FOR IMMEDIATE RELEASE May 16, 2004
Marianna Ohe (202) 565-3200
WASHINGTON, D.C.- The Moroccan dirham is the latest currency to join the Export-Import Bank of the United States (Ex-Im Bank) foreign currency guarantee program.
Under this program, Ex-Im Bank will consider guaranteeing commercial bank loans denominated in certain foreign currencies to support foreign purchases of U.S. goods and services. Other currencies approved for the program in recent months are the CFA franc, Russian ruble, Brazilian real, Philippine peso, Mexican peso, Colombian peso, and South African rand. The program allows foreign buyers of U.S. goods and services to borrow in their own currencies.
As with every other Ex-Im Bank financing, transactions under the foreign currency guarantee program must offer reasonable assurance of repayment.
Ex-Im Bank this year marks 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, an independent federal agency, authorized $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank, visit www.exim.gov.