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EX-IM BANK AND THE PRESIDENT OF THE DOMINICAN REPUBLIC MEET TO FACILITATE TRADE

FOR IMMEDIATE RELEASE July 24, 2002

Media Contact Name/Phone: 

Bo Ollison (202) 565-3200

The Export Import Bank of the United States (Ex-Im Bank) Vice Chairman Eduardo Aguirre met with President Hipolito Mejia of the Dominican Republic Tuesday, July 23, 2002. After the meeting, Ex-Im Bank hosted a luncheon honoring the President that included members of the Bush and Mejia Administration's and business leaders involved in trade with the Dominican Republic.

Ex-Im Bank's relationship with the Dominican Republic dates back to 1940. Since then, Ex-Im Bank has authorized $1.5 billion of financing for U.S. exports to the Dominican Republic. President Mejia expressed an interest in continuing discussions with Ex-Im Bank to facilitate further U.S. trade with the Dominican Republic.

I am happy to be here before you today. We are very proud and happy to have this dialogue with Ex-Im Bank, said President Mejia during his remarks at the lunch.

The Dominican Republic is Ex-Im Bank's largest market in the Caribbean. However, there is much more that we can do to facilitate trade between our two countries. The discussions that we had today will help both U.S. exporters in their entry into the Dominican Republic market, as well as the people of the Dominican Republic as they purchase the best made goods and services in the world, Ex-Im Bank Vice Chairman Aguirre said.

Ex-Im Bank has authorized financing for more than $650 million in U.S. exports to the Dominican Republic in the past year. These transactions include exports in sectors such as telecommunications, oil & gas, electricity, transportation, environmental, and manufacturing.

Ex-Im Bank is an independent federal government agency that helps finance U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank authorized financing to support $12.5 billion of U.S. exports worldwide.