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FOR IMMEDIATE RELEASE SEPTEMBER 30, 1996 CONTACT: Linda Formella (202) 565-3200 FY `96 Project Financing Rises To $1.7 Billion EX-IM BANK APPROVES PROJECT FINANCING FOR SALES TO LATIN AMERICA AND THE CARIBBEAN The Export-Import Bank of the United States (Ex-Im Bank) has authorized $620 million in project financing for two separate export transactions by Overseas Bechtel, Inc., USA, and Fluor Daniel Corporation, both of Houston, Texas, to Trinidad and Tobago and Argentina, respectively. The authorizations bring Ex-Im Bank`s total authorizations for project financing in fiscal 1996 to $1.7 billion. "These transactions demonstrate the great partnership between Ex-Im Bank and commercial lenders in project finance," said Ex-Im Bank Project Finance Vice President Dianne Rudo. "In both cases, Ex-Im Bank is involved only where the Bank is needed, offering political risk only guarantees that will enable the commercial financing to go forward."
With limited recourse project finance, repayment is based on project revenues rather than on a guarantee of the debt from the host country government. Demand for this financing in emerging markets has soared in recent years due to privatization, the need to reduce sovereign debt, and economic growth in these markets. In fiscal year 1995, Ex-Im Bank authorized over $2 billion in project financing to support U.S. exports to infrastructure projects. Ex-Im Bank is an independent government agency that helps finance and promote the sale of U.S. goods and services around the world. |
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