FOR IMMEDIATE RELEASE January 5, 2021
Office of Communications (202) 565-3207
MUSCAT, OMAN – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed met today with Credit Oman Chief Executive Officer Khalil Al-Harthy to discuss strategic priorities of their respective export credit agencies, how the export of U.S. goods and services to Oman can strengthen and support “in country value” in Oman and jobs in both countries, the importance of a strengthened relationship, closer cooperation, and future areas of collaboration in strategic areas such as mining and agriculture.
EXIM Chairman Kimberly Reed and Credit Oman CEO Khalil Al-Harthy.
During the meeting, Chairman Reed and CEO Al-Harthy discussed EXIM’s Program on China and Transformational Exports (Program), which focuses on ten key industries including 5G and wireless telecommunications, biomedical sciences, renewable energy, biotechnology, and water sanitation. The Program directs EXIM to provide export financing to directly neutralize export subsidies offered by the People’s Republic of China, thereby helping ensure a more level playing field for U.S. businesses and workers as they compete globally. The law charges EXIM with a goal of reserving not less than 20 percent of the agency’s totaling financing authority (i.e., $27 billion out of a total $135 billion) for support made pursuant to the program.
Chairman Reed and CEO Al-Harthy also discussed ways that their respective institutions could coordinate efforts to improve competitiveness and work toward certain important common goals.
Chairman Reed highlighted the recently initialed MOU between EXIM and the Oman Foreign Ministry, as well as EXIM’s 2019 Report to the U.S. Congress on Global Export Credit Competition, which details the latest trends in export finance and includes an appendix of the world’s 115 known official export credit providers, including Credit Oman (formerly known as Export Credit Guarantee Agency of Oman (S.A.O.C.)).
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.