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Export-Import Bank Offers $1 Billion in Short-term Financing to Indonesia

FOR IMMEDIATE RELEASE April 9, 1998

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Washington, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) has offered to provide short-term export financing of up to $1 billion for U.S. exports to Indonesia. Ex-Im Bank is encouraged by the efforts of the International Monetary Fund and the Indonesian government to address financing and banking issues that are critical to Indonesia's economic future.

I believe that the implementation of IMF reforms is essential for Indonesia in its recovery program for the benefit of its local economy, Ex-Im Bank Chairman James A. Harmon said. Ex-Im Bank has remained open to consider creditworthy business in Indonesia, and with proper structuring (subject to board approval), is willing to significantly increase short-term financing to provide a bridge to long-term economic growth for U.S. exporters and the Indonesian economy.

Earlier this year, Ex-Im Bank approved a similar increase in short-term financing to Korea, which has helped continue U.S. exports through the use of letters of credit and other export financing programs. Ex-Im Bank initiated a cooperative effort, in February, among the Group of Seven (G-7) and 12 other export credit agencies (ECAs) to maintain financing for exports to Asia.

Ex-Im Bank is an independent U.S. government agency that helps to sustain American jobs by financing U.S. exports to emerging markets that otherwise would not go forward. In fiscal year 1997, Ex-Im Bank supported $15 billion in U.S. exports.