FOR IMMEDIATE RELEASE August 27, 2002
Andrew Yarrow (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) approved a $1,857,080 medium-term insurance policy to help four U.S. companies export sugar cane harvesting and refining equipment to Nicaragua.
Under this transaction, Monte Rosa, S.A., of Managua, Nicaragua, will buy $1.5 million of tractors from Deere & Company, Inc., of Moline, Ill.; $300,000 of centrifuges for sugar crystal production from Western States Machine Company, Inc., of Hamilton, Ohio; and $190,000 of pumps by Goulds Pumps, Inc., of Seneca Falls, N.Y. Under this repetitive sales policy, Allfirst Bank of Baltimore, Md., will extend credit to Monte Rosa. International Risk Consultants, Inc. of Columbus, Ohio is the broker on this transaction.
Ex-Im Bank financing will allow Nicaragua to procure vital equipment for its agricultural sector, while supporting U.S. jobs, bringing benefits to both of our economies, said Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr. This transaction approved by Ex-Im Bank is a good illustration of the strong trade ties supported by President Bush in his efforts to develop a Central American Free Trade Agreement and ultimately a Free Trade Agreement of the Americas.
We applaud the Export-Import Bank's decision in support of the sale of state-of-the-art John Deere equipment into this important market, said Ken Golden, spokesman for Deere & Company.
David Cooke, head of trade finance at Allfirst added: Allfirst is delighted to provide financing again to its good customer in Nicaragua, Monte Rosa. Without the support of Ex-Im Bank, we would not have been able to finance the sale of tractors, cane harvesting equipment, centrifuges, and pumps manufactured in the U.S.A. by Deere, Western States, and Goulds.
Ex-Im Bank authorized $19.5 million in financing for U.S. exports to Nicaragua in fiscal year 2001, and has more than $100 million of exposure in the country.
Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.