1934 - Export-Import Bank of Washington Established
The Export-Import Bank of Washington is established to help U.S. companies during the Great Depression. Although the goal was to lend to the Soviet Union, such loans never materialized.
1934 - Second Export-Import Bank Established
The Second Export-Import Bank of Washington is established to lend to Cuba. In July, the lending authority was expanded to include "any part of the world except Russia."
1934 - First President
George N. Peek is appointed by President Franklin D. Roosevelt to head the first and the second Export-Import Banks.
1934 - First Transaction
EXIM's first transaction -- $3.8 million to Cuba for purchase of U.S. silver ingots -- is approved, the first of five loans extended for Cuban coinage over a five-year period.
1936 - Banks Consolidated
The Second Export-Import Bank is liquidated. Its loans and commitments are transferred to the Export-Import Bank of Washington.
1938 - First Development Loan
The first development loan of $5.5 million is loaned to Haiti to improve economic conditions.
1938 - Burma Road Financing
The Bank approves a $22 million loan to China to assist in construction of the Burma Road.
1940 - Steel Mill in Brazil
EXIM Bank authorizes a $25 million credit toward the construction of a large steel mill at Volta Redonda in Brazil - EXIM's first industrial development project.
1940 - Authority Increased
Congress increases EXIM's lending authority to $700 million to support exports to Latin America.
1941 - Pan Am Highway
EXIM's first financing for the Pan American Highway is approved for road construction in Mexico, El Salvador, Honduras, Nicaragua, Costa Rica and Ecuador.
1945 - EXIM Act of 1945
The Export-Import Bank Act of 1945 establishes EXIM Bank as an independent agency. The Bank's lending authority is increased to $3.5 billion.
1945 - Post-WWII Financing
EXIM Bank authorizes over $2 billion for post-WWII reconstruction in Europe, Asia and Africa.In 1947, EXIM Bank is designated to administer funds for the Economic Cooperation Administration under the Marshall Plan.
1946 - First Aircraft Transaction
Financing in the amount of $3 million to Panair do Brasil for seven aircraft.
1948 - Israel Financing
The Bank authorizes $100 million of credits to the newly recognized state of Israel.
1954 - Peru Mine
EXIM approves financing for U.S. exports to the Toquepala Mine in the Peruvian Andes.
1957 - Initial Boeing Support
EXIM joined three commercial lenders to finance $105 million for 17 Boeing 707s for Air France.
1960 - Short-Term Insurance
The Bank first provides short-term export credit insurance through the Foreign Credit Insurance Agency (FCIA), which continues until EXIM Bank assumes the administration of its insurance products in 1992.
1962 - Ghana Financing
EXIM Bank authorizes $110 million to the Volta Aluminum Co. to build an aluminum smelter in Ghana.
1962 - Financing in Portugal
EXIM Bank approves $55 million credit to Portugal supporting U.S. exports to build Lisbon's Tagus River Bridge, the longest suspension bridge in Europe.
1968 - New Official Name
"The Export-Import Bank of the United States" becomes EXIM's official name under P.L. 90-267.
1970 - PEFCO Created
The Private Export Funding Corporation (PEFCO) -- a consortium of private lenders for long-term export finance -- is chartered and opens for business. PEFCO has been a major source of funding of EXIM transactions, including financings of large commercial aircraft.
1973 - Soviet Union Financing
EXIM authorizes its first two credits totaling $199 million supporting U.S. exports to the Soviet Union.
1978 - OECD Arrangement
The Arrangement on Officially Supported Export Credits of the Organisation for Economic Cooperation and Development (OECD) becomes the framework for all of EXIM's medium- and long-term financing offers.
1978 - Tied Aid
For the first time, EXIM Bank offers tied aid financing to help U.S. companies facing foreign competition backed by tied-aid financing from their governments.
1978 - China Financing
EXIM approves its first transaction to China since 1946.
1982 - Mexico Financing
The Bank joins other U.S. government agencies and the International Monetary Fund in providing a $10 billion financial package for Mexico.
1983 - Trade and Development Enhancement Act
The Trade and Development Enhancement Act directs EXIM Bank to establish a Tied Aid Credit Program with the Agency for International Development. The Act also directs the Bank to support exports of U.S. services on the same terms as those for U.S. products.
1984 - Working Capital Guarantee and ST Umbrella Policy Launched
EXIM's working capital lender loan guarantee and short-term umbrella policy are launched to provide more support for small business exporters.
1985 - Small Business Mandate
Congress enacts a 10 percent mandate on small business authorizations, which ss increased in 2002 to 20 percent and in 2015 to 25 percent. In 1987, EXIM programs are redesigned to make them more accessible to small-and medium-sized exporters.
1989 - "Bundling" Credit
The Bank introduces the concept of "bundling" to combine several EXIM-guaranteed transactions for a single country into one credit facility.
