Agreement is Key Outcome of EXIM Chairman Kimberly Reed and Foreign Minister Badr Albusaidi’s Discussions in Muscat, Oman and Manama, Bahrain
FOR IMMEDIATE RELEASE January 5, 2021
Office of Communications (202) 565-3207
MUSCAT – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed and Sultanate of Oman Foreign Minister His Excellency Sayyid Badr bin Hamad bin Hamood Albusaidi yesterday announced their mutual support for a Memorandum of Understanding (MOU) between EXIM and Oman aimed at enhancing trade and economic cooperation between the two countries.
Chairman Reed initialed an MOU with His Excellency Minister Badr Albusaidi at an evening ceremony which followed bilateral discussions that took place earlier in the day at the Foreign Ministry in Muscat and on December 5, 2020, on the margins of the 16th International Institute for Strategic Studies (IISS) Manama Dialogue in Bahrain. The official signing of the MOU will take place in the near future.
Under the agreement, EXIM and the Oman Foreign Ministry agree to explore and identify potential opportunities for EXIM financing and opportunities in fields such as but not limited to, the wireless communications equipment (5G); biotechnology; renewable energy, energy efficiency, and energy storage; agriculture; water treatment and sanitation; mining; and manufacturing sectors.
“I am very honored and excited to announce this MOU with His Excellency Foreign Minister Badr Albusaidi, as the agreement affirms the United States and Oman’s commitment to advancing our mutual economic interests through U.S. exports in key sectors such as agriculture and 5G that will bring ‘in country value’ to Oman,” said Chairman Reed. “I thank Foreign Minister Badr Albusaidi for his leadership, as this agreement, which we will sign in the very near future, not only provides a foundation to further sustained prosperity and security under ‘Oman Vision 2040,’ it also memorializes our commitment to enhancing economic cooperation between our two countries. I look forward to working together to identify opportunities in key sectors to allow the Omani people to gain greater access to high-quality ‘Made in the USA’ goods and services.”
EXIM Chairman Reed and Oman Foreign Minister Badr Albusaidi During Initialing Ceremony in Muscat, Oman
The initialing ceremony took place during Chairman Reed’s visit this week to Oman, Sudan, and Qatar to underscore U.S. commitment to strengthening bilateral partnerships and advancing economic prosperity in the Middle East and North Africa.
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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.