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MASSACHUSETTS COMPANY SELLS PORT SECURITY SYSTEM TO EGYPT WITH EX-IM BACKING

FOR IMMEDIATE RELEASE March 28, 2004

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3200

WASHINGTON, D.C. - A Massachusetts company is selling $8.5 million of transportation security equipment to the Egyptian port of Sokhna, backed by a $7.9 million loan guarantee from the Export-Import Bank of the United States (Ex-Im Bank).

Sokhna Port Development Company, Egypt's first private port located east of Cairo on the Red Sea, is purchasing from American Science and Engineering (AS&E), Billerica, Mass., a high-energy X-ray system to inspect large sea containers, and two parcel X-ray systems to inspect small cargo.

We are proud to support the export of cutting-edge U.S. transportation security equipment to help sustain and create U.S. jobs while contributing to the safety of global trade, said Ex-Im Bank Chairman Philip Merrill.

Under Ex-Im Bank's special Transportation Security Exports Program, U.S. companies can receive enhanced financing terms when exporting equipment, technology and services to countries seeking to improve the security of their cross-border transportation systems. The program covers such equipment as baggage scanners and ID systems for secure entries. The enhancements under the program include maximum allowable repayment terms under OECD guidelines, and support of local costs in the buyer country up to 15% of the U.S. net contract value.

The guaranteed lender on the transaction is HSBC Bank PLC, London, U.K.

Ex-Im Bank this year marks its 70th 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 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank visit //www.exim.gov.