US Slams Aid Body For ‘Weak’ Controls Over Chile Projects

Instant Max AI

(Reuters, 5.Feb.2019) — The American government has slammed a major U.S. aid agency for lax oversight of renewable energy projects in Chile that stoked risks around the body’s roughly $900 million of investment in the South American country.

The Office of Inspector General for the U.S. Agency for International Development (USAID OIG) said the Overseas Private Investment Corporation (OPIC) had “major weaknesses” in its approval process for solar and hydroelectric projects in Chile.

Reuters reported in 2017 that the U.S. government body was auditing OPIC’s foreign aid program that lent to projects including solar farms in such deep financial trouble that the loans may never be fully repaid.

“OPIC’s process for identifying and mitigating risks in its Chile energy portfolio revealed broader weaknesses in OPIC’s internal control system,” the inspector general said in a 49-page report shared with Reuters.

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