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FOR IMMEDIATE RELEASE MAY 14, 2002 Contact: Lauren Verdery (202) 565-3200 Aguirre Testifies Before Senate Banking, Housing and Urban Affairs Committee Eduardo Aguirre, Jr., Vice Chairman of the Export Import Bank of the United States (Ex-Im Bank), today testified before the Senate Banking, Housing and Urban Affairs Committee about Ex-Im Bank initiatives to further the new National Export Strategy of the Trade Promotion Coordinating Committee (TPCC). The TPCC is the body designated by Congress to coordinate interagency efforts on trade promotion. It is chaired by the Department of Commerce, with Ex-Im Bank serving as vice chair. Other members include the Small Business Administration (SBA), the Overseas Private Investment Corporation (OPIC), the Trade Development Agency (TDA), and the Agency for International Development (AID). "Ex-Im Bank will work with the TPCC members in pursuit of our common goal - to make U.S. trade promotion efforts second to none by being effective, coordinated and user-friendly," Aguirre said in describing to the Senate Committee Ex-Im Bank's role in carrying out the National Export Strategy. Among the Ex-Im Bank initiatives he outlined were:
Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank authorized financing to support $12.5 billion of U.S. exports worldwide. Of all Ex-Im Bank transactions, 90% were in direct support of small businesses. A total of 383 new small businesses utilized Ex-Im Bank for the first time last year to support their exports. |
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