FOR IMMEDIATE RELEASE February 1, 2004
Bo Ollison (202) 565-3200
WASHINGTON, D.C.- President Bush's fiscal year 2005 budget request for the Export-Import Bank of the United States (Ex-Im Bank), which the Administration released as part of its annual budget submission today, would fully fund Ex-Im Bank's programs, supporting up to $16.3 billion in U.S. exports.
Under the president's request, Ex-Im Bank's program budget would be funded at $471.4 million, which would include $125.7 million in new appropriations, an estimated $300.7 million in carryover funds from prior fiscal years, and a projected $45 million from cancelled authorizations that the Bank had previously approved. In addition, the budget includes a $73.2 million appropriation request to fund the Bank's administrative budget.
The president's budget request will fully fund Ex-Im Bank's anticipated FY 2005 demand and will enable Ex-Im Bank to increase its financing for the vital U.S. export sector, which supports millions of U.S. jobs, Ex-Im Bank Chairman Philip Merrill said. At the same time, by maximizing the use of carryover funds, this request affirms the president's commitment to fiscal prudence.
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, visit www.exim.gov.