Overseas Private Investment Corporation Amendments Act

(Reported to Senate from the Committee on Foreign Relations with amendment, S. Rept. 95-505)

Overseas Private Investment Corporation Amendments Act - Amends the Foreign Assistance Act of 1961 to place development criteria and emphasis on the poorest developing countries as the two major operating principles of the Overseas Private Investment Corporation (OPIC).

Deletes the private participation guidelines of the Act but encourages OPIC to encourage the development of private and multilateral investment insurance by making suitable arrangements with private insurance companies.

Permits OPIC to finance operations for the mining or other extraction of deposits of ore or other nonfuel minerals up to an amount of $4,000,000 in any given year. Permits OPIC to use up to $200,000 annually of its own funds to finance surveys to ascertain the existence and location of such minerals.

Deletes the current dollar limitation on OPIC guaranties of credit union investments. Extends OPIC's issuing authority from December 31, 1977 to September 30, 1981.

Permits OPIC to make adjustments in the insured dollar value of an investment to reflect the replacement cost of project assets between the time a policy is written and a claim is filed. Removes the ten percent coinsurance requirement in the case of loans by banks to other financial institutions to unrelated parties.

Prohibits OPIC from paying any claim on a project with respect to an insured investor who has been found responsible for acts of bribery in the host country.

Repeals the December 31, 1979 deadline for OPIC to transfer its investment guaranty, finance and encouragement programs to other Federal agencies.

Authorizes OPIC to issue and sell shares in debt securities it receives from insured investors in claims settlements.