1989 - City/State Partners
The Bank launches the City/State Partners Program to enhance the ability of state and local agencies to provide assistance on EXIM products to small-business exporters.
1989 - Financing for Former Soviet Countries/ Opening in Poland and Czechoslovakia
EXIM Bank makes available financing options to support U.S. exports to the newly independent countries of the former Soviet Union. The Bank opens for the first time since WWII in Poland and Czechoslovakia.
1992 - Environment Enhancement Act
The Export Enhancement Act of 1992 directs the Bank to consider the potential environmental impacts of projects for which the Bank is considering providing financing and provide environmental and social impact assessments where required.
1992 - EXIM Assumes Insurance Program/ Opens Regional Offices
EXIM Bank assumes administration of its insurance programs. The Bank establishes regional offices in New York, Miami, Chicago, Houston, and Long Beach, Calif.
1993 - Oil and Gas Framework Agreement with Russia
The Bank signs the Oil and Gas Framework Agreement with Russia to provide financing for U.S. exports to Russia's energy sector.
1994 - Project Finance Division Formed
EXIM's Project Finance Division is formed. The Bank commits $3.5 billion in large-scale project financing in the first 14 months of the division's operation.
1994 - Aircraft Division Formed
EXIM's Aircraft Finance Division is formed. The division was renamed in 1998 as the Transportation Division and given responsibility for financing all types of aircraft, helicopters, locomotives and other rolling stock, and ships.
1994 - Financing of Temelin Nuclear Project
EXIM Bank approves $317 million in guarantees of commercial loans to help upgrade two Soviet-designed nuclear reactors near Temelin in the Czech Republic, supporting exports by Westinghouse Electric Corp. of Pittsburgh, Pa.
1994 - Financing of Amazon Rainforest Surveillance Project
The Bank approves its largest transaction to date, a $1.3 billion loan, supporting the sale of U.S. environmental surveillance and air traffic equipment and services for the Sistema de Vigilancia da Amazon (SIVAM) project of the government of Brazil. The principal U.S. exporter is Raytheon Corp.
1995 - Financing of Paiton Power Plant in Indonesia
EXIM Bank authorizes financing to support U.S. exports for the construction of the first independent power project in Indonesia -- the coal-fired Paiton Complex on Java. The transaction is the first to be done under the Project Finance Division.
1996 - EXIM Website Launched
EXIM Bank launches its website on the Internet.
1996 - Financing Aircraft to China
The Bank approves nearly $900 million to support exports of Boeing and McDonnell-Douglas commercial aircraft to China.
1998 - Easing the Asian Financial Crisis
EXIM Bank provides $1 billion short-term insurance facility for U.S. exports to South Korea during the Asian financial crisis.
1999 - Minority- and Woman-Owned Division Formed
EXIM's Minority- and Woman-Owned (MWOB) Division is created to boost small business exports from these companies traditionally underserved in by the trade finance market.
1999 - EXIM Accepts Internet Applications
The Bank begins accepting applications for letters of interest on its website.
1999 - Short-Term Insurance Offered for sub-Saharan Africa
EXIM Bank launches a short-term insurance pilot program in 19 sub-Saharan African countries.
2000 - Chad/Cameroon Pipeline
In EXIM's first transaction to sub-Saharan Africa using limited recourse project financing, the Bank approves a $300 million loan guarantee to finance U.S. exports to build a pipeline system to transport crude oil from southwest Chad through Cameroon to the Atlantic Coast.
2001 - Tyumen Oil
EXIM Bank authorizes $500 million in loan guarantees for rehabilitation of Tyumen Oil facilities in Russia.
2001 - Reinsurance Waiver Post-9/11
EXIM Bank leads the insurance industry in waiving its requirement for third-party reinsurance for airlines after the terrorist attacks on September 11, 2001.
2002 - Nigeria LNG Financing
EXIM Bank approves its largest to-date private-sector financing to support U.S. exports to Nigeria's LNG production.
2003 - Cape Town Treaty
EXIM Bank offers a one-third reduction of its exposure fee on financing to airlines in countries signing or ratifying the Cape Town Treaty to reduce the risks of cross-border financing of large commercial aircraft and aircraft engines. The United States signs the treaty in 2003 and ratifies it in 2004.
2003 - Trade Bank of Iraq
Joining 15 countries to support Trade Bank of Iraq, the Bank approves a $500 million short-term insurance facility for the Trade Bank to support U.S. exports for the reconstruction of Iraq.
2003 - Ethiopian Airlines
EXIM Bank finances large commercial aircraft to Ethiopian Airlines in the same year that Ethiopia signs the Cape Town Treaty.
2003 - Peru LNG Financing
The Bank provides financing U.S. exports for Peru liquefied petroleum gas project (Peru LNG).
