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EXIM Anticipates Seeking Authorization for Financing of U.S. Exports to Egypt’s Tahrir Petrochemicals Complex

FOR IMMEDIATE RELEASE June, 30, 2018

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Cairo, Egypt – Today an executive of the Export-Import Bank of the United States (EXIM) announced that EXIM anticipates seeking authorization of up $1.8 billion in financing to support sales of U.S. exports for the construction of the Tahrir Petrochemicals Complex (TPC) in Egypt.

At a ceremony held in Cairo, EXIM Executive Vice President and Chief Operating Officer Jeffrey Goettman signed a letter expressing EXIM’s intention to seek authorization for financing for the pending transaction. Goettman signed the letter with Basil El-Baz, chairman and CEO of Carbon Holdings Ltd, the TPC project sponsor. Prime Minister H.E. Moustafa Madbouly and members of Egypt’s cabinet attended the ceremony.

“Since 1991, EXIM has provided more than $1 billion in export trade financing for the purchase of U.S.-manufactured goods and services in Egypt. EXIM wants to affirm its continuing interest in supporting U.S. exports for the construction of the Tahrir Petrochemicals Complex, and we believe that this support would benefit jobs and economic growth in both of our countries,” Goettman said. “We hope that this project could serve as a model for future partnerships between the United States and Egypt and demonstrate our commitment to the region.”

The TPC application, currently under review, will require approval by EXIM’s board of directors in order to receive a financial commitment. EXIM’s Project Finance Division and other staff have been conducting due diligence on the application, which will be presented for board consideration at a future date.

ABOUT EXIM BANK:

EXIM is an independent and self-sustaining federal agency that provides competitive and necessary export credit to overseas purchasers of U.S. exports to promote and support American jobs. A robust and fully functioning EXIM can assist the United States in leveling the global playing field for U.S. exporters when they compete against foreign companies that receive the support of their national export credit agencies. EXIM also contributes to U.S. economic growth and the support of more than a million jobs through the support of thousands of small and medium-sized enterprises (SMEs) around the country. Since 2000, EXIM has provided $14.6 billion to the U.S. Treasury after paying for all of its administrative and program expenses.

For more information about EXIM, please visit www.exim.gov.