EXIM 2020 Annual Report Highlights
On January 20, 2021, the Export-Import Bank of the United States (EXIM) released to the U.S. Congress and the American people the agency’s 2020 Annual Report, which covers the agency’s authorizations and activities in fiscal year (FY) 2020 (October 1, 2019, through September 30, 2020). The 2020 Annual Report, which is entitled “All America,” also includes an update on EXIM’s programs and outreach activities in the first quarter of FY 2021 (October 1 through December 31, 2020).
2020 Annual Report Highlights:
- EXIM authorized $5.4 billion to support $10.8 billion in U.S. export transactions, including an amendment to the previously approved largest deal in EXIM’s history—$4.7 billion in financing to support U.S. exports of goods and services to the Mozambique liquefied natural gas (LNG) project.
- EXIM’s FY 2020 authorizations supported an estimated 37,000 American jobs.
- Congress enacted a seven-year bipartisan reauthorization—the longest in the agency’s history—on December 20, 2019. EXIM’s reauthorization extends the agency’s ability to authorize new business through September 30, 2026.
- As mandated in the 2019 reauthorization, EXIM launched its new “Program on China and Transformational Exports” (China Program) to directly neutralize export subsidies for competing goods and services financed by the People’s Republic of China and to advance the comparative leadership of the United States.
- EXIM’s Board of Directors unanimously voted to establish a narrowly-tailored content policy specific to the China Program.
- To focus on the 10 transformational industries under the China Program, EXIM hosted its “Strengthening American Competitiveness” initiative, a highly productive and informative series of public engagements with over 1,100 exporters and stakeholders in key sectors.
- The agency implemented key reforms to its policies and programs, including revisions of its additionality (the likelihood that transaction would not go forward without EXIM support) and its economic impact procedures, incorporating guidance and input from private and public-sector stakeholders.
- EXIM provided swift COVID-19 economic recovery tools in support of U.S. jobs and to reopen the economy, including through temporary waivers, deadline extensions, and flexibility to U.S. exporters and their workers at the outset of the unexpected and devastating COVID-19 pandemic. The agency increased its Supply Chain Finance Guarantee Program and Working Capital Guarantee Program guarantee coverage option to 95 percent, up from the standard 90 percent guarantee.
- EXIM completed Phase I of its “All America Initiative,” during which EXIM officials held educational and outreach events in all 50 states, the District of Columbia, and five U.S. territories to highlight how American companies can utilize EXIM support to grow their business through exporting.
- EXIM convened a virtual 2020 Annual Conference, with over 1,700 registrants, the largest conference in the agency’s history, featuring high-level leaders from industry and government, and hosted the 2020 G12 Heads of Export Credits Agencies Annual Meeting.