2003 - Financing of Nanhai Petro Project
EXIM Bank backs a historic, first-post WWII private-sector financing in China to support U.S. exports for Nanhai petrochemical complex.
2004 - BTC Pipeline Financing
The Bank approves financing supporting U.S. exports for the construction of the Baku Tblisi Ceyan (BTC) Pipeline, connecting an oil field in the Caspian Sea with the Mediterranean Sea.
2004 - Qatar LNG Financing
The Bank authorizes financing to support U.S. exports to a LNG plant in Qatar.
2004 - Medium-Term Support in Mexico
EXIM Bank authorizes $600 million in medium-term financing to support U.S. exports to Mexico in the first three quarters of FY 2004.
2004 - OECD "Common Approaches" Environmental Guidelines Adopted
The Bank revises its Environmental and Social Due Diligence Procedures and Guidelines to make them consistent with the "Common Approaches" guidelines for evaluating environmental impacts of projects supported by the export credit agencies of the Organisation for Economic Cooperation and Development (OECD).
2004 - Kenya Airways
EXIM Bank finances the first Boeing 777 in Africa to Kenya Airways.
2005 - Financing Agriculture Exports to Iraq
EXIM Bank finances exports to Iraq pass milestone as agricultural commodity shipments from U.S. companies stream toward Iraqi customers.
2005 - 15-Year Repayment Terms Offered
EXIM Bank offers 15-year repayment terms to support U.S. exports to international renewable energy, hydro and clean water projects.
2006 - EXIM Launches "EXIM Online" Accepting Applications
EXIM Bank launches EXIM Online, a new Internet-based application providing U.S. exporters with faster, easier access to multi-buyer export credit insurance.
2007 - OECD Air Sector Understanding
The 2007 Air Sector Understanding (ASU) of the OECD enters into force, establishing a new set of guidelines for export credits supporting commercial aircraft. A revised ASU enters into force in 2011.
2008 - EXIM Establishes Medium-Term Delegated Authority
EXIM Bank establishes its medium-term delegated authority program to increase credit for exports of U.S. capital goods and services on repayment terms of two to five years.
2009 - 18-Year Repayment Terms Offered
EXIM Bank offers 18-year repayment terms to support U.S. exports to international renewable energy, water and nuclear power projects.
2009 - EXIM Adopts Carbon Policy
EXIM Bank adopts a comprehensive carbon policy to guide its support of U.S. exports in light of climate change concerns.
2009 - Guaranteed Bond Issuances
The capital markets issue the first bond offering under the new and improved EXIM Bank Guaranteed Bond program, funding the export of Boeing 777 aircraft to Emirates Airline.
2010 - Global Access Launched
EXIM's Global Access for Small Business initiative is launched, providing small businesses across the country with one-day training events to learn how EXIM can help them begin or expand exports.
2010 - Honduras Wind Farm
EXIM Bank provides $159 Million in financing for Pennsylvania manufacturer to export turbines to Cerro de Hula Wind Farm in Honduras -- the largest wind farm in Latin America.
2011 - EXIM Approves $14 Billion for India Solar Power Projects
The Bank authorizes $1.4 billion financing U.S. exports to India, supporting an estimated 10,000 American jobs. EXIM's financings included seven solar-energy projects in India. The Bank was the first international institution to finance a project under the Indian government's National Solar Mission.
2011 - EXIM Approves Over $1 Billion for Exports to Africa
EXIM financing for sub-Saharan Africa exceeds $1 billion for first time, Including $805 million for Kusile power project in South Africa.
2011 - EXIM Adopts the Equator Principles
The Bank revises its Environmental and Social Due Diligence Procedure and Guidelines to be consistent with the Equator Principles, facilitating the assessment and management of the social/environmental impacts of projects.
2011 - Supply Chain
EXIM Bank announces $450 million for Supply Chain Finance Program with JPMorgan Chase to support U.S. small businesses and other suppliers to Caterpillar Inc.
2011 - Financing of GE Locomotives to South Africa
EXIM Bank approves $100 million in financing for sale of GE locomotives to South Africa's Transnet.
2012 - EXIM Approves Record Level of Authorizations
The Bank reaches a historic level of nearly $35.8 billion in authorizations in FY 2012, supporting a record $50 billion of U.S. exports and an estimated 255,000 American jobs.
2012 - Financing of Sadara Project --Largest Transaction
EXIM Bank approves its largest transaction to date -- $4.9 billion -- financing U.S. exports to the Sadara Petrochemical Project in Saudi Arabia. EXIM's financing is estimated to support for more than 18,000 U.S. jobs.
2012 - Financing of U.A.E. Nuclear Power
EXIM approves $2 billion in financing for nuclear power plant in the United Arab Emirates.
