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. |