Largest U.S. Economic Delegation to Visit Brazil in Recent Times Delivers Three Major Economic Victories; President Bolsonaro Takes Part in EXIM-Brazil Ministry of Economy $1 Billion MOU Signing Ceremony
FOR IMMEDIATE RELEASE October 22, 2020
Office of Communications (202-565-3207)
WASHINGTON – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed, along with U.S. government colleagues, U.S. Deputy Trade Representative Ambassador Michael Nemelka and U.S. International Development Finance Corporation (DFC) Managing Director Sabrina Teichman, concluded a successful economic delegation visit to Brazil Tuesday led by U.S. National Security Advisor Ambassador Robert O’Brien. The delegation, which visited São Paulo and Brasilia, focused on how a strong U.S.-Brazil relationship can promote freedom, economic growth, jobs, and prosperity for both countries.
“It was an immense honor to join National Security Advisor Robert O’Brien and be a part of the largest U.S. delegation to visit Brazil in recent times, and conclude our visit with the signing of our EXIM-Brazil Ministry of the Economy MOU in the presence of President Bolsonaro, Ambassador O’Brien, and high-level officials committed to a strong alliance between our two nations,” said Chairman Reed. “I would like to give my deepest thanks to President Bolsonaro, Minister of the Economy Guedes, Minister of Foreign Affairs Araújo, and those Brazilian and United States government officials who joined in our extremely productive dialogue. In just two days, we were able to deliver three economic victories for Brazil and the United States utilizing the Trump Administration’s ‘tools in the trade toolbox’ of USTR, DFC, and EXIM.”
EXIM Chairman Reed with Ambassador O’Brien and President Bolsonaro.
During his press conference with President Bolsonaro, Ambassador O’Brien stated, “Brazil saw today the signing with Minister Guedes and EXIM Chairwoman Reed a Memorandum of Understanding to identify sectors for cooperative business development that will lead to another U.S. $1 billion in EXIM financing especially in the telecommunications area and the important 5G — a new modern telecommunications network that Brazil will have soon.”
Ambassador O’Brien continued, “And so what these agreements [USTR, DFC, EXIM] that I have just been discussing demonstrate is the partnership between our two countries is robust—and our relationship critical to peace and prosperity for our citizens, not just in America, not just in Brazil, not just in the Western Hemisphere, but across the globe.”
Building on Monday’s business and government meetings in São Paulo and Brasilia, Chairman Reed and Director Teichman on Tuesday morning met with Brazil Development Bank (BNDES) President Gustavo Montezano where they discussed EXIM, DFC, and BNDES activities, U.S.-Brazil bilateral relations, EXIM’s Program on China and Transformational Exports, the recent 2020 G12 Heads of Export Credit Agencies Meeting, which was hosted by EXIM, and global export competition.
The U.S. delegation then met with President Jair Bolsonaro of Brazil at Palácio do Planalto to discuss two-way trade and investment between the countries, as well as the COVID-19 pandemic, and China’s influence in the region.
President Bolsonaro with Ambassador O’Brien and the U.S. delegation at the Palácio do Planalto.
EXIM Chairman Reed and Brazil’s Minister of the Economy Paulo Guedes then signed a $1 billion memorandum of understanding at Palácio Itamaraty with President Bolsonaro, Ambassador O’Brien, and high-level Brazilian and U.S. officials including EXIM Chief of Staff Ryan McCormack. Watch the signing ceremony below or click here.
The delegation also discussed the Trump Administration’s América Crece initiative—Growth in the Americas—which is a whole-of-government approach to support economic development by catalyzing private-sector investment in telecommunications, energy, and other infrastructure projects in Brazil and across the Americas.
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.