EX-IM BANK LAUNCHES NEW FOREIGN DEALER INSURANCE PRODUCT
FOR IMMEDIATE RELEASE August 8, 2004
Marianna Ohe (202) 565-3200
WASHINGTON, D.C.- The Export-Import Bank of the United States (Ex-Im Bank) today introduced a new type of insurance policy that covers financing of exports of U.S. machinery and equipment to foreign dealers for resale to local buyers.
The insurance covers three types of dealer financing under a single off-the-shelf policy, eliminating the need for the exporter or commercial lender to obtain multiple policy types.Ex-Im Bank developed the product after extensive meetings with U.S. exporters and lenders, who had expressed the need for such a program.The Dealer Insurance Policy provides innovative coverage of a type of financing that is specific to dealers: short-term inventory financing followed by the option to refinance the short-term debt for medium-term tenors, according to market standards.
This new product is designed to strengthen Ex-Im Bank support for a strategic distribution channel for U.S. capital goods exports, said Jeffrey L. Miller, Ex-Im Bank senior vice president and head of Export Finance.Not only do foreign dealers help U.S. companies penetrate local markets, but their ability to hold U.S. machinery and equipment in inventory overseas allows them to respond immediately to resale opportunities.
Ex-Im Bank has a long track record of developing creative solutions for challenging and complex financing needs.For more information about this program, call Charles Goohs, Business Initiatives Division, at 202-565-3790.
Ex-Im Bank, the official export credit agency of the United States, is in 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 authorized financing to support $14.3 billion of U.S. exports.For more information, visit www.exim.gov/.