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EX-IM BANK TO FINANCE U.S. SALES TO CHINA'S PRIVATE SECTOR

FOR IMMEDIATE RELEASE October 1, 1998

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3206

The Export Import Bank of the United States (Ex-Im Bank) will open its financing programs to support the sale of U.S. goods and services to the private sector of the People`s Republic of China for the first time, effective October 15,1998. The Ex-Im Bank action, which follows a normal cover policy review, coincides with the growth of the Chinese economy`s private sector.

China is now Ex-Im Bank`s largest market, with exposure totaling $5.8 billion. Until now, Ex-Im Bank`s relationships in China have been principally with government entities and have involved sovereign financing carrying the full faith and credit of the Chinese government.

Opening Ex-Im Bank financing programs for the private sector in China will help U.S. exporters large and small find a wider range of buyers in this important and growing market, said Ex-Im Bank Chairman James A. Harmon.

U.S. exporters or Chinese buyers of U.S. goods now can apply for short-, medium-, and long-term financing for private sector transactions under Ex-Im Bank`s loan, guarantee and insurance programs. (Check Ex-Im Bank`s web site at www.exim.gov for details on Ex-Im Bank programs in China. An updated country fact sheet reflecting new financing policies will be available Oct. 15.)

Ex-Im Bank is an independent federal government agency that promotes and assists in financing the sales of U.S. goods and services to markets worldwide. In fiscal year 1998, Ex-Im Bank helped to finance approximately $12.4 billion in U.S. exports, including $1.3 billion in exports to China.