FOR IMMEDIATE RELEASE March 14, 2001
Marianna Ohe (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) will provide up to $20 million in fast-track short-term insurance coverage on transactions supported by International Moscow Bank (IMB) to facilitate Russian purchases of U.S. goods and services. Ex-Im Bank authorized and delegated authority to its Insurance Division to provide coverage of IMB obligations on terms of up to 360 days. The delegated authority extends through August 31, 2001.
IMB is one of 15 Russian banks identified by Ex-Im Bank last December as potential partners to work with in financing U.S. exports to Russia. The selection of the 15 banks was based on a comprehensive review of the Russian banking sector. Ex-Im Bank continues to consider financing applications from other Russian banks on a case-by-case basis.
The first two IMB transactions approved under the fast-track authority are:
- insurance of two letters of credit for Coretest Systems, Inc., San Jose, CA, to cover the sale of oil field analysis and laboratory test equipment to OJSC Surgutneftegas;
- insurance of a letter of credit for Oil Dynamics Division of Baker Hughes Russia Operations, Inc., Tulsa, OK to cover shipments of electric submersible pumps, and control and cable equipment to OJSC Surgutneftegas.
Ex-Im Bank Chairman James A. Harmon hailed the latest action asa positive step forward in implementing our partnership with Russian banks, benefitting both of our countries.
Ex-Im Bank was open to accept commercial bank risk in Russia from November 1996 until the Russian financial crisis in August 1998. Improved macroeconomic conditions enabled a resumption of activity with Russian commercial banks last year.
Ex-Im Bank is an independent U.S. government agency that helps finance the export of U.S. goods and services to emerging markets throughout the world by providing loans, loan guarantees, and export credit insurance. During fiscal year 2000, Ex-Im Bank supported $15.5 billion in U.S. exports.