Heat the oil in a 6-quart saucepot over medium-high heat. Add the rice, onion and pepper and cook and stir for 2 minutes.
Stir in the broth and tomato paste and heat to a boil. Reduce the heat to low. Cover and cook for 15 minutes or until the rice is tender. Stir in the beans and cilantro, if desired, and cook until the mixture is hot.