FOR IMMEDIATE RELEASE October 10, 2002
Marianna Ohe (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) has approved a $10 million, seven-year credit guarantee facility that will finance the purchase of medical equipment from various U.S. suppliers by The American British Cowdray Medical Center, I.A.P. (ABC Hospital) in Mexico City, Mexico. ABC Hospital will use the equipment to expand its current facilities and to equip a new hospital in Santa Fe, Mexico.
The transaction is being supported under Ex-Im Bank's Medical Equipment Initiative to enhance support for U.S. exports of medical equipment and services to emerging markets. Under the program, Ex-Im Bank provides maximum repayment terms -- up to seven years -- allowable for medium-term financing under OECD (Organization for Economic Cooperation and Development) guidelines.
This initiative is geared to foreign buyers of these U.S. products and services, who tend to be small with weaker-than-average finances and credit, said Ex-Im Bank Vice Chairman Eduardo Aguirre. There also is an above-average likelihood that U.S. small businesses will participate in these export sales. The program thus furthers a top Ex-Im Bank priority -- to expand support for U.S. small business exports.
The guaranteed lender on the credit facility is Banco Santander Central Hispano, New York, NY. ABC Hospital is the primary source of repayment.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide, and over $168 million in medical equipment exports.