[Thank you very much. I’m pleased to be here.]

Let me start with an introduction of the Export-Import Bank of the United States, or Ex-Im Bank as it is often called. Ex-Im Bank was founded in 1934 during the depths of our Great Depression. As the official export credit agency, or ECA, of the United States, we work to promote and finance the export of our nation’s goods and services to developing markets. Through loans, guarantees, and insurance products, Ex-Im Bank works to protect U.S. exporters from non-payment by foreign buyers due to commercial or political reasons. Over the course of 67 years, Ex-Im Bank has supported more than $400 billion in U.S. exports.

In the weeks following September 11, we at Ex-Im Bank were pleased to receive Minister of Finance Aziz and his delegation at our offices in Washington, DC. He shared with us his view of the changes occurring in Pakistan and encouraged us to visit. Our Chairman, John Robson, promised Minister Aziz that Ex-Im Bank would work hard to determine what we could do in Pakistan and to work in concert with our colleagues at the Overseas Private Investment Corporation and the Trade & Development Agency. We were pleased to accept Minister Aziz’s invitation to visit Pakistan, participate in this conference, and pursue transaction opportunities.

Although Ex-Im Bank is open to do certain kinds of transactions in Pakistan, Ex-Im Bank cannot yet offer most of its products for transactions here. Under U.S. law, Ex-Im Bank is required to find a reasonable assurance of repayment. Unfortunately, due to economic circumstances, that has been difficult in recent years. We’re very encouraged, however, by recent economic progress and continue to monitor developments in Pakistan with the hope of opening for business under more of our programs in the future. In the meantime, we’re developing several ideas for financing structures tailored to the Pakistan market.

The first of these involves providing financing for large, commercial aircraft sales. We’ve had ongoing discussions with the leadership of both Pakistan International Airlines and the Ministry of Finance about how best to structure a possible sale of U.S.-manufactured aircraft to PIA. When this transaction is concluded, it will upgrade the quality of PIA’s fleet; and as businesspeople, you understand the benefits of improved flying conditions and improved prospects for the airline’s finances.

The second possibility involves structured transactions where financing is provided for projects with hard currency earnings. Such projects-like mining or commodity projects with foreign sales-provide a clear basis on which Ex-Im Bank can evaluate credit risk. Additionally, these projects would boost Pakistan’s foreign currency position.

Lastly, we hope to support the purchase of U.S. products through a short term insurance program. Under this program, Ex-Im Bank would insure letters of credit issued by certain of Pakistan’s top banks. This insurance program enables U.S. banks and exporters to become comfortable exporting and receiving payments from Pakistan businesses on shipments of U.S. goods. With greater access to U.S. goods and services, Pakistan’s small and medium-sized businesses will be better able to grow and develop a mutually beneficial trade relationship with U.S. companies.

It is important to note that none of these transactions is yet final. We expect to make progress in our talks this week with bank and government officials, and we hope to announce completed transactions soon.

With these initial steps, we’re hopeful of playing a meaningful role in Pakistan’s future economic growth. This outreach is not the first time Ex-Im Bank has participated in major world events. Ex-Im Bank’s support of exports has played a role in building the Burma Road, helped administer the post-World War II Marshall Plan, and stepped in to fill some financing gaps during the Asian financial crisis of the late 1990’s.

And sitting here today, I cannot help but think we are involved in yet another historical moment. Pakistan is a relatively young country, but it exists in an ancient land.

Coming here for the first time, I’m impressed with both the vibrancy and age of Pakistan. I’m awed that more than 5,000 years ago there was international trade in the same area where we gather today. More humbling, there were people living, working, building-and making money-here some 4,500 years before the greater world even knew that America existed. So, whatever the current stresses that may exist in and around Pakistan today, we’re confident that this country will find a way to peacefully address its problems and prosper in the new century. The Export-Import Bank of the United States wants to be a part of Pakistan’s future. We want to see businesses here thrive, and we look forward to doing our small part to further the rich commercial history of this place.

Thank you.