FOR IMMEDIATE RELEASE September 1, 2011
Phil Cogan: 01-202-565-3200
MONTERREY, MEXICO: Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank), wrapped up a business-development mission in Mexico yesterday (September 1) telling assembled business leaders here that Monterrey is critical as a global industrial and technological hub.
|Ex-Im Bank Chairman and President Fred P. Hochberg exchanges ideas with business and civic leaders on increasing U.S. exports to the Monterrey, Mexico region during a business roundtable held there on September 1st. U.S. Counsel General in Monterrey, Nace Crawford, hosted the meeting. The Bank business development mission also included Mexico City.|
Hochberg said it was for that reason that he and his team were in Monterrey to foster closer ties to the community and to develop the relationships needed to do more business that benefits both U.S. and Mexican companies and the workers that they employ. Hochberg promoted Ex-Im Bank financing that is available to support the purchase of U.S. goods and services by Mexican buyers to meet the country's growing infrastructure and development needs.
We do more business in Mexico than any other country in the world, and the opportunities for growth are all around us said Chairman Hochberg. My work here this week is designed to broaden ways we work together to ensure that our countries remain competitive in the global economy.
A broad array of Monterrey and Nuevo Leon state business and civic leaders engaged in frank discussions with Hochberg and his team, discussing how Ex-Im can better engage Mexican buyers and improve the products that it offers. Industries represented at the Monterrey meeting included construction, soft drink bottling, renewable energy production, steel fabrication, garment assembly, sign manufacturing, and legal services. Commerce and government officials also participated.
Noting last week's tragic attack in Monterrey, Hochberg offered his condolences to the families and loved ones of those killed and injured, saying our thoughts and prayers are with the people of Mexico. He echoed remarks made earlier by President Obama that both countries must continue working on solutions to the problems posed by transnational criminal organizations that threaten both countries.
Mexico is one of nine key markets (others are Brazil, Colombia, Turkey, South Africa, Nigeria, India, Indonesia and Vietnam) where Ex-Im Bank is focusing its business-development efforts because of the country's infrastructure and development needs. Mexico is currently the largest market exposure in Ex-Im's portfolio ($7.4 billion), which represents nearly 40% of the Bank's Central/South America portfolio.
While in Mexico City, Hochberg met several business and financial leaders, including officials from the National Development Bank for Public Works and Services (Banobras). This meeting was to follow-up on a Memorandum of Understanding (MOU) signed last year specifying that Ex-Im Bank would provide up to $1 billion to finance exports for Mexico's National Infrastructure Program (NIP).
In addition, Hochberg met with officials from Pemex, Ex-Im Bank's most significant partner in Mexico. Last week, the Bank's board of directors voted to grant preliminary approval for Pemex financing totaling $1 billion. Included in the amount is a $200 million facility created specifically to benefit U.S. small business exporters, with at least $140 million in sales expected to be made using that facility. A final vote on the transaction will occur following a 30-day Congressional notification period.
Since 1998, Ex-Im Bank has approved more than $8.3 billion in Pemex financing to support U.S. exports, Mexico's economy, and workers in both countries. In Fiscal Year 2009, the Bank approved $1 billion in direct loans and also guaranteed two loans, totaling $300 million to support the sale of U.S.-produced goods and services to Pemex.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
In FY 2011 through August 4, 2011, Ex-Im Bank has approved more than $24.5 billion in total authorizations - an all-time Ex-Im record. This total included 2,548 U.S. small-business transactions. The Bank's FY 2011 authorizations to date represent a 70 percent increase over its FY 2008 total of $14.4 billion.
Ex-Im Bank's authorizations through August 4 will support $31.5 billion in U.S. export sales and approximately 213,000 American jobs in communities across the country. For more information, visit the Bank's Web site at www.exim.gov