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President Trump Underscores Role of EXIM in U.S. Government’s Assistance to Italy in Fighting the COVID-19 Pandemic and Supporting the Recovery of the Italian Economy

FOR IMMEDIATE RELEASE April 11, 2020

Media Contact Name/Phone: 

Office of Communications (202-565-3207)

WASHINGTON – The Export-Import Bank of the United States (EXIM) said today, while it continues to prioritize the needs of the American people first and foremost, it also will make its applicable programs and authorities available to support Italy’s economic recovery from COVID-19, the coronavirus pandemic, as ordered in the Memorandum on Providing COVID-19 Assistance to the Italian Republic issued late yesterday by President Donald J. Trump.

As directed in the memorandum, the President of EXIM, along with the Secretary of State and the Administrator of the United States Agency for International Development, in consultation with several other cabinet secretaries and an agency head, “may use available authorities to support the recovery of the Italian economy, as appropriate and consistent with the policy limitations in this memorandum.”

“EXIM stands ready to provide financing tools to support transactions that benefit our American exporters and workers while also helping Italy, one of our closest and oldest Allies, as they address the impact of COVID-19,” said EXIM President and Chairman Kimberly Reed. “The United States is a nation of generosity and compassion, and EXIM stands ready to help the people of Italy who face a long road ahead to economic recovery.”

“La EXIM e` pronta a mettere a disposizione misure di finanziamenti che sostengono le operazioni di esportatori e lavoratori americani, aiutando allo stesso tempo anche l’ Italia, uno dei nostri paesi alleati piu` stretti e piu` vecchi, mentre essa fronteggia l’impatto del Covid-19,” ha ribadito l’EXIM Presidente e Chairman Kimberly Reed. “Gli Stati Uniti sono una nazione di generosita` e di compassione, e l’ EXIM e` pronta ad aiutare il popolo d’ Italia nel suo lungo cammino verso un rilancio economico.”

Chairman Reed underscored a key point made by U.S. Secretary of State Michael R. Pompeo earlier today, when he said: “This critical assistance will not only help the Italian people, but will also bolster global trade and supply chains.  We are all in this together, and only through transparency, cooperation, and mutual support will we be able to defeat COVID-19.”

Over the past month, EXIM has announced several steps in support of U.S. exporters and workers in response to the pandemic, including:

  • New temporary programs—Bridge Financing, Pre-Delivery/Pre-Export Financing, Supply Chain Financing Guarantee, and Working Capital Guarantee Programs—to inject liquidity into the market and give maximum financing flexibility;
  • 90-day extensions for short-term insurance customers; and
  • Initial relief measures—waivers, deadline extensions, streamlined processing, flexibility—for its working capital loan guarantee and export credit insurance programs, which primarily assists U.S. small businesses.

The EXIM family remembers all who are fighting this virus or have lost loved ones.  The agency encourages any current or potential customer who needs financing, including to assist with the recovery of the Italian economy, and other program support to contact the agency. EXIM’s Coronavirus Response webpage includes more information regarding these and other elements of its response to COVID-19.

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ABOUT EXIM:

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.