FOR IMMEDIATE RELEASE June 21, 2004
Linda Formella (202) 565-3200
WASHINGTON, D.C.: Banco Latinoamericano de Exportaciones S.A. (BLADEX), a multinational bank headquartered in Panama City, Panama, can now provide medium-term loans supported by guarantees from the Export-Import Bank of the United States (Ex-Im Bank) for U.S. exports to Latin America and the Caribbean. BLADEX signed a Master Guarantee Agreement (MGA) with Ex-Im Bank that provides the financing framework to facilitate Ex-Im Bank's medium-term loan guarantees for U.S. export sales to buyers in 23 countries in the region. Ex-Im Bank'ss medium-term financing typically supports transactions on repayment terms of one year to five years.
BLADEX and Ex-Im Bank have the potential for a very successful partnership that can enhance trade between the United States and Latin America and help both U.S. and Latin American companies to grow and sustain jobs, Ex-Im Bank Board Member Linda Conlin said at the signing ceremony held at Ex-Im Bank headquarters in Washington, D.C.
BLADEX provides its services through a small team with a large reach, said BLADEX Chief Executive Officer Jaime Rivera. We have a network of 150 bank clients in Latin America and the Caribbean, which gives us access to a lot of opportunities to support medium-term sales by U.S. exporters.
BLADEX is a multinational bank with a mission to promote the economic development of countries in Latin America and the Caribbean, primarily through trade finance. BLADEX's shareholders include the central banks and other designated financial institutions of 23 member countries in the region, as well as commercial banks and private investors.
BLADEX utilized the resources of Trade Source International (TSI), a financial advisory firm, to develop its trade finance resources for the MGA.
Ex-Im Bank, the official export credit agency of the United States, is in its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2003, Ex-Im Bank authorized financing to support $14.3 billion of U.S. exports. For more information, visit www.exim.gov.