Ex-Im Chairman conducting first business development mission to Mongolia
FOR IMMEDIATE RELEASE May 1, 2012
Jamie Radice (202-565-3200)
Ulaanbaatar, Mongolia: The Export-Import Bank of the United States (Ex-Im Bank) and the Development Bank of Mongolia signed a memorandum of understanding (MOU) on May 1st to facilitate trade opportunities between the United States and Mongolia.
Ex-Im Bank Chairman and President Fred P. Hochberg and Development Bank Chaiman Bazarsuren Batjargal signed the agreement at the Government House of Mongolia.
“Mongolia has one of the fastest growing economies in the world, and there are enormous opportunities for U.S. businesses to help meet the country's growing infrastructure needs,” said Fred P. Hochberg, chairman and president of Ex-Im Bank. “Signing this document represents a pledge of cooperation, and we look forward to working together on upcoming projects that benefit both of our countries.”
Chairman Hochberg is on a business-development mission in Mongolia to encourage sourcing of U.S. products and services for regional infrastructure projects. The Bank has historically had limited exposure in the country, however, several products are currently in the pipeline that will increase Ex-Im's activity.
This is Hochberg's first visit to Mongolia, and it is the first recorded visit of an Ex-Im Bank chairman to the country since the Bank was formed in 1934.
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. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. 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.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.