I've visited a Cameroonian eye hospital. It's literally going to change lives by curing blindness for 18,000 people with a social impact on where I met a patient whose family said Welcome back to life. I just returned from India where I met with a Dr. Water who's providing water in kiosks at train stations bus stations throughout India That's promoting health and I've been to more than 60 countries around the world And they all want the entrepreneurial ecosystem that you have here and they all admire the American ecosystem of creating entrepreneurs But as a former venture capitalist, I know that's not easy either So here's one thing that we're doing We're for the first time launching a venture capital initiative We've been in private equity across 40 funds with 3.5 billion dollars But we were never in private act. We were never in venture capital So here's why we weren't that we invest in debt products and Venture capital has higher risk higher return if you can't capture that return. It is economically irrational to go into a higher risk category But the answer is impact Right, we're talking about the intersection of money and meaning and entrepreneurs provide that sort of impact in a way That no one else does So today with Moan jeet here We're announcing an investment in iron pillar, which is a late-stage India and Bay Area venture firm Providing capital in the enterprise and consumer technology sectors I've met with a couple their portfolio companies One of them is helping to recycle phones The other is helping Indian entrepreneurs get an online presence literally 16,000 entrepreneurs Everyone from people providing camel tours to bicycle repair to souvenir shops are online because of these guys and that's propelling the entrepreneur Economy throughout the Indo-Pacific and the world So I'm gonna try one more time for an exciting slide But it's not gonna work. You're just gonna look at me Sorry That's the first slide. I don't I'm pressing the wrong button So I'm here to tell you about something exciting as well Here's a quiz for you guys in San Francisco What do you think Nancy Pelosi and Donald Trump agree on? The build act you're right. She loves you out there in the audience. This is a new era in Development finance. This is a new era. Hopefully in Washington where we're coming up with shared solutions Literally passing the house unanimously and getting people from across the political spectrum to agree the development finance is the answer So what is this gonna do for you? What's this gonna do for the world? We're gonna have equity authority We're gonna be able to invest equity in your deals for the first time We're gonna be able to have a 60 billion dollar portfolio. That's a big number on any coast Right, we're gonna be able to provide technical assistance and feasibility studies So we can get into countries early and say hey if you're looking for a port if you're looking for the kind of Infrastructure or ecosystem that you need we can help build that We're working with the whole of government approach to advanced development needs impact and foreign policy And we're gonna focus more on the countries that need it most right the World Bank Group lowest income countries That's where we can make an enormous difference on advancing development goals and creating opportunity societies This is a new era in development Finance this is a new generational change and again Please help us by bringing us your deals and pre please help us by bringing us your ideas We've never done equity investments before we've never done technical assistance Many even many of you in this room have I was thrilled to see Raj and others talking about Opportunity zones and Rockefeller and many of you in this room or partners of ours But please help us know how we can be better partners to you Because as we create a new generation in Artificial intelligence and materials and renewables and pharmaceuticals That's it's not going to be easy That's what it's going to take and to prove that this is truly a generational change You've heard me quote President Lincoln, and I doubt he's been preceded by this guy if you know who this is Look if you had one shot one Opportunity to seize everything you ever wanted in one moment Would you capture it or just let it slip? You know who it is? M&M That's right Lincoln and M&M one room one time right here So this is a generational change so let's go after what M&M was saying and let's go after The wild schemes the president Lincoln said because that's what 21st century impact is going to take. Thank you very much