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EXPORT-IMPORT BANK DIRECTOR VANESSA WEAVER MEETING WITH PANAMANIAN OFFICIALS AND BUSINESS LEADERS TO PROMOTE TRADE

Weaver's Visit Marks Ex-Im Bank-Panama's 62nd Anniversary as Business Partners

FOR IMMEDIATE RELEASE September 6, 2001

Media Contact Name/Phone: 

Ken Murphy (202) 565-3200 (USA)

Export-Import Bank of the United States (Ex-Im Bank) Director Vanessa Weaver will meet with high-level officials in the Panamanian government and business leaders in an effort to promote increased trade between U.S. and Panamanian businesses during a three-day business development visit September 9-12, 2001.

Weaver's visit to Panama is a direct response to an invitation made by Panamanian Ambassador Guillermo A. Ford. Ex-Im Bank has authorized $355 million in business between U.S. exporters and Panamanian businesses during the last five years and hopes that its meetings with government officials and business leaders with lead to increased business between both countries.

As U.S. and Panamanian businesses work to compete in the international marketplace at a world-class level, it is important for them to know that Ex-Im Bank is a valuable resource that can help expand trade and benefit the economies of both of our countries, Ex-Im Bank Director Weaver said.

Ex-Im Bank began financing exports to Panama 62 years ago this month with a $2.5 million sale of U.S.-made agriculture and manufacturing equipment exported in September 1939, just five years after Ex-Im Bank was created. This marked the 246th transaction ever financed by Ex-Im Bank. The largest transaction ever financed by Ex-Im Bank to Panama was made last year for $132 millions, which allowed Compania Panamena de Aviacion (COPA) to purchase four new jet airplanes.

Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2000, Ex-Im Bank helped financenearly $15.5 billion of U.S. exports worldwide.