Ex-Im Bank Approves $500 million of the Credit Facility for Two Pemex Projects
FOR IMMEDIATE RELEASE October 1, 2002
Ken Murphy (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) Board of Directors approved a preliminary commitment for a $1.1 billion credit facility with Petroleos Mexicanos (Pemex) that will allow U.S. exporters to compete for sales on four projects for which Pemex is currently seeking bids. The Board of Directors also approved taking $500 million from the new preliminary commitment for financing two of these Pemex projects valued at $300 million and $200 million each.
Ex-Im Bank financing is keeping U.S. businesses competitive in Mexico by providing a line of credit Pemex can use to purchase U.S. goods and services. That means, U.S. exporters can concentrate on submitting bids based on cost, technical specifications, experience and the quality of their products, Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr. said.
In fiscal year 2002 Ex-Im Bank approved nearly $2 billion in financing in support of U.S. exports to Mexico. Through the years Mexico has consistently been one of Ex-Im Bank's largest markets, with Ex-Im Bank financing supporting Mexico's purchases of U.S. equipment and services for a wide range of sectors including oil and gas, agriculture, transportation, telecommunications and textiles.
Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2002, Ex-Im Bank authorized financing to support $14 billion of U.S. exports worldwide.