Highlights how EXIM’s Program on China and Transformational Exports Can Help U.S. Agriculture Compete and Win in the Global Marketplace
FOR IMMEDIATE RELEASE May 20, 2020
Office of Communications (202) 565-3207
WASHINGTON – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today joined members of the National Association of State Departments of Agriculture (NASDA) via teleconference to discuss EXIM’s temporary COVID-19 relief measures and Program on China and Transformational Exports.
“I commend our nation’s great state agriculture secretaries, commissioners, and directors for the outstanding work they do on behalf of millions of Americans who make possible the food, fuel, feed, fiber, and farm-related equipment and technology for the United States and the world. As our global population grows from 7.8 billion today to 9.7 billion in 2050, a growth that mainly will occur beyond our borders, EXIM stands ready to support our country’s agriculture sector as they feed the world,” said Chairman Reed. “COVID-19 has posed unprecedented challenges to our economy and the agriculture sector is no exception. Through our temporary relief measures and in other ways, EXIM is helping agricultural businesses of all sizes compete and win globally through the export of ‘Made in the USA’ goods and services.”
Chairman Reed was introduced by North Dakota Agriculture Commissioner and Chair of NASDA Doug Goehring, who also serves on EXIM’s Sub-Saharan Africa Advisory Committee.
EXIM’s temporary COVID-19 relief measures include waivers, deadline extensions, streamlined processing, and flexibility for its working capital loan guarantee and export credit insurance programs. EXIM’s Board of Directors also unanimously adopted a resolution affirming support of additional temporary relief measures including bridge financing, progress delivery payment financing, supply chain finance guarantees, and working capital guarantee expansions.
EXIM’s Program on China and Transformational Exports, signed into law by President Trump in December as part of EXIM’s historic seven-year reauthorization, is intended to help level the playing field for U.S. exporters and workers as they compete globally by directly neutralizing export subsidies for competing goods and services offered by the People’s Republic of China. The program also has the aim of advancing the comparative leadership of the United States and supporting U.S. innovation, employment, and technological standards globally in ten transformational export industry areas, including those important to agriculture such as biotechnology, biomedical sciences, wireless communications, water treatment and sanitation, and high performance computing.
In February, Chairman Reed took part in a roundtable discussion at NASDA’s Winter Policy Conference with Commissioner Goehring, Kentucky Agriculture Commissioner Ryan Quarles, Indiana Agriculture Director Bruce Kettler, and NASDA CEO Dr. Barb Glenn. Georgia Agriculture Commissioner Gary Black serves on EXIM’s Advisory Committee.
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.