EX-IM BANK TO OPEN FOR LONG-TERM FINANCING IN RUSSIA
The Export-Import Bank of the United States (Ex-Im Bank) announced today that, effective May 16, 2002 the Bank will be open in Russia for long-term financing in both the public and private sectors to support U.S. exports to this important market. Ex-Im Bank currently is open under its short- and medium-term financing programs in Russia. The decision to expand Ex-Im Bank activity follows a recent U.S. government interagency review of Russia's risk rating.
Ex-Im Bank's action results from Russia's improved economic performance and commitment to economic reform, and will expand opportunities for U.S. exporters to participate more fully in this very large, important market, said Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr.
In fiscal year 2002, Ex-Im Bank authorized $156.7 million in financing to support a wide range of U.S. exports to Russia, from sewing equipment to engineering services and equipment for a refinery upgrade to hospital and medical equipment. Ex-Im Bank's total exposure in Russia is approximately $1.8 billion.
Ex-Im Bank is the official export credit agency of the United States and provides loans, guarantees and export credit insurance in support of U.S. companies seeking to expand into the global marketplace. In fiscal year 2001, Ex-Im Bank authorized financing to support $12.5 billion of U.S. exports worldwide.