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Insuring against political risk at Fortuna

The US, Washington-based Overseas Private Investment Corporation (OPIC) has announced that it will provide US$75M in political risk insurance for the Fortuna hydro plant in Panama. OPIC will provide insurance against expropriation and political violence for the Houston-based Coastal Corporation’s equity investment in the hydro project. The project is expected to generate US$20.5M in annual revenues for Panama, and will also result in local procurement worth US$20M over the first five years of its operation