FOR IMMEDIATE RELEASE February 6, 2000
Ken Murphy (202) 565-3200
Washington, DC: President Clinton is proposing a $215 million budget increase for the Export- Import Bank of the United States. The significant increase over Ex-Im Bank's FY 2000 funding will cover, in part, the higher cost of doing business in the international marketplace. Increased funding is also needed to provide for financing for clean energy projects under the Clean Energy for the 21st Century: International Initiative.
Having a budget that helps US businesses compete more effectively is critical to the continued success of the US economy and supports the economic prosperity of more than one million workers directly and indirectly, Ex-Im Bank Chairman James Harmon said.
Energy use in developing countries is expected to overtake the developed world by 2020 which is increasing the need for low-polluting energy technologies. With increased funding, Ex-Im Bank will be able to effectively participate in the Clean Energy for the 21st Century: International Initiative. The clean energy initiative want to:
· Double clean energy exports by 2005,
· Create as much as $5 billion in new export revenues for US companies, and
· Create up to 100,000 new, high-value American jobs.
Ex-Im Bank is an independent US government agency that helps finance the sale of US exports primarily to emerging markets throughout the world, by providing loans, guarantees and insurance. More than 80 percent of Ex-Im Bank's customers are small- and medium-size businesses. Worldwide in fiscal year 1999, Ex-Im Bank supported nearly $17 billion in exports.