FOR IMMEDIATE RELEASE November 11, 1998
Marianna Ohe (202) 565-3200
Continental Electronics Corp., a small Dallas, TX, company, is selling $7.7 million of radio broadcasting equipment to Lebanon's official government radio, Radio Leban, backed by a $7.08 million medium-term direct loan from the Export-Import Bank of the United States (Ex-Im Bank).
We are delighted to help a small U.S. business penetrate the highly competitive Lebanon market, said Ex-Im Bank Chairman James A. Harmon.
Continental Electronics overcame government-supported competition from two European companies to provide Radio Leban with two broadcasting stations, a small 100-kilowatt transmitter for a local station and a 1-million-kilowatt station located in Tripoli to broadcast throughout Lebanon and most of the Arab world.
Lebanon's Ministry of Information is the buyer of the U.S. equipment and its Ministry of Finance is the borrower.
Ex-Im Bank has not been active in Lebanon recently, but has begun to see an increase in demand for financing for exports to Lebanon on the part of U.S. companies.
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 $12.9 billion in U.S. exports.