2003 Press Releases

Regional Peace and Rebuilding Sierra Rutile:  US Assistant Secretary and President of OPIC Visit Sierra Leone

March 31, 2003

Freetown, Sierra Leone

US Assistant Secretary of State for African Affairs, Walter H. Kansteiner III, and President and CEO of the US Overseas Private Investment Corporation (OPIC), Dr. Peter S. Watson, are paying a visit to Sierra Leone, March 31 to April 1, 2003.  As head of the Bureau of African Affairs, Mr. Kansteiner advises Secretary of State Colin Powell and guides the operation of the US diplomatic establishment in the countries of sub-Saharan Africa.  Dr. Watson’s organization, OPIC, is a US government agency that provides loans and loan guarantees and sells political risk insurance helping US businesses invest and compete in more than 150 emerging markets and developing nations worldwide.  Together with US Ambassador to Sierra Leone, Peter Chaveas, they will meet with H.E. President Kabbah to discuss regional peace and security and the potential for private investment to contribute to sustainable peace in Sierra Leone.  Discussions will also be held with government officials and the private sector regarding the investment environment and, specifically, the planned re-opening of Sierra Rutile, Ltd.  Simultaneous with Dr. Watson’s visit, OPIC has announced its decision to provide a $25 million investment guarantee to Sierra Rutile.  The mine was the country's largest private sector employer, taxpayer and foreign export earner prior to closing in 1995.