FOR IMMEDIATE RELEASE July 13, 2003
Linda Formella (202) 565-3200
Washington, D.C.- The Export-Import Bank of the United States (Ex-Im Bank) announced today a new Transportation Security Exports Program. It provides enhanced financing for U.S. exports of products and services that improve the security of international transportation systems. Enhanced export financing will be available to support U.S. exports of machinery, equipment, goods, and services for a wide range of security-related functions, including:
- Screening and identification of cargo, baggage and passengers;
- Data collection and analysis;
- And communications.
Ex-Im Bank's Transportation Security Exports Program is designed to help U.S. exporters provide state-of-the-art equipment, technology, and services to countries that are seeking to improve the security of their cross-border transportation systems, said Ex-Im Bank Chairman Philip Merrill. We anticipate that our financing enhancements will be very attractive to buyers involved in foreign transportation security projects.
Under the new program, Ex-Im Bank will offer financing enhancements for exports related to U.S. transportation security or for foreign transportation security projects, similar to the Bank's enhanced financing for environmentally beneficial exports or exports of medical equipment. These enhancements are: 1) the maximum allowable repayment terms under the guidelines of the Organization for Economic Cooperation and Development, and 2) support for local costs up to 15 percent of the U.S. net contract value.
Ex-Im Bank's Transportation Security Exports Program is now available in every country where the Bank is currently open to provide export financing. Ex-Im Bank's initiative complements a number of other U.S. government programs, such as the Secured Trade in the APEC Region (STAR) initiative to increase international security cooperation among the nations of the Asian Pacific region and the Smart Border programs with Mexico and Canada.
Ex-Im Bank is the official U.S. export credit agency that helps finance the sales of U.S. exports, primarily to developing markets, by providing loan guarantees, export credit insurance and direct loans. In FY 2002, Ex-Im Bank authorized financing to support approximately $13 billion of U.S. exports worldwide.