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Ex-Im Bank Chairman Fred Hochberg in Brazil To Promote Financing for Purchases of U.S. Exports

FOR IMMEDIATE RELEASE July 28, 2009

Media Contact Name/Phone: 

Linda Formella (202-565-3200), Phil Cogan, +01-202-746-1675 (in Brazil)

OFFICIALS

OFFICIALS FROM THE STATE AND CITY OF RIO DE JANEIRO met with a delegation from the Export-Import Bank of the United States led by Chairman and President Fred P. Hochberg (right), seen here at the Governor's Palace in Rio de Janeiro speaking with Eduardo Paes, mayor of the City of Rio de Janeiro (left), and Governor Sérgio Cabral Filho, of the State of Rio de Janeiro (middle).

In

In Rio de Janeiro, Chairman Hochberg (second from left) speaks with U.S. Ambassador to Brazil Clifford Sobel and VALE Chief Executive Officer Roger Agnelli (far right). Also seen is Ex-Im Bank Senior Vice President for Export Finance John McAdams (far left). Mining company VALE S.A. is the world's largest producer of iron ore, among other commodities.

WASHINGTON, D.C.: Export-Import Bank of the United States (Ex-Im Bank) Chairman and President Fred P. Hochberg and senior Ex-Im Bank officials are conducting a business-development mission in Brazil from July 29-31, 2009, to promote President Obama's trade policy and the availability of financing from Ex-Im Bank to support Brazil's purchases of U.S. goods and services.

The business-development mission is Hochberg's first international trip since his appointment to the office by President Barack Obama. Hochberg and other senior Ex-Im Bank staff are meeting with officials of the Brazilian government, bankers and business leaders in key industries, including oil and gas, mining, agribusiness and renewable energy.

On the afternoon of July 29, the Ex-Im Bank delegation met with Rio de Janeiro (state) Governor Sérgio Cabral Filho and Rio de Janeiro (city) Mayor Eduardo Paes.

I chose Brazil as my first international destination for good reason: Brazil is a powerhouse among South American economies and offers tremendous opportunities for U.S. exporters in many sectors. I want Brazilians to know that Ex-Im Bank has the will and the capacity to finance their purchases of U.S. equipment, products and services, said Chairman Hochberg.

Also participating are Ex-Im Bank's Senior Vice President and Chief of Staff Kevin Varney and Export Finance Senior Vice President John McAdams. McAdams is on his second visit to Brazil in the past two months during which he has been actively promoting the Bank's financing products to Brazilian lenders and companies.

Ex-Im Bank's senior business development officer for Latin America, Xiomara Creque, will travel to Recife to present Ex-Im Bank products to representatives of the governments and companies of nine northeastern Brazilian states: Alagoas, Bahia, Ceará, Maranhão, Paraíba, Pernambuco, Piauí, Rio Grande do Norte and Sergipe. Meetings will be held at the American Chamber of Commerce in Recife on August 3-4, with possible meetings on August 5. She will be discussing several commercial projects in energy, port-development and infrastructure, among others.

In April, Ex-Im Bank approved a $2 billion preliminary commitment to encourage purchases of U.S. goods and services by Petroleo Brasileiro S.A. (Petrobras), Brazil's national oil company. The amount of a final commitment may be increased above the $2 billion preliminary amount. Petrobras anticipates that it will invest $174 billion in development over the next five years.

A preliminary commitment is issued by Ex-Im Bank to demonstrate that the Bank is interested in providing financing for the types of transactions indicated. Final approval follows receipt of a final commitment application, review by Ex-Im Bank staff and final action by the Bank's board of directors.

In fiscal year 2008, Ex-Im Bank authorized a total of $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide, including $1.5 billion of exports for oil and gas production projects. The Bank authorized $875 million to support U.S. exports to Brazil last year.

Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps to create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. For more information, visit www.exim.gov.