FOR IMMEDIATE RELEASE April 5, 2005
Phil Cogan, Export-Import Bank of the United States, (202) 565-3200Embassy of Ukraine, Press Office, (202) 333-0606
|AGREEMENT SIGNED: The Memorandum of Understanding between the State Export-Import Bank of Ukraine (Ukreximbank) and the Export-Import Bank of the U.S. (Ex-Im Bank) was signed at Blair House, the official guesthouse of the President of the United States. Signing were (seated from left) Ukreximbank Chairman Viktor V. Kapustin, and Ex-Im Bank Chief Operating Officer Peter Saba. Among those looking on were Ukranian President Viktor Yushchenko, behind and to the right of Mr. Saba, and Ex-Im Bank Vice President John Emens, far right. (Ex-Im Bank Photo by Susan Houser)|
WASHINGTON, DC - With Ukrainian President Viktor Yushchenko looking on, the Export-Import Bank of the U.S. (Ex-Im Bank) and the State Export-Import Bank of Ukraine (Ukreximbank) last night signed a Memorandum of Understanding (MOU) that will help facilitate financing of U.S. exports to Ukraine.
Viktor V. Kapustin, Ukreximbank Chairman of the Board, and Peter Saba, Ex-Im Bank Chief Operating Officer and General Counsel, signed the agreement at historic Blair House, the official guesthouse of the President of the United States.
We consider the United States as a strategic partner in all fields, including economics, Chairman Kapustin underlines, and this Memorandum is the first step to facilitate the deepening of our cooperation for the benefit of businesses of both Nations.
Ukraine is an important partner of the United States, said Saba, and we believe that its future holds significant promise for growth and investment.
Under the agreement, Ex-Im Bank and Ukreximbank intend to work together to establish a Credit Guarantee Facility of up to US $ 50 million with Ukreximbank as obligor, under which Ukreximbank would make credits available to Ukrainian purchasers of U.S. goods and service exports.
|TOASTING THE AGREEMENT: Ukranian President Viktor Yushchenko, far left, toasts the signing of the Ukranian-United States Memorandum of Agreement. Joining the President in the toast are, from the left, Petro Poroshenko, Secretary of the Ukranian National Security and Defense Council; Borys Tarasiuk, Foreign Minister; Viktor V. Kapustin, Chairman of Ukreximbank; and Peter Saba, Ex-Im Bank Chief Operating Officer. (Ex-Im Bank Photo by Susan Houser )|
As of the end of fiscal year 2004, Ex-Im Bank's outstanding loans, guarantees, and insurance commitments involving exports to Ukraine totaled just under US $180 million.
The MOU also encourages joint exchanges of information in an effort to facilitate transactions involving U.S. exports to Ukraine.
In a joint statement issued by Presidents George W. Bush and Yushchenko after their meeting on Monday, Mr. Bush said, As Ukraine undertakes far-reaching reform at home, it can count on the United States for support. We applaud Ukraine's commitment to curb corruption, promote the rule of law and improve the business climate.
Ukreximbank, as State bank, promotes economic development of Ukraine, gives credit and financial support for development of foreign trade relations, restructuring and development of export-oriented and import substitution sectors of the economy. For more information on the Ukraine Export-Import bank, visit http://www.eximb.com.
Ex-Im Bank this year marks its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2004, Ex-Im Bank, an independent U.S. federal agency, authorized financing to support approximately $17.8 billion in U.S. exports worldwide, a 25% jump from a year earlier. For more information on Ex-Im Bank visit //www.exim.gov.