Ex-Im Bank Approves $6.8 Billion in Export Financing in Two
Days
WASHINGTON, June 1, 2012 /PRNewswire
Bank was extremely close to hitting $100 billion exposure cap
as President Obama signed reauthorization into law
The board of directors of the Export-Import Bank of the
United States (Ex-Im Bank) authorized $6.8 billion in export
financing on May 30 and 31, increasing its current portfolio to
$99.3 billion. These transactions were approved after President
Obama signed the Export-Import Bank Reauthorization Act into
law. This legislation immediately increased the Bank's portfolio
cap from $100 to $120 billion, and ultimately to $140 billion.
It also extends Ex-Im's authority through 2014, thus providing
much-needed certainty to U.S. exporters and their workers.
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"Ex-Im Bank plays a vital role in ensuring our nation's
exporters are able to compete against tough global competition,"
said Ex-Im Chairman and President Fred P. Hochberg. "Our goal is
to continue to help create and sustain U.S. jobs, and these
latest transactions demonstrate why it was critically important
for Congress to increase Ex-Im's exposure limit. Without this
increase, the Bank would have been forced to turn exporters
away, and U.S. jobs would have been lost. I am pleased that the
Bank's reauthorization has been finalized, and that we can
continue to provide export financing during these tough economic
times."
Ex-Im's Board of Directors approved nearly two dozen
transactions on May 30 and 31. These authorizations include $300
million for Ford Motor Company, $1 billion for Pemex, and $32
million for Wind Power Energia, a company that manufactures wind
turbine blades.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create
and maintain U.S. jobs by filling gaps in private export
financing at no cost to American taxpayers. In the past five
years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion
above the cost of operations. The Bank provides a variety of
financing mechanisms, including working capital guarantees,
export-credit insurance and financing to help foreign buyers
purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in
FY 2011 -- an all-time Ex-Im record. This total includes more
than $6 billion directly supporting small-business export sales
-- also an Ex-Im record. Ex-Im Bank's total authorizations are
supporting an estimated $41 billion in U.S. export sales and
approximately 290,000 American jobs in communities across the
country. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States
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