News | News Releases | 1996

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EX-IM BANK SUPPORTS U.S. EXPORTS TO PANAMA POWER PROJECT

The Export-Import Bank of the United States (Ex-Im Bank) today signed an agreement providing a $60 million long-term guarantee to support the sale of gas turbines and related equipment and services by Ansaldo North America, Inc., General Electric, and other U.S. suppliers to Panama`s electric power utility.

Ex-Im Bank`s guarantee supports the contract of the U.S. exporter, Ansaldo North America Inc., of New York, New York, to the Instituto de Recursos Hidraulicos e Electricos (IRHE), the government-owned electric power utility of Panama. The transaction consists of two separate projects at the Central 9 de Enero power plant, located at Bahia Las Minas on the Caribbean coast of Panama. One project is the construction of a 130-megawatt net combined cycle power plant; the other is the rehabilitation of two existing steam cycles.

Ansaldo North America will provide engineering and management services. General Electric will supply a new gas turbine and parts and services to rehabilitate existing gas turbines. Eighteen other U.S. suppliers, will provide three heat recovery steam generators and balance-of-plant equipment.

The Bank of New York is the guaranteed lender. Repayment will be made in 17 semi-annual payments, beginning no later than October 15, 1998.

Among those who were in attendance at today`s signing ceremony in Washington, D.C., were Minister of Finance and Treasury of the Republic of Panama, Lic. Olmedo Miranda, Jr., and Ex-Im Bank Director Julie D. Belaga, who signed on behalf of Ex-Im Bank.

Ex-Im Bank is an U.S. independent government agency that helps finance and promote the sale of U.S. goods and services around the world.