FOR IMMEDIATE RELEASE February 5, 1998
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. -- The Export-Import Bank of the United States (Ex-Im Bank) approved a loan guarantee to support the $35 million sale by Siemens Transportation Systems Inc., Iselin, NJ of light rail vehicles and equipment to Venezuela to build a subway system in the city of Valencia.
The transaction supports continued work begun last year by Siemens to design and build the first stage of Line 1 in Valencia`s light rail rapid transit system. The first stage, when completed in October 2000, will consist of 6.2 kilometers of track, eight stations and 12 cars. Siemens will provide trackwork, electrification, train control systems and communications systems as part of the project. Ex-Im Bank financing supported Siemens` work on the subway last year as well.
The latest export will sustain jobs at Siemens and numerous subsuppliers around the country including Redondo Construction Corp., Guaynabo, PR; Rail Transit Consultants Inc., Norcross, GA; Mass Electric Construction Co., Boston, MA, and H K C Inc., Warrenton, VA.
Ex-Im Bank will guarantee a loan by Royal Bank of Canada, New York, NY. The obligor on the financing is the Republic of Venezuela through the Ministry of Finance.
Ex-Im Bank is an independent federal government agency that supports U.S. jobs by financing creditworthy export sales to emerging markets that would not otherwise go forward. Nationwide, Ex-Im Bank has supported nearly 11,000 transactions with $65.5 billion in authorized financing in the past five years.