FOR IMMEDIATE RELEASE June 21, 2010
Phil Cogan or Linda Formella (202) 565-3200
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[NOTE TO EDITORS: Release issued 6/18/10 incorrectly listed Bank OCBC Indonesia as a participant. The lender is Bank OCBC NISP.]
JAKARTA, INDONESIA - The Export-Import Bank of the United States (Ex-Im Bank) announced that it has pre-approved 11 Indonesian banks to receive expedited financing under a $1 billion bank facility to support U.S. exports to Indonesia.
The 11 Indonesian banks are Indonesia Eximbank, Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, Bank Central Asia, Bank Danamon, Panin Bank, Bank CIMB-Niaga, Bank OCBC NISP, Bank International Indonesia and Bank UOB Buana.
Ex-Im Bank Chairman and President Fred P. Hochberg announced the new bank facility at a meeting with Indonesia's Coordinating Ministry in Jakarta on June 18.
With its diverse and growing economy, Indonesia offers great opportunities for U.S. exporters in many sectors. This bank facility will enable Indonesian companies to access Ex-Im Bank-backed financing from their local banks and help Ex-Im Bank approve these transactions more quickly, Hochberg said.
We anticipate that this bank facility will be very attractive to borrowers because of the currently low rates and the fixed-interest rate options, he added.
The bank facility will support U.S. exports to Indonesia on short, medium and long repayment terms. Both public-sector and private-sector borrowers are eligible.
Applications for Ex-Im Bank financing involving the 11 Indonesian banks can be approved by Ex-Im Bank's board of directors and senior officials through an expedited process because each bank has been pre-approved for credit up to an established limit per bank. Total financing under the facility could reach more than $1 billion.
Ex-Im Bank, an independent, self-sustaining federal-government agency, exists to fill gaps in export financing, strengthen U.S. export competitiveness, and create and maintain U.S. jobs. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.
In fiscal 2009, overall Ex-Im Bank financing totaled $21 billion, and authorizations supporting small-business exports reached a historic high of $4.4 billion, nearly 21 percent of total authorizations.
Ex-Im Bank authorized $279.5 million for U.S. exports to Indonesia in fiscal 2009, including financing for Sikorsky helicopters to P.T. Travira Air.
In fiscal 2009 and 2010, Ex-Im Bank has authorized almost $1 billion in financing to support the export of up to 30 Boeing 737-8000ER aircraft with CFM International aircraft engines to Lion Air, a private-sector airline in Indonesia.
In the first seven months of 2010, the Bank authorized nearly $15.2 billion in loans, guarantees and insurance - more than twice the amount authorized in the same period in fiscal 2009. For more information, see Ex-Im Bank's Web site at www.exim.gov.