FOR IMMEDIATE RELEASE June 21, 2004
Andrew Yarrow, (202) 565-3200
Trade Finance Magazine Article
WASHINGTON, D.C. -- The Export-Import Bank of the United States (Ex-Im Bank) received Trade Finance magazine's Best Export Credit Agency award for the second consecutive year, as well as awards for three Deals of the Year.
The awards, which were announced by the Euromoney publication in its June issue, were presented to Ex-Im Bank Chairman Philip Merrill in a ceremony in London today. Trade Finance, a global magazine for trade-finance decision makers, based the award for excellence on a poll of approximately 2,500 bankers, insurers, business people, and officials of other export credit agencies from throughout the world.
It is especially rewarding to be honored by our peers in the trade-finance community, Merrill said. This award is a tribute to Ex-Im Bank staff's efforts to support our customers and partner with others in supporting U.S. exports and jobs. We always seek ways to improve our customer service, yet this is a recognition that we are making great strides in that direction.
This is the second year running that U.S. Ex-Im has won this award, and this is indicative of the increased number of votes we have had from U.S. exporting companies, Jonathan Bell, editor of Trade Finance, said. But to give the whole picture, votes also have come from a number of banks and other service institutions that work with U.S. Ex-Im, both U.S.-based and abroad. Obviously there are a lot of folk out there that hold the bank in high regard.
Trade Finance also named three Ex-Im Bank-financed transactions among its 2003 deals of the year:
1)The Bank's $33.1 million loan guarantee to supports the export by General Electric Co. Inc., Erie, Penn., of 54 locomotive modernization kits to Kazakhstan Temir Zholy (KTZ), Kazakhstan's state-owned national railway;
2)The Bank's long-term financing to support the sale of three Boeing 777 commercial aircraft and General Electric spare engines to Pakistan International Airlines (PIA), the national flag carrier of Pakistan, as part of the airline's fleet-renewal plan; and
3)The Bank's a long-term loan guarantee to support Vietnam Airlines' purchase of four Boeing 777 commercial aircraft.
Ex-Im Bank this year marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank, visit www.exim.gov.