Board of Directors to Act in Open Session Thursday, August 28th at 9:30 A.M.
FOR IMMEDIATE RELEASE August 26, 2003
Andrew Yarrow (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) will consider whether to refer to Congress a proposed program that would provide short-term insurance for U.S. export transactions with the new Trade Bank of Iraq. The Bank's board of directors will meet in open session on Thursday, August 28 at 9:30 a.m. to consider the proposal.
The program, if approved following a 35-day Congressional review period, would provide coverage for transactions authorized by the Coalition Provisional Authority (CPA), the current administrative authority. The CPA established the Trade Bank of Iraq on July 17 to support Iraqi reconstruction through trade-finance services. The program, if approved, would allow for aggregate Ex-Im Bank exposure of $500 million and would use existing Bank funding.
As the official export credit agency of the United States, Ex-Im Bank helps finance the sales of U.S. exports, primarily to developing markets, by providing guarantees, export credit insurance, and loans. In fiscal year 2002, Ex-Im Bank authorized financing to support nearly $13 billion of U.S. exports.
Note to editors: Reporters planning to attend should arrive no later than 9:15 a.m. because seating is limited.