General Electric Deal To Be First Co-financing by U.S., Hungarian Ex-Im Banks
FOR IMMEDIATE RELEASE February 26, 2002
In Washington, D.C., Marianna Ohe (202) 565-3200 - In Hungary, Michael Suydam 011-36-266-7000
D. Vanessa Weaver, a member of the Board of Directors of the Export-Import Bank of the United States (Ex-Im Bank), is visiting Hungary February 27-28, 2002 to promote U.S. exports to the important Hungarian market and to sign a co-financing agreement with the Hungarian Export-Import Bank. Weaver will meet with U.S. and Hungarian government and business leaders during her stay and visit a General Electric (GE) power plant in Versegyhaza outside of Budapest.
On February 27, Weaver and Hungarian Ex-Im Bank CEO Dr. Frigyes Banki and deputy CEO Bela Singlovics will sign the co-financing agreement at Hungarian Ex-Im Bank headquarters in Budapest. As a result of this agreement, GE later that day will be able to sign the first transaction to be co-financed by the two export credit agencies: a $30 million sale to Turkey of GE electric power equipment sourced by GE's plants in Cincinnati, Ohio and Versegyhaza, Hungary.
This type of cooperation with fellow export credit agencies enables us to leverage our resources and attract more foreign buyers with a streamlined, one-stop-shop financing process, supporting even more U.S. exports and jobs, Weaver said. At the same time it supports economic and infrastructure development in Hungary.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world by providing loans, guarantees and insurance. Ex-Im Bank has been active in Hungary since the early 1980s, with current exposure totaling approximately $40 million. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.