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EX-IM BANK BOARD APPROVES FINANCING SUPPORTING NEARLY $790 MILLION IN US EXPORTS

Two-Director Quorum Can Process Transactions Until Oct. 1

FOR IMMEDIATE RELEASE August 12, 1999

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3200

The Board of Directors of the Export-Import Bank of the United States (Ex-Im Bank) Friday approved loan guarantees supporting US exports valued at nearly $790 million. The $470 million in Ex-Im Bank loan guarantees are financing exports that include instrumentation and control equipment to Bulgaria and large commercial aircraft to Japan and Taiwan.

The authorizations were made under temporary authority given to Ex-Im Bank by Congress and signed into law by President Clinton Aug. 11. The legislation, HR 2565, authorized Ex-Im Bank to call its first Board meeting since July 20. The Ex-Im Bank Board may now convene and approve transactions with a two-director quorum until Oct. 1. Two Presidential nominees to the Ex-Im Bank Board of Directors are currently awaiting Senate approval

Congress and President Clinton should be congratulated for working so quickly to sustain Ex-Im Bank`s efforts on behalf of American exporters and workers, Ex-Im Bank Chairman James A. Harmon said. Ex-Im Bank financing is critical to thousands of US exporters who are succeeding against tough foreign competition and it is important that financing for transactions remains reliable and timely.

Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to industrializing and developing markets all over the world by providing loans, loan guarantees, and export credit insurance. In fiscal year 1998, Ex-Im Bank supported $13 billion of U.S. exports worldwide.