FOR IMMEDIATE RELEASE June 8, 2020
Office of Communications (202) 565-3207
WASHINGTON – President and Chairman of the Export-Import Bank of the United States (EXIM) Kimberly A. Reed met today via teleconference with Ambassador of Italy to the United States Armando Varricchio. The Chairman and the Ambassador discussed the economic effects of the COVID-19 global pandemic, EXIM’s economic relief and recovery measures, and President Trump’s Memorandum on Providing COVID-19 Assistance to the Italian Republic.
During the meeting, Chairman Reed and Ambassador Varricchio discussed EXIM’s support to Italian businesses in line with President Trump’s April 10 memorandum, which directs EXIM to use available authorities to support the recovery of the Italian economy. Chairman Reed and Ambassador Varricchio also discussed opportunities for collaboration between EXIM and Servizi Assicurativi del Commercio Estero (SACE), Italy’s export credit agency, as well as the importance of security in global supply chains and commitment to small and medium-sized enterprises in both countries.
Chairman Reed highlighted EXIM’s historic seven-year Congressional reauthorization, which directs EXIM to establish a new Program on China and Transformational Exports. The program is intended to help level the playing field for U.S. exporters and workers by directly neutralizing export subsidies for competing goods and services offered by the People’s Republic of China. The program also focuses on supporting U.S. innovation, employment, and technological standards globally in ten transformational export industries.
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.