FOR IMMEDIATE RELEASE August 30, 2011
Phil Cogan or Jamie Radice: (202) 565-3200
MEXICO CITY, MEXICO: Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank), is leading a business-development mission in Mexico August 30 - September 2, 2011. Hochberg will promote Ex-Im Bank financing 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 around us said Chairman Hochberg. I'm here this week to broaden and expand ways we work together.
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