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EX-IM BANK CREDIT COMMITTEE APPROVES FINANCING FOR ROCK CRUSHING EQUIPMENT TO THE DOMINICAN REPUBLIC AND PACKAGING EQUIPMENT FOR MEXICO

FOR IMMEDIATE RELEASE December 4, 2002

Media Contact Name/Phone: 

Ken Murphy (202) 565-3200

DOMINICAN REPUBLIC: The Export-Import Bank of the United States (Ex-Im Bank) Credit Committee approved a $1.6 million comprehensive guarantee requested by Toronto Dominion Bank of Baltimore, MD to support the sale of a rock crushing plant that is being purchased by Padoca Industrial of Santiago, Dominican Republic. The exporter and supplier is Telsmith, Inc. of Mequon, WI. Telsmith is providing a crusher, conveyors and a control booth as part of the sale. The equipment will increase Padoca's capacity to produce rock aggregates. Telsmith will also train Padoca's employees on how to use the equipment.

MEXICO: the Ex-Im Bank Credit Committee approved a $5.9 million five-year medium-term comprehensive guarantee for Credit Lyonnais Global Partners to support the sale of packaging equipment to Zapata Envases of Zapata, Mexico. This sale is co-financed between Ex-Im Bank and Export Development Canada (EDC). Ex-Im Bank is financing the US portion of the total shipment, which amounts to $3.8 million. EDC is financing $2.1 million, which is the Canadian content.

The US supplier is Kortec, Inc. of Beverly, MA. The Canadian supplier is Husky Injection Molding Systems of Ottawa, Canada. Under a co-financing agreement with EDC, US firms can obtain one-stop financing assistance from both Ex-Im Bank and EDC on transactions that involve exports from both countries. This speeds up the overall processing time and decreases paperwork for the exporters.

Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports, primarily to growth markets throughout the world, by providing loans, guarantees, and insurance. In fiscal year 2002, Ex-Im Bank supported approximately $13 billion of U.S. exports worldwide.