BISNIS Bulletin, June 2002

 

EX-IM BANK OPEN FOR LONG-TERM FINANCING

IN RUSSIA

 

Source: Ex-Im Bank Press Release

 

The Export-Import Bank of the United States (Ex-Im Bank) opened in Russia for long-term (over 7 years) financing in both the public and private sectors to support U.S. exports on May 16, 2002. Ex-Im Bank previously was open under its short-term (up to 1 year) and medium-term (1 to 7 years) financing programs in Russia. The decision to expand activity followed a recent U.S. government interagency review of Russia’s risk rating.

”Ex-Im Bank’s action results from Russia’s improved economic performance and commitment to economic reform, and will expand opportunities for U.S. exporters to participate more fully in this very large, important market,” said Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr.

In fiscal year 2002, Ex-Im Bank authorized $156.7 million in financing to support a wide range of U.S. exports to Russia, from sewing equipment to engineering services and equipment for a refinery upgrade to hospital and medical equipment. Ex-Im Bank’s total exposure in Russia is approximately $1.8 billion.

Ex-Im Bank (www.exim.gov) is the official export credit agency of the United States and provides loans, guarantees, and export credit insurance in support of U.S. companies seeking to expand into the global marketplace.

 

For a recent report on U.S. Export-Import Bank activities in Russia, visit BISNIS Online at www.bisnis.doc.gov/bisnis/isa/isa-banking.cfm.