The U.S. Overseas Private Investment Corp. approved more than USD 350 million in financing political risk insurance for projects in the Southeast Europe Stability Pact region. OPIC, a governmental agency that promotes U.S. investments abroad, approved USD 200 million in political risk insurance for a power plant in Bulgaria, a USD 100 million loan guarantee for a new USD 150 million Southeast Europe Equity Fund and USD 50 million for a hotel in Turkey. OPIC's board approved the political risk insurance for New Orleans-based Entergy Corp.'s (ETR) plan to privatize and modernise Bulgaria's 840-megawatt Maritza East III power plant, which runs on lignite coal. The upgrade would reduce emissions of sulphur dioxide, nitrogen oxides and particulates. For the Southeast Europe Equity Fund, OPIC chose Soros Private Fund Management as manager after a seven-month selection process. OPIC will provide a USD 100 million loan guarantee for the fund, while Soros will raise USD 50 million in private equity. The fund will serve Albania, Bulgaria, Macedonia, Bosnia and Herzegovina, Croatia, Romania, Slovenia, Turkey and Montenegro