FOR IMMEDIATE RELEASE April 16, 1996
Harry Phillips (202)-565-3201
The Harza Engineering Company in Chicago estimates as many as 50-70 new U.S. jobs will be created as a result of a continuing Export-Import Bank of the United States-supported program to improve the water supply and waste water treatment facilities throughout Venezuela.
Ex-Im Bank's Board of Directors Tuesday approved a $17.5 million loan guarantee to support the purchase of U.S. equipment and manufacturing services for the rehabilitation of six 30-year-old water treatment plants on the Paraguana peninsula and the north-central region of Falcon State, on the Caribbean coast between Caracas and Maracaibo.
The financing will also be used for a new waste water treatment facility for the coastal city of Cumarebo, a former hideout of 18th century Caribbean pirates, replacing the current system which discharges untreated sewage directly into the ocean.
The Republic of Venezuela, acting through the Ministry of Finance will be the obligor for the transaction and the Ministry of the Environment and Renewable Natural Resources (MARNR) will be the buyer and end-user. The Guaranteed lender is The Northern Trust Company of Chicago.
The Falcon State project is one of five such environmental projects for Harza with a value of $120 million in U.S. exports, all financed through the Ex-Im Bank.
Ex-Im Bank is an independent government agency that helps finance and promote the sale of U.S. goods and services around the world.
(Editors note: The Bank follows the AP Stylebook, which states that Export-Import Bank of the United States is always acceptable as a first reference and Ex-Im Bank is the acceptable second reference.)