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EX-IM BANK, MOLDOVA SIGN AGREEMENT TO SUPPORT BILATERAL TRADE

FOR IMMEDIATE RELEASE March 12, 2000

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3206

The Export-Import Bank of the United States (Ex-Im Bank) and the Republic of Moldova signed a Framework Guarantee Agreement Monday setting the terms for the Government of Moldova to issue sovereign guarantees to facilitate Ex-Im Bank financing of US exports to Moldova.

Ex-Im Bank Chairman James A. Harmon and Moldovan Minister of Foreign Affairs Nicolae Tabacaru signed the agreement at a ceremony at Ex-Im Bank headquarters attended by Moldova's Ambassador to the United States, Ceslav Ciobanu.

This agreement is a step forward in expanding Ex-Im Bank's ability to support US exports to Moldova and promote the development of this emerging market, Harmon said. Ex-Im Bank is open in Moldova for short-, medium- and long-term financing in the public sector and short- and medium-term financing in the private sector under its insurance, loan and guarantee programs.

Ex-Im Bank will continue to work with the Government of Moldova toward a Project Incentive Agreement that would enable Ex-Im Bank to consider financing of US exports for creditworthy projects in Moldova in the private sector on a non-sovereign risk basis (without guarantees from the Moldovan government).

Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. During fiscal year 1999, Ex-Im Bank supported nearly $17 billion in U.S. exports.