FOR IMMEDIATE RELEASE October 4, 2000
U.S.A. — Marianna Ohe (202) 565-3200
Washington, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) and the Republic of Moldova today signed a Project Incentive Agreement that will facilitate Ex-Im Bank financing to support the export of U.S. goods and services to Moldova.
Ex-Im Bank Chairman James A. Harmon and visiting Moldovan Prime Minister Dumitru Braghis signed the agreement at a ceremony at Ex-Im Bank headquarters. Also attending the event were Moldovan Ambassador to the United States Ceslav Ciobanu; Iurie Leanca, Moldovan First Deputy Minister of Foreign Affairs; Victor Chiriac, Moldovan Deputy Minister of Finance; and Veronica Bacalu, Vice Chair, National Bank of Moldova.
Today's agreement will facilitate private sector opportunities in Moldova, Harmon said. This is the culmination of efforts by both of our countries to find a way to finance U.S. exports for creditworthy projects.
Under the terms of the Project Incentive Agreement, repayment of Ex-Im Bank financing will be based on the capture of financed projects' revenue streams in special escrow accounts held in banks approved by Ex-Im Bank. Financing under the agreement will not carry the sovereign guarantee of the Government of Moldova, but will require host government support in project-related activities such as permit and license approvals.
Ex-Im Bank is open for business in Moldova under its short- and medium-term private sector financing programs, and under its short-, medium- and long-term public sector programs. Potential U.S. business in Moldova is considerable, with numerous U.S. companies expressing interest in obtaining Ex-Im Bank Letters of Interest, a preliminary step in obtaining financing of U.S. exports to Moldova.
Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to emerging markets throughout the world by providing loans, loan guarantees, and export credit insurance. In fiscal year 1999, Ex-Im Bank supported approximately $17 billion in U.S. exports worldwide.