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EX-IM BANK SUPPORTS $76 MILLION U.S. SALE TO CHINESE POWER PLANT

Chinese To Meet Ex-Im Bank Environmental Guidelines Using Own Equipment

FOR IMMEDIATE RELEASE December 6, 1998

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3200

The end user, Shandong Huaneng Power Development Corporation Ltd., one of several partially privatized Chinese state-owned enterprises, will procure electrostatic precipitator equipment from Chinese manufacturers to achieve Ex-Im Bank's guideline limit for particulate emissions from the boilers.

This is an excellent example of Ex-Im Bank's environmental guidelines making a difference by causing a positive action for a cleaner environment brought about by combining U.S. and Chinese technologies for this project, said Ex-Im Bank Chairman James A. Harmon.

GE won the order for the Dezhou III project in the face of stiff foreign competition from companies in Britain, Canada, Japan, France and Germany which had the official support of their export credit agencies.

In addition to supplying equipment, GE will provide technical services for the design, installation and startup of the turbine generator plant, and technical training for Dezhou personnel. When Dezhou III is complete, the Dezhou Power Station will have an aggregate capacity of 2,520 megawatts.

Ex-Im Bank is guaranteeing a loan by Citibank International, PLC, London, with 12-year repayment terms starting with the completion of the project. The borrower, China Construction Bank, is supported by the full faith and credit of the Chinese government.

Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to industrializing and developing markets all over the world by providing loans, loan guarantees, and export credit insurance. In fiscal year 1998, Ex-Im Bank supported nearly $13 billion of U.S. exports.