FOR IMMEDIATE RELEASE August 8, 2001
Marianna Ohe (202) 565-3200
U.S. exporters looking to do business in Albania will now have the option of Export-Import Bank of the United States (Ex-Im Bank) financing. Effective August 9, 2001, Ex-Im Bank will consider applications for short-, medium- and long-term financing of U.S. exports to Albania's public and private sectors. Transactions approved under the program would be the first Ex-Im Bank-supported U.S. sales to Albania.
Ex-Im Bank's decision to open for business in Albania followed the Interagency Country Risk Assessment System's recent revision of risk ratings for Albania. Albania has made major progress in reestablishing macroeconomic and fiscal stability in the wake of its 1997 financial crisis and the 1999 Kosovo refugee crisis.
Ex-Im Bank support for public sector transactions in Albania generally will be limited to transactions that commit the full faith and credit of the government of Albania. Ex-Im Bank will consider structured financing arrangements such as limited recourse project finance in individual cases that offer a reasonable assurance of repayment.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. Ex-Im Bank supported $15.5 billion in U.S. exports in fiscal year 2000.