FOR IMMEDIATE RELEASE March 12, 2003
Linda Formella (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) has authorized medium-term financing to support the sales of U.S. telecommunications equipment to Russia and Mali, and road construction equipment to Uganda. Recent authorizations are:
Russia - Ex-Im Bank approved two transactions to support sales by Microwave Networks Inc. of Stafford, Texas, to Russian buyers. In one transaction, the Bank approved a $2.8 million comprehensive medium-term insurance policy for Microwave Networks Inc. to sell its microwave transmitters/receivers for wireless telecommunications to Vimpel-Communications OAO of Moscow, Russia. The broker is Structured Trade Services of Houston, Texas. In the other transaction, the Bank approved a $4.74 million comprehensive medium-term insurance policy for Microwave Networks Inc. to sell its microwave transmitters/receivers for wireless telecommunications to MobilTelesystems OJSC of Moscow, Russia. The broker is Structured Trade Services of Houston, Texas.
Mali - Ex-Im Bank approved a $1.9 million comprehensive medium-term guarantee to support the sale of satellite communications equipment by a small business exporter, Bedford International Services of Aberdeen, Md., to Megasat S.A. of Bamako, Mali. The U.S. supplier, Warsun International of Tysons Corner, Va., is wholly owned by Discovery Telecommunications LLC of Hartford, Conn. Both companies are small businesses. The new equipment will allow Megasat to sell its services to Internet service providers and switch its client traffic from a European backbone (a segment of a communications network where many lines come together) to a less expensive U.S. backbone. The guaranteed lender is Riggs Bank N.A. of Washington, D.C.
Uganda - Ex-Im Bank approved a $1.3 million comprehensive medium-term insurance policy for Riggs Bank N.A. of Washington, D.C., to support the sale of used road construction and maintenance machinery by Atlas Mercantile Inc. of Silver Spring, Md., to E.N. Investment Ltd. of Kampala, Uganda. The U.S. supplier is International Worldwide Equipment Inc. of Houston, Texas. Both the U.S. exporter and supplier are small businesses.
Ex-Im Bank is the official export credit agency of the United States that helps to finance the sales of U.S. exports, primarily to developing markets, by providing guarantees, export credit insurance and loans. In fiscal year 2002, Ex-Im Bank authorized financing to support nearly $13 billion of U.S. exports.