Ray Washburne to Resign From Overseas Private Investment Corp. March 1 

(Bloomberg) -- Ray Washburne said he plans to step down as head of the Overseas Private Investment Corp., which is boosting funding for projects in the developing world amid increasing competition from China.

The agency, which helps U.S. businesses invest in emerging markets, is being transformed into a new entity, the U.S. International Development Finance Corporation, under the 2018 BUILD Act.

Washburne plans to tell his staff this week he’s leaving March 1 as the search begins for the next leader of the new entity, according to people familiar with the matter who spoke on the condition of anonymity because the decision wasn’t public. David Bohigian, OPIC’s executive vice president, is considered likely to step into the agency’s top position after Washburne leaves.

“When I first came to OPIC, I committed to building and expanding the organization,” Washburne said in a statement. “After working with the Trump administration and Congress to do just that, I step away from the agency knowing that we have a great team in place who will help lead the transition to the new United States Development Finance Corporation.”

Washburne, who had already informed the White House that he would leave before OPIC transforms into the new entity, was a prominent fundraiser for Trump during the 2016 presidential campaign and has run OPIC since 2017.

He was also considered for other roles in the administration, including secretary of Commerce, and was among several candidates Trump considered to nominate for head of the World Bank. For that job, the president ultimately chose David Malpass, his current undersecretary for international affairs at the Treasury Department.

One person familiar with the matter said Washburne is willing to return to the administration if Trump asks.

To contact the reporter on this story: Jennifer Jacobs in Washington at jjacobs68@bloomberg.net

To contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, Joshua Gallu, Mark Niquette

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