FOR IMMEDIATE RELEASE October 15, 2001
Cheryl Crispen 202-565-3200 Marianna Ohe 202-565-3200
MOSCOW, RUSSIA -- The Export-Import Bank of the United States (Ex-Im Bank) and DeltaLeasing, a wholly owned affiliate of The U.S. Russia Investment Fund, today signed a Memorandum of Understanding (MOU) to work together to finance the import of U.S. capital equipment into the Russian market. The MOU was signed here by Ex-Im Bank Board Member D. Vanessa Weaver and Nikolai Zinoviev, President of DeltaLeasing, and witnessed by Secretary of Commerce Donald Evans.
Under the agreement, Ex-Im Bank and DeltaLeasing will develop a leasing program to support the import of U.S. capital equipment and services to small and medium-sized Russian companies.
Russian companies, particularly small and medium-sized ones, still face many obstacles to obtaining long-term capital financing for the purchase of capital equipment that they need to expand their product lines and improve their products, said Weaver. By working with DeltaLeasing, Ex-Im Bank can help these smaller firms get the capital equipment they need to take full advantage of Russia's post-1998 economic recovery and expansion, while supporting U.S. jobs and exports.
DeltaLeasing has been providing equipment leasing services in Russia since 1999. Over the last two years, we have funded over 200 projects from many regions of the Russian Federation. Our cooperation with Ex-Im Bank will significantly enhance our ability to help promising businesses find the equipment they need to expand their production base or introduce modern technologies, said Zinoviev.
Weaver said leasing is an attractive financial structure because it provides lessors and creditors with enhanced security rights that may be enforced more readily under current law.
DeltaLeasing, which operates a $15 million portfolio of more than 170 capital leases throughout the Russian Federation, has helped numerous small and medium-sized Russian companies lease various capital equipment from U.S. or European companies for printing, wood processing, packaging, and light manufacturing.
Ex-Im Bank is an independent federal agency that assists in financing the export of U.S. goods and services to developing markets around the world, through export credit insurance, loan guarantees, and direct loans. Ex-Im Bank authorized $156 million in financing in fiscal year 2001 in support of U.S. equipment and services to the Russian Federation. Worldwide in FY2001, Ex-Im Bank authorized approximately $9.1 billion in financing to support some $12.4 billion of U.S. exports.