Follows President Trump’s Announcement of Historic Economic Normalization Agreement
FOR IMMEDIATE RELEASE September 15, 2020
Office of Communications (202) 565-3207
WASHINGTON –Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed and the U.S. International Development Finance Corporation (DFC) Chief Executive Officer Adam Boehler today signed Letters of Interest (LOIs) with Serbia and Kosovo for the construction of The Peace Highway. This project will connect Nis and Pristina and is key in promoting economic cooperation between the countries.
“The Peace Highway is an important step toward economic cooperation between Belgrade and Pristina, and I commend the work of President Trump and the entire administration on this historic agreement,” said EXIM Chairman Reed. “The Export-Import Bank of the United States is committed to supporting projects that both advance economic development and employment in the region, and support American exports and workers. I look forward to working with the U.S. International Development Finance Corporation, and the rest of my U.S. interagency colleagues, toward this goal.”
“The Peace Highway will drive economic development and regional integration by connecting Nis and Pristina. It will also serve as a powerful symbol of the new, transformative relationship between these neighboring countries,” said DFC CEO Boehler. “DFC is committed to advancing this peace process by investing in projects that create jobs and bring sustained economic benefit to both countries.”
On September 5, after having met with the President of Serbia Aleksandar Vučić and Prime Minister of Kosovo Avdullah Hoti, Chairman Reed released a statement regarding President Trump’s announcement that Serbia and Kosovo have committed to economic normalization. EXIM and DFC plan to send delegations to Belgrade and Pristina later this month to advance work on The Peace Highway and further support economic development in the region.
In announcing the historic agreement, President Trump stated: “By focusing on job creation and economic growth, the two countries were able to reach a real breakthrough on economic cooperation across a broad range of issues…I look forward to seeing Serbia and Kosovo prosper as we work together on economic cooperation in the region going forward.”
The LOIs signed today are non-binding and will be followed by standard due diligence conducted by the agencies before financing is formally committed.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.