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EXIM Signs $7 Billion Memorandum of Understanding with Romania’s Ministry for Economy, Energy and Business Climate

Memorandum of Understanding to Promote U.S. Exports in Energy and Infrastructure

FOR IMMEDIATE RELEASE October 9, 2020

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WASHINGTON – The Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today signed a memorandum of understanding (MOU) with Romania’s, Ministry of Economy, Energy, and Business Climate, aimed at enhancing trade and economic opportunities between the two countries.

EXIM Chairman Reed and Romania Minister for Economy, Energy and Business Climate Virgil-Daniel Popescu signed the agreement at EXIM’s headquarters in Washington D.C. United States Ambassador to Romania Adrian Zuckerman also attended the ceremony and offered remarks.

Under the MOU, EXIM and Romania agree to explore and identify options to potentially use EXIM financing in a total aggregate amount of up to $7 billion, and to identify areas to work together to promote business development opportunities, particularly in the energy and infrastructure industries.

“This agreement confirms our desire to identify potential projects in Romania for which products and services of American origin or manufacture will be procured,” said Chairman Reed. “We recognize each other’s interests and we acknowledge that increased cooperation serves our common objectives. We intend to work together to promote business development opportunities in the fields of energy and infrastructure, and I look forward to an even more fruitful friendship between America and Romania as the Romanian people gain greater access to more high-quality ‘Made in the USA’ goods and services.”

“The leadership of President Trump and Ambassador Zuckerman in strengthening the relationship between our two countries and peoples has made today’s milestone possible,” Chairman Reed added. “I also want to congratulate U.S. Department of Energy Secretary Dan Brouillette and His Excellency Minister Popescu on initializing their draft Intergovernmental Agreement earlier today.”

"Apart from the initialed agreement, we also managed to identify the US interest for a $ 7 billion funding component for the development of energy projects - including nuclear and liquefied natural gas and infrastructure projects - road, rail, bunkering stations, through a Memorandum of Understanding with Export Import Bank of the United States. Also, in Washington DC, we had a meeting with representatives of USDFC (The United States International Development Finance Corporation) in order to expand this financial interest by involving various US financial institutions. I want to thank all those who were involved in making this agreement and the memorandum a reality. They started from the joint statement of the Presidents of the two partner countries, Mr. Klaus Iohannis and Mr. Donald Trump, on August 20, 2019, and for the effective start of this cooperation we thank the Prime Minister of Romania, Mr. Ludovic Orban and the US Ambassador to Romania, His Excellency Adrian Zuckerman and the team of the Secretary for Energy,” said Virgil Popescu, Minister of Economy, Energy and Business Environment.

EXIM Chairman Reed and Romania Minister for Economy, Energy and Business Climate Virgil-Daniel Popescu sign the MOU at EXIM’s headquarters in Washington, D.C.
EXIM Chairman Reed and Romania Minister for Economy, Energy and Business Climate Virgil-Daniel Popescu sign the MOU at EXIM’s headquarters in Washington, D.C.

ABOUT EXIM:

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.