2012 - MWOB Record Support
The Bank sets a new record of $500 million in financing for minority-owned and woman-owned businesses.
2012 - Supporting Clean-Tech Exports to Brazil
A California small business benefits from $48.6 million in EXIM financing for its clean-technology exports to a biogas project in Brazil.
2012 - Australia Pacific LNG
The Bank approves nearly $3 billion in financing for U.S. exports to the Australia Pacific LNG project.
2012 - Express Insurance
EXIM's streamlined insurance product -- Express Insurance -- makes an impressive debut with over 200 policies issued in the first year, the majority benefitting small businesses.
2013 - EXIM Approves Nearly $1 Billion for U.S. Satellites
The Bank authorizes nearly $1 billion in support of U.S.-produced satellites and related services. From 2011 through 2013, EXIM Bank financed approximately 60 percent of U.S. commercial satellites sales.
2015 - Lapse of Authority
The Bank's charter and operating authority lapses for five months - the longest gap in operations in EXIM's history.
2015 - EXIM is Reauthorized After Historic Lapse of Authority
President Obama signs H.R. 22, Fixing America's Surface Transportation Act, which authorizes EXIM Bank through September 30, 2019.
2015 - Regional Initiative Launched
EXIM launches a new regional initiative -- the Regional Export Promotion Program (REPP) -- to work with state and local organizations to expand outreach and availability of EXIM's financing for small businesses.
2015- Board Quorum Lapses
EXIM loses its quorum on July 20, 2015 when the terms for Board Members Sean Mulvaney and Patricia Loui expired.
2019 - First Woman Chair
Kimberly Reed is sworn in as President and Chairman of the Board of Directors on May 9, 2019. Chairman Reed is the first woman to lead EXIM as Chairman, as well as the first West Virginian.
2019 - Board Quorum Restored
The Export-Import Bank establishes a quorum in May 2019 with the confirmation and installation of Chairman Kimberly Reed and Board Members Spencer Bachus and Judith D. Pryor.
2019 - EXIM Authorized Financing for Mozambique LNG Project
The EXIM Board of Directors authorizes up to $5 billion, later amended to $4.7 billion*, in financing to support U.S. exports for the development and construction of an integrated liquefied natural gas (LNG) project located in northern Mozambique. At the time of authorization, this was the largest deal by dollar amount in EXIM history. This transaction is estimated to support 16,700 American jobs.
*This transaction was amended in May, 2020.
2019 - EXIM is Reauthorized for a Historic Seven Years
EXIM is reauthorized for 7 years on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 (PL 116-94), the longest reauthorization in the Agency’s history to date.
2019 - Program on China and Transformational Exports Launched
The 2019 reauthorization establishes a new goal of reserving 20% of EXIM’s total financing authority for exports that compete directly with China in ten transformational export sectors including artificial intelligence; biotechnology; biomedical sciences; wireless communications equipment (including 5G or subsequent wireless technologies); quantum computing; renewable energy; energy efficiency; and energy storage; semiconductor and semiconductor machinery manufacturing; emerging financial technologies; water treatment and sanitation; and high-performance computing.
2020 - EXIM Provides COVID-19 Emergency Relief
In response to the global COVID-19 pandemic, EXIM provides maximum financing flexibility with unprecedented speed to facilitate sales of U.S. goods and services abroad.
2020 - EXIM Board Votes to Reform and Renew Public-Private Partnership with Private Export Funding Corporation (PEFCO)
After a comprehensive public review, EXIM's Board of Directors votes for key reforms to the EXIM-PEFCO partnership and renews the partnership for 25 years.
2020 - EXIM Hosts 2020 G12 Heads of Export Credit Agencies Meeting
EXIM hosts the 2020 G12 Heads of Export Credit Agencies meeting virtually and issues the first-ever G12 joint statement. This was the first G12 meeting hosted by the United States in 8 years.
2020 - EXIM Hosts First Ever Virtual Annual Conference
Due to the global COVID-19 pandemic, EXIM hosts its 2020 Annual Conference on a virtual platform to provide wider access for more businesses to participate in the events -- the largest conference in EXIM’s history to date with more than 1,700 registrants from across the United States and around the globe.
[i] Executive Order 6581, http://www.presidency.ucsb.edu/ws/index.php?pid=14772#axzz1pBsWshWq
[ii] For further information on the First and Second Export-Import Banks see William Becker and William McClenahan, The Market, the State, and the Export-Import Bank of the United States (New York: Cambridge University Press, 2003): 10-40.
[iii] Export-Import Bank Extension, P.L. 90-267, 82 Stat. 47, Foreign Relations of the United States, 1964–1968, Volume VIII, International Monetary and Trade Policy, Document 197, pp. 553-554, http://history.state.gov/historicaldocuments/frus1964-68v08/pg_553.