FOR IMMEDIATE RELEASE September 15, 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 U.S. Ambassador to the Grand Duchy of Luxembourg J. Randolph Evans on how EXIM can help American businesses export their “Made in the U.S.A.” goods and services to Luxembourg and throughout Europe and the world.
During the meeting, Chairman Reed and Ambassador Evans discussed EXIM’s historic seven-year Congressional reauthorization, signed into law by President Trump on December 20, 2019. This legislation established EXIM’s new Program on China and Transformational Exports, which directs EXIM to provide export financing to directly neutralize export subsidies offered by the People’s Republic of China, 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.
“I have known Ambassador Evans for more than twenty years and am so honored to work with this accomplished leader as we focus on fostering even stronger business ties between the United States and our longstanding ally Luxembourg. Both of our nations are committed to advancing freedom and prosperity,” said EXIM Chairman Kimberly Reed. “Former Speaker of the U.S. House of Representatives Newt Gingrich—who will be joining Ambassador Evans next week to focus on the space sector, something that also is a priority for EXIM—recently stated in his op-ed, ‘We Need EXIM to Help Take on China:’ ‘The U.S. needs to encourage the supply of more exports and trade to other countries, particularly in the face of predatory economic behavior by China.’ Ambassador Evans and I are going to be working closely together, along with the private sector, to do all we can to strengthen America’s competitiveness around the world while also supporting U.S. jobs”
EXIM Chairman Kimberly Reed and U.S. Ambassador to Luxembourg J. Randolph Evans
EXIM’s Program on China and Transformational Exports has the aim of advancing the comparative leadership of the United States and supporting U.S. innovation, employment, and technological standards globally in ten transformational export industries including emerging financial technologies, biotechnology, 5G, artificial intelligence, and renewable energy. As part of this program, EXIM recently concluded a “Strengthening American Competitiveness” initiative and engaged over 1,100 stakeholders on sectors also important to the people of Luxembourg, including space technology and high-performance computing.
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.