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EX-IM BANK APPROVES $792 MILLION IN SALES TO CHINA

FOR IMMEDIATE RELEASE November 18, 1996

Media Contact Name/Phone: 

Angela M. Phifer (202) 565-3200

The Export-Import Bank of the United States (Ex-Im Bank) approved $792 million in financing supporting the export of U.S. equipment and services for two power projects in China.

Ex-Im Bank's Board of Directors authorized a $408.8 million loan supporting the sale by Foster-Wheeler Energy Corporation, Clinton, NJ of six 350-megawatt coal-fired boilers for the Yangcheng Power Plant, located in China's Shanxi Province. Foster-Wheeler will provide engineering, procurement, delivery, and technical advisory services.

The Board also approved the $383 million loan supporting sale of balance of plant equipment and services for the Qinshan III power plant by Bechtel Power Corporation, Gaithersburg, MD. Bechtel provides engineering, procurement and construction services worldwide.

China is currently Ex-Im Bank's second largest customer in the world behind Mexico. Ex-Im Bank is an U.S. independent government agency that helps finance and promote the sale of U.S. goods and services around the world.