FOR IMMEDIATE RELEASE August 15, 2002
Marianna Ohe (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) is providing a loan guarantee supporting the $4.1 million export by World Brands, Inc., Jacksonville, FL, Caterpillar Inc., Peoria, IL, and numerous U.S. suppliers of furniture and a diesel power generator for a new thermal spring tourist resort being built in Turkey.
The other suppliers on the transaction include Century Furniture Industries, Hickory, NC; Lane Home Furnishings, Tupelo, MS; Woodard Inc., Chicago, IL; Cambridge Lamps Inc., Hialeah, FL; and Montaage, Dallas, TX.
Ex-Im Bank is always looking for ways to expand our activity in Turkey in all sectors of the economy, said Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr. Recently we've seen increased interest among U.S. exporters in Turkey's tourism industry. We hope to finance more exports to this sector as well.
The buyer on the current transaction is Asyafin Turizm Proje Insaat Taahhut Emlak Sanayi ve Ticaret A.S. (Asyafin Turizm), Istanbul, Turkey, a company established in 1999 to develop a time-share resort and hotel complex in Turkey's Kizilcahaman region. The primary source of repayment is Aydin Orme Sanayi ve Ticaret A.X. (Aydin Orme), related to Asyafin Turizm through a common shareholder. Allfirst Bank, Baltimore, MD, is the guaranteed lender.
Turkey is one of Ex-Im Bank's largest markets, with the Bank's Turkey portfolio exceeding $3 billion. In fiscal year 2001 Ex-Im Bank approved $115 million in financing to support U.S. exports of equipment and services to Turkey for a broad range of sectors including power, transportation, textiles, housing and tourism.
Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank authorized financing to support $12.5 billion of U.S. exports worldwide.