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FOR IMMEDIATE RELEASE September 24, 1996

Media Contact Name/Phone: 

Linda Formella (202) 565-3200

The Export-Import Bank of the United States (Ex-Im Bank) today signed an agreement providing a $60 million long-term guarantee to support the sale of gas turbines and related equipment and services by Ansaldo North America, Inc., General Electric, and other U.S. suppliers to Panama`s electric power utility.

Ex-Im Bank's guarantee supports the contract of the U.S. exporter, Ansaldo North America Inc., of New York, New York, to the Instituto de Recursos Hidraulicos e Electricos (IRHE), the government-owned electric power utility of Panama. The transaction consists of two separate projects at the Central 9 de Enero power plant, located at Bahia Las Minas on the Caribbean coast of Panama. One project is the construction of a 130-megawatt net combined cycle power plant; the other is the rehabilitation of two existing steam cycles.

Ansaldo North America will provide engineering and management services. General Electric will supply a new gas turbine and parts and services to rehabilitate existing gas turbines. Eighteen other U.S. suppliers, will provide three heat recovery steam generators and balance-of-plant equipment.

The Bank of New York is the guaranteed lender. Repayment will be made in 17 semi-annual payments, beginning no later than October 15, 1998.

Among those who were in attendance at today's signing ceremony in Washington, D.C., were Minister of Finance and Treasury of the Republic of Panama, Lic. Olmedo Miranda, Jr., and Ex-Im Bank Director Julie D. Belaga, who signed on behalf of Ex-Im Bank.

Ex-Im Bank is an U.S. independent government agency that helps finance and promote the sale of U.S. goods and services around the world.