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Ex-Im Bank Signs Agreement with Turkey's Ministry of Energy & Natural Resources

FOR IMMEDIATE RELEASE July 21, 2010

Media Contact Name/Phone: 

Phil Cogan or Marianna Ohe (202-565-3200)

ANKARA, TURKEY - The Export-Import Bank of the United States (Ex-Im Bank) today signed a memorandum of understanding (MOU) with the Ministry of Energy and Natural Resources of the Republic of Turkey to cooperate in financing U.S. exports to Turkey.

Under the MOU:

  • Ex-Im Bank and the Ministry of Energy and Natural Resources agreed to share information on trade and business opportunities to facilitate sales of U.S. goods and services offering environmental benefits to Turkey's energy sector, including renewable energy and energy efficiency exports.

Ex-Im Bank Chairman and President Fred P. Hochberg signed the document during a business development trip to Turkey. The signing was witnessed by Taner Yildiz, Minister of Energy and Natural Resources, following discussions between the two. Turkey is one of nine priority countries being targeted for financing by Ex-Im Bank because of the major opportunities it offers U.S. exporters.

This agreement strengthens the long-standing partnership between Ex-Im Bank and Turkey, said Hochberg. Our goal is to finance U.S. exports to facilitate Turkey's economic and technological growth while supporting U.S. jobs. Recently we have supported U.S. exports for a Turkish scrap metal plant that produces electricity, and for a hydroelectric dam project. We want to participate in more such environmentally beneficial projects in Turkey.

Ex-Im Bank, an independent, self-sustaining federal-government agency, provides export financing that helps strengthen U.S. export competitiveness, and creates and maintains U.S. jobs. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.

In fiscal 2009, overall Ex-Im Bank financing totaled $21 billion, and authorizations supporting small-business exports reached a historic high of $4.4 billion, nearly 21 percent of total authorizations. In the first nine months of fiscal 2010 (through June 2010), Ex-Im Bank authorized $17.4 billion in loans, guarantees and insurance - more than total authorizations for all of fiscal 2009. For more information, see Ex-Im Bank's Web site at www.exim.gov.