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EX-IM BANK, UZBEKISTAN SIGN CREDIT FACILITY TO FINANCE PURCHASE OF U.S. PRODUCTS BY SMALL AND MEDIUM-SIZED UZBEK ENTERPRISES

FOR IMMEDIATE RELEASE March 11, 2002

Media Contact Name/Phone: 

Cheryl Crispen 202-565-3200

WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) and the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) today signed a $55 million medium-term credit guarantee facility to support the purchase of U.S. goods and services by small and medium-sized Uzbek enterprises.

The agreement was signed by Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr., and NBU Chairman Zainutdin Mirkhodjaev at a ceremony at the State Department in conjunction with the state visit of Uzbekistan President Islam Karimov. Karimov and U.S. Secretary of State Colin Powell witnessed the signing.

We are delighted that this agreement will enable Ex-Im Bank to widen its relationship with Uzbekistan, Aguirre said. Ex-Im Bank has helped to finance many large U.S. export transactions with Uzbek buyers. The credit guarantee facility we are signing today helps support transactions between small businesses in both our countries, leading to job creation and economic growth for both our peoples.

The Bank of New York, New York, NY, is the guaranteed lender for the credit facility. The NBU is the primary source of repayment. It is anticipated that the facility will be used to support the sale of U.S. goods and services to small and medium-sized enterprises in Uzbekistan in a variety of sectors, including construction, food processing, agricultural processing, chemicals, pharmaceuticals and other manufacturing.

In fiscal year 2001, Ex-Im Bank authorized $138 million in financing to support U.S. exports to Uzbekistan.

Ex-Im Bank is an independent federal agency that assists in financing the export of U.S. goods and services to developing markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.