EX-IM BANK'S MEDIUM-TERM FINANCING TO ASSIST BRAZILIAN BUYERS IN PURCHASE OF U.S. CONSTRUCTION, MANUFACTURING EQUIPMENT
The Export-Import Bank of the United States (Ex-Im Bank) is providing more than $2.5 million in medium-term financing that will enable private sector Brazilian buyers to purchase construction and manufacturing equipment from two U.S. companies. The transactions were approved as Ex-Im Bank board member Vanessa Weaver embarked on a six-day, interagency trade mission to Brazil, Uruguay, Argentina and Chile, where she is meeting with government, business and banking leaders to promote Ex-Im Bank financing for purchases of U.S. exports.
These transactions represent the kind of trade that Ex-Im Bank is working to encourage between U.S. companies and Brazilian buyers. They create economic opportunities and sustain employment in both of our countries, and Ex-Im Bank is committed to providing the financing to facilitate these sales, Weaver said.
Ex-Im Bank approved a $2.1 million medium-term guarantee to assist Engenharia Brasileira de Construcoes SA of Pinhais, Brazil, in buying 11 heavy construction Terex cranes from M.D. Moody & Sons Inc. of Pompano Beach, FL. The U.S. supplier is Terex Corporation of Westport, CT. Amtrade International Bank of Atlanta, GA, is the guaranteed lender.
In a separate transaction, the Bank authorized a $383,000 medium-term guarantee to help Itabuna Textil, SA, of Bahia, Brazil, purchase a Braun dye extractor from Jim Martin Industries, Inc., a small business exporter in Charlotte, NC. The U.S. supplier, Braun G.A. Inc., is a small business in Syracuse, NY. Banco Itau SA, New York, NY, is the guaranteed lender.
Ex-Im Bank has a $1 billion short- and medium-term financing program to provide export credit insurance and guarantees to assist Brazilian buyers in the purchase of U.S. goods and services. Seven pre-approved Brazilian banks are participating: Banco do Brasil, Banco Bradesco, Banco Itau, Unibanco, HSBC Brasil, Banco Santander and Banco Brascan.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports through loans, guarantees and export credit insurance, primarily to developing markets. In fiscal year 1999, Ex-Im Bank supported nearly $17 billion of U.S. exports worldwide.