Ellicott Dredges Gets OPIC Impact Award
- Business & Finance
In a ceremony at the U.S. Chamber of Commerce, the Overseas Private Investment Corporation’s (OPIC) President and Chief Executive Officer Elizabeth L. Littlefield presented Ellicott Dredge Enterprises, LLC and its Ellicott Dredges LLC entity with OPIC’s inaugural “Impact Award” for Ellicott’s work in Iraq.
Ellicott was one of only eight organizations across the country receiving this award from OPIC, the U.S. Government’s development finance institution. With the assistance of political risk insurance from OPIC, Ellicott was able to secure contracts in Iraq supplying dredges to de-silt hydroelectric dams as well as to improve flood control on the Tigris and Euphrates Rivers and to improve irrigation canals.
U.S. Congressman Mark Meadows (NC) joined Ms. Littlefield in making the presentation to Ellicott’s President and CEO Peter Bowe.
Congressman Meadows said: “When Ellicott was founded in 1885, Grover Cleveland was president of the U.S. Since building all of the dredges used to construct the Panama Canal, Ellicott has performed projects and created jobs in almost every conceivable way: Small dredges, large dredges. Domestic sales. Exports. Long-term projects. Disaster response. Parts and maintenance. Design innovations. Patents. Factories in the US, factories abroad. Ellicott Dredges has built itself to become one of the oldest and most successful dredging equipment companies in the world.”
“This is a durable and versatile company. It can handle the tough jobs.”
Peter Bowe noted that the Company was thrilled to receive this recognition from the U.S. Government, and pleased to be included amongst such a distinguished group of award recipients.
OPIC selected the Impact Award winners through a rigorous process including criteria of work sectors or regions, innovation in overcoming obstacles, risk mitigation practice, quality of results and development impact. In all, OPIC presented awards in six categories: U.S. Small Business, Renewable Resources, Development Impact, Critical Infrastructure, Private Equity and Access to Finance. The event was co-sponsored by the U.S. Chamber of Commerce.
OPIC mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy.
Press Release, March 13, 2014