FOR IMMEDIATE RELEASE November 11, 2002
Ken Murphy (202) 565-3200
The Export-Import Bank of the United States approved a $2.3 million export credit insurance policy that will support the sale of 130 cargo trailers manufactured by Great Dane Limited Partnership of Chicago, IL to a transportation company located in Medellin, Colombia. PNC Bank, of Pittsburg, PA is the lender and insured for this transaction.
The dry cargo trailers with aluminum floors will allow Transportes Especiales of Medellin, Colombia to provide land cargo services within Colombia and the Andean Pack countries.
With an Ex-Im Bank comprehensive medium-term export credit insurance policy, U.S. exporters are protected from commercial and political risks. Multiple shipment coverage allows a U.S. exporter to fill an export sales order over a period of time, while maintaining coverage for the overall sale.
On average, Ex-Im Bank finances 85 percent of the U.S. content for goods and services insurance under its export credit insurance program. A variety of policies are available to meet the needs of U.S. exporters or financial institutions including: short-term and multi-buyer policies. Financial institutions are more likely to discount receivables or allow them in the collateral base if they are insured. This means more working capital for businesses.
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 the last five years, Ex-Im Bank has supported $330 million of U.S. exports to Colombia. In fiscal year 2002, Ex-Im Bank supported nearly $13 billion of U.S. exports worldwide.