FOR IMMEDIATE RELEASE August 22, 2002
Ken Murphy (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) is providing three-year financing that will enable Caterpillar Americas, Peoria, IL and Ingersoll-Rand, Miami, FL to sell $10 million worth of trucks, tractors and compressors to Ferreyos, Lima, Peru for use with its heavy equipment rental fleet.
This transaction is being financed through Standard Charter Bank, New York, NY under Ex-Im Bank's medium-term Credit Guarantee Facility. Generally, Ex-Im Bank offers two-year financing as the repayment terms for rental equipment, but because Ferreyos rents equipment on a three-year contract, Ex-Im Bank agreed to match those terms.
This three-year Credit Guarantee Facility with Standard Charter Bank demonstrates Ex-Im Bank's commitment to providing flexible financing solutions that assist U.S. manufacturers compete in the global market, Eduardo Aguirre, Vice Chairman Export-Import Bank said. Ex-Im Bank has the financial knowledge and expertise to customize export financing options to meet the needs of its customers.
This fiscal year, Ex-Im Bank has financed $44 million in trade with Peru, which represents more than half of the $79 million worth of U.S. exports to Peru Ex-Im Bank has financed during the last five years. Peru is the 9th largest trade partner out of 27 countries that comprise Ex-Im Bank's Latin American region.
Ferreyos serves the Peruvian mining industry as the sole distributor of Caterpillar and Ingersoll-Rand heavy equipment. It is a family-owned business that was founded in 1922. Caterpillar has been a featured product of Ferreyos for 60 years.
Ex-Im Bank is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets, by providing loans, guarantees and export credit insurance. In fiscal year 2001, Ex-Im Bank authorized financing to support $12.5 billion of U.S. exports worldwide.