Former Saudi Aramco President and CEO Abdallah Jum'ah, GE Vice Chairman John Krenicki, Jr., Are Keynote Speakers
FOR IMMEDIATE RELEASE March 25, 2009
Marianna Ohe (202-565-3200)
WASHINGTON, D.C. -- Participants in the Export-Import Bank of the United States (Ex-Im Bank) Annual Conference April 16-17 in Washington, D.C. will have the chance to engage in open dialogue on how the Bank can further refine its financing tools to help U.S. exporters and their lenders during the current international economic crisis. The Bank is chartered by Congress to help finance U.S. exports in order to help create and sustain U.S. jobs.
More than 1,000 U.S. exporters, domestic and international lenders, brokers, government representatives and foreign buyers are expected to attend the Bank's 75th Anniversary Annual Conference at the Omni Shoreham Hotel, with the theme Export Finance: A Key To Economic Recovery.
As the world begins to look beyond the troubles of today, the consensus is that trade, and thus trade finance, will be the cornerstone of rebuilding the world economy, said John A. McAdams, Ex-Im Bank chief operating officer and senior vice president, Export Finance. Ex-Im Bank is fulfilling its Congressional mandate to supplement private sector trade finance, and has been modifying its financial products and introducing new initiatives to help U.S. exporters and lenders cope with today's market conditions.
Ex-Im Bank's total authorizations for the period Oct. 1, 2008-Feb. 28, 2009 have increased dramatically over the same period a year earlier. Working capital loan guarantees alone showed a more than 40 percent increase, and short-term insurance a 240 percent increase, during the period. Working capital guarantees are most often used to benefit small and medium-sized exporters.
The Annual Conference will give us the chance to update our customers on the changes we've made and hear from them what more we can do, as well as give them outstanding networking opportunities, McAdams said.
In a Dialogue with Stakeholders on the opening day of the conference, McAdams and other Ex-Im Bank officials will invite exporters, lenders and other participants to address new ideas to enhance the Bank's products. In a separate seminar on Friday, Ex-Im Bank staff will explain in detail recent Bank initiatives and program enhancements designed to improve liquidity for U.S. exporters and lenders.
Speakers and panelists addressing the conference theme include: Abdallah S. Jum'ah, first Saudi Arabian President and CEO (Retired) Saudi Arabian Oil Company (Saudi Aramco); John Krenicki, Jr., vice chairman, GE, and president and CEO, GE Energy Infrastructure; Josh Bivens,economist, Economic Policy Institute; Bob Davis,international economics correspondent, The Wall Street Journal; and Michael Moore,professor of economics and international affairs, George Washington University and former member of the Council of Economic Advisors.
In a plenary session on the second day of the conference, four former Ex-Im Bank chairmen will share their perspectives on Ex-Im Bank's role in the current financial crisis and the challenges that lie ahead: John A. Bohn, Jr. (1986-1989); John D. Macomber (1989-1992); Kenneth D. Brody (1993-1995), and James A. Harmon (1997-2001).
Conference workshops and panels will discuss a wide range of topics. Small businesses will explain in their own words how they are using Ex-Im Bank working capital loan guarantees, export credit insurance, and medium-term loan guarantees to compete in global markets. Ex-Im Bank officials and staff will explain ways that U.S. clean technology companies can use Ex-Im Bank financing to grow their exports in today's uncertain capital markets.
Major panels on export markets will include India: Still Growing; Financing Services in the Middle East covering Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates and other countries; Colombia: A Market of Opportunity and Growth; and Africa: Opportunities in the Big 5 -- Angola, Ghana, Kenya, Nigeria and South Africa.
Ex-Im Bank also will present small business awards to exporters, lenders and brokers for outstanding performances as Ex-Im Bank customers and partners.
For more information on Ex-Im Bank and the Annual Conference, including the current agenda, and to register online to attend, visit www.exim.gov.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now celebrating its 75th anniversary, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans.