Underscores EXIM’s Role in Supporting U.S. Exporters During COVID-19 Pandemic
FOR IMMEDIATE RELEASE November 3, 2020
Office of Communications (202-565-3203)
WASHINGTON — Export-Import Bank of the United States (EXIM) Board Member Judith D. Pryor last week addressed approximately 600 registrants for Global Trade Review’s annual conference, GTR U.S. 2020 Virtual, during a panel discussion focused on current trends in the global trade landscape.
During the virtual discussion, Director Pryor provided insight into EXIM’s COVID-19 (coronavirus) relief measures undertaken in March to offer flexibility in response to the needs of the marketplace, exporters, and foreign buyers. She also highlighted EXIM’s new Program on China and Transformational Exports, which directs EXIM to provide export financing to directly neutralize export subsidies offered by the People’s Republic of China, helping ensure a more level playing field for U.S. businesses and workers as they compete globally.
The panel was moderated by Jonathan Richman, Managing Director and Head of U.S. Trade Finance and Working Capital at Banco Santander. Director Pryor was joined by Michelle DiGruttolo, Senior Managing Director at Ankura Consulting Group, and Richard Moore, Treasurer at Caterpillar Inc.
“The Board is considering more short-term transactions right now, and we’ve done more than $1.5 billion in financing — primarily in supply chain and working capital loan guarantees since COVID hit,” said Director Pryor. “I think we’re just getting started in using EXIM’s tools to ensure American exports make it to market in these challenging times.”
In addition, EXIM Vice President of Export Credit Insurance Amy Shinkman participated in a panel discussion focused on the role of export credit insurance in keeping supply chains moving. The discussion was moderated by Gary Mendell, President of Meridian Finance Group, a Texel Company, headquartered in Los Angeles, with offices nationwide. Meridian is an EXIM registered insurance broker, providing industry and product expertise to exporting customers.
GTR U.S. 2020 Virtual, held Oct. 28-29, is a premiere trade and supply chain financing conference.
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.