FOR IMMEDIATE RELEASE September 12, 1996
Marianna Ohe (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) approved an arrangement with Brazil's Banco Credibanco that will help U.S. companies sell their environmental products in one of the world's fastest-growing markets for environmentally beneficial goods and services.
Ex-Im Bank's Board of Directors approved a $10 million Environmental Credit Initiative in partnership with Banco Credibanco that will finance U.S. environmentally beneficial exports to Brazil. Banco Credibanco is the first international commercial bank to agree to increase support for environmentally beneficial projects in cooperation with Ex-Im Bank through such an initiative. Banco Credibanco will act as the repayment guarantor on Ex-Im Bank medium-term financing under the arrangement.
This unique partnership will enable American companies to bring their cutting-edge products and technology to this environmentally progressive country, said Ex-Im Bank Board Director Julie D. Belaga. At the same time, it will help leverage Brazil's resources to increase the number of environmental projects.
Brazil's environmental market is the largest in Latin America, totaling $2.5 billion in 1995. The U.S. Department of Commerce projects the market will grow 10-15 percent annually in the next few years.
Under the new initiative, U.S. exporters seeking Ex-Im Bank medium-term insurance should first ask their Brazilian customers to approach Banco Credibanco to determine its willingness to provide a repayment guarantee. Once Banco Credibanco has indicated its willingness, the exporters should submit their applications to Ex-Im Bank. Exporters also may apply for a Letter of Interest under Ex-Im Bank's medium-term guarantee program.
For further information on the program, exporters should contact: Craig O'Connor at (202) 565-3939.
Ex-Im Bank is an independent government agency that helps finance and promote the sale of U.S. goods and services around the world.