FOR IMMEDIATE RELEASE September 22, 2002
Ken Murphy (202) 565-3200
Mexico City, Mexico: Export-Import Bank of the United States (Ex-Im Bank) Board Member Dan Renberg announced today that Ex-Im Bank will provide $100 million (US) or more in financing to support environmental infrastructure projects throughout Mexico. Renberg's announcement was made at conference co-hosted by Ex-Im Bank and Banco Nacional de Obras y Servicios Publicos (Banobras) designed to help U.S. environmental exporters and leaders from nearly three dozen Mexican municipalities negotiate for and purchase infrastructure products for renewable energy, water supply and waste management.
In a resolution adopted by Ex-Im Bank's board of directors, the board said Ex-Im Bank would work with Banobras to expedite financing during the next 12 months, which will help make these important economic development transactions a reality.
The Ex-Im Bank resolution said: it [board of directors] believes that $100 million or more in Ex-Im Bank credit support can be made available over the next 12 months to finance Mexican municipal environmental projects guaranteed by Banobras; and Ex-Im Bank will undertake to expedite the processing of all such transactions, with the understanding that the terms and conditions of any financial support will be subject to Ex-Im Bank's policies and procedures in effect at the time of approval.
This environmental financing is provided under the Partnership for Prosperity initiative enacted by Presidents George W. Bush and Vicente Fox. The Partnership for Prosperity is a private-public alliance designed to foster economic growth and increase the economic strength of businesses in the United States and Mexico.
Ex-Im Bank and Banobras have agreed to work as partners to finance projects where U.S. technology, goods and services can meet the needs of Mexican municipalities in the areas of renewable energy, water supply and waste management.
Ex-Im Bank is an independent agency of the U.S. government that helps finance the sale of U.S. exports, by providing loans, guarantees and export credit insurance. Ex-Im Bank has supported $1.5 billion of U.S. exports to Mexico since 1997.