Ex-Im Bank History

The Export-Import Bank was established by President Franklin D. Roosevelt, in 1934, as a New Deal program and to support his foreign policy. From its humble beginnings with a $3.8 million loan to Cuba for U. S. silver ingots to more than 2,700 transactions that supported nearly $20 billion worth of exports in 2008, Ex-Im Bank has had a rich 75 year history of expansion and transformation.

Throughout its History, Ex-Im Bank has enabled U.S. companies — large and small — to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.

Today, Ex-Im Bank provides working capital guarantees (pre-export financing); export credit insurance; loan guarantees and direct loans (buyer financing). On average, 85% of the transactions directly benefit U.S. small businesses providing export financing for products that fill gaps in trade financing. Ex-Im Bank has supported more than $400 billion of U.S. exports, primarily to developing markets worldwide.

The Export-Import Bank of the United States: Jobs Through Exports

1934	Ex-Im Bank is established. Ex-Im Bank's first transaction is approved: $3.8m in silver ingots to Cuba
1938	$22 million loan to China for the "Burma Road" approved
1941	The Pan American Highway is financed
1946	$2 billion authorized for the reconstruction of Europe later recognized under the Marshall Plan
1948	$100 million approved for credits to the newly recognized state of Israel
1951	$5 million authorized for reconstruction of a 170-mile road from Port of Monrovia, Liberia to the border of French West Africa
1957	Ex-Im Bank authorized to authorize transactions in foreign currencies
1962	Ex-Im Bank authorizes $120 million to the Volta Aluminum Company to build an aluminum smelter in Ghana
1964	Ex-Im Bank issues $5.6 million in guarantees of agricultural products to the Soviet Union, Bulgaria, Czechoslovakia, Hungary, Poland, and Romania.
1968	Congress changes name to Export-Import Bank of the United States
1973	Two credits to USSR for $199 million of exports are authorized the same day
1977	The International Arrangement on Export Credits is introduced
1979	The Minority Bank Export Sales Financing Program is established
1982	Ex-Im Bank joins IMF for a $10 billion financial package for Mexico
1987	Ex-Im Bank initiates a sweeping update of programs to serve small and medium sized exporters
1990	For first time since WWII, Ex-Im Bank "reopens" in Poland and Czechoslovakia
1994	The Project Finance and Aircraft Finance Divisions are created
1995	Environmental Procedures and Guidelines are approved
1998	During Asian financial crisis, Ex-Im Bank assists with financing of U. S. exports to South Korea, Thailand, and Indonesia
1999	Ex-Im Bank expands the availability of financing in Sub-Saharan Africa and reaches a record level of support for U. S. exports to these markets.
2001	Ex-Im Bank supports airlines after the September 11 terrorist attacks by providing temporary insurance waivers
2005	Ex-Im Bank offers relief measures to customers in federal disaster areas affected by Hurricane Katrina
2006	United States and China announce agreement to increase sales of U.S.-financed exports to China. Ex-Im Bank authorizes commitments to Air India of over $6 billion.
2009	Ex-Im Bank responds to the financial crisis with new programs to help ensure that exporters and suppliers, especially small businesses, maintain access to trade finance.