FOR IMMEDIATE RELEASE March 31, 2020
Office of Communications (202) 565-3204
WASHINGTON – The Export-Import Bank of the United States (EXIM) today released to the United States Congress and to the American people its full fiscal year (FY) 2019 Annual Report, which reports the agency’s authorizations and financial condition as of the close of FY 2019. The report also provides additional data and information about EXIM’s successes in exceeding the agency’s small business mandate, working to boost U.S. exports to sub-Saharan Africa, advancing the comparative leadership of the United States with respect to China, and other EXIM activities.
“An important part of this Administration’s economic agenda is to create new opportunity for every American by leveling the playing field for America’s exporters and workers—and their outstanding ‘Made in the USA’ goods and services—in the extremely competitive global marketplace,” said EXIM President and Chairman Kimberly A. Reed.
“With the leadership of President Trump and bipartisan support in the United States Congress, EXIM’s board quorum was restored in the second half of the fiscal year. This great step toward full functionality of the agency is reflected in EXIM’s higher amount of authorizations and expanded outreach to our customers in 2019,” Reed added.
Highlights of EXIM’s FY 2019 Annual Report:
- In FY 2019, EXIM authorized $8.2 billion of loan guarantees, export credit insurance, and direct loans in support of an estimated $9.1 billion of U.S. export sales, supporting an estimated 34,000 American jobs.
- In FY 2019, EXIM’s small business authorizations totaled nearly $2.3 billion, representing 27.5 percent of total authorizations—exceeding the agency’s charter requirement of 25 percent. The number of EXIM transactions that directly benefited small business exporters—nearly 2,100—was more than 89 percent of the total number of transactions authorized during the fiscal year.
- EXIM approved $440.6 million for minority- and women-owned businesses in FY 2019.
- In September 2019, EXIM authorized a direct loan of up to $5 billion—the largest transaction in the agency’s history—to support the export of U.S. goods and services for the development and construction of an integrated liquefied natural gas (LNG) project in Mozambique. EXIM’s financing of U.S. exports to the project will support an estimated 16,400 U.S. jobs over the five-year construction period, including jobs at suppliers in Florida, Georgia, New York, Tennessee, Texas, and the District of Columbia. Follow-on sales are anticipated to support thousands of additional jobs across the United States.
ABOUT EXIM BANK:
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.