Facebook pixel

EX-IM BANK SUPPORTS SALE OF U.S. LIGHT RAIL EQUIPMENT TO VENEZUELA FOR MASS TRANSIT SYSTEMS IN TWO CITIES

FOR IMMEDIATE RELEASE January 1, 2002

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3200

The Export-Import Bank of the United States (Ex-Im Bank) has approved two long-term loan guarantees totaling $57 million to support the export by Siemens Transportation Systems Inc., Sacramento, CA, of $62 million of equipment for light rail mass transportation systems in the Venezuelan cities of Maracaibo and Valencia.

This is exactly the type of transaction that Ex-Im Bank wants to support, said Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr. It sustains U.S. jobs by helping a U.S. manufacturing industry compete in an important Latin American market, while promoting economic and infrastructure development for the emerging buyer market.

On both transactions, the borrower is Venezuela's Ministry of Finance, carrying the full faith and credit of the Venezuelan government.

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. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.

The two transactions are:

  • a $30.56 million long-term guarantee supporting the $32.6 million export by Siemens of an electrification system, communications and train control equipment, track work and related systems for Metro de Valencia, owned by the municipality of Valencia.This transaction is part of an ongoing project for which Ex-Im Bank already has authorized two guarantees totaling $93.2 million for earlier Siemens work on the Valencia metro system.The rail cars exported by Siemens under earlier phases of the project represent the first fully assembled light rail vehicles to be exported from the United States since the 1930s.

Suppliers on the latest phase of the project include Redondo Construction Corp., Guaynabo, PR; Mass Electric Construction Co., Boston, MA; Railquip Inc., Atlanta, GA; and Rail Transit Consultants, Inc., Deluth, GA.The guaranteed lender is BNP-Paribas, New York, NY.

  • a $26.3 million long-term guarantee supporting the $30.9 million export by Siemens of an electrification system, communications equipment, train control equipment, track work and related systems for Metro de Maracaibo, owned by the city of Maracaibo and the state of Zulia.Siemens Industrial Automation, Alpharetta, GA, and Railquip Inc., Atlanta, GA, also are suppliers on the contract.The guaranteed lender is Societe Generale, New York, NY.

On both transactions, the borrower is Venezuela's Ministry of Finance, carrying the full faith and credit of the Venezuelan government.

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. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.