EX-IM BANK BACKS SALE OF U.S. FLOOD-FORECASTING EQUIPMENT TO ROMANIA
FOR IMMEDIATE RELEASE March 29, 2004
Marianna Ohe (202) 565-3200
Technology Services Companies To Sustain U.S. Jobs With Sale
WASHINGTON, D.C. -- A $38.7 million Export-Import Bank of the United States (Ex-Im Bank) loan guarantee will enable Romania to buy equipment, technology and services from Lockheed Martin Corp., Syracuse, N.Y., and other U.S. suppliers to upgrade the country's meteorological infrastructure to protect against floods. The export sale will create and sustain U.S. jobs at companies across the country.
Major suppliers on the transaction include Baron Services Inc., Huntsville, Ala.; Cisco Systems Inc., San Jose, Calif.; Comsat Technology, Clarksburg, Md.; Dell Computer Corp., Round Rock, Texas; Hach Co., Loveland, Colo.; Harris Corp., Melbourne, Fla.; as well as the U.S. government's National Weather Service, Silver Spring, Md. The Ex-Im Bank financing will create and sustain U.S. jobs at companies across the country.
We are particularly pleased to support the export of cutting-edge U.S. technology and services to sustain U.S. jobs while furthering Romania's infrastructure development, said Ex-Im Bank Chairman Philip Merrill.
The hydrological computer models, sensors and other equipment will be used by the National Institute of Hydrology and Water Management (INMH) of Romania's Ministry of Environment in a DEStructive WATers (DESWAT) monitoring system to accurately predict flash floods and other hydrological events in time to issue warnings. In recent years floods in Romania's 11 river basins have caused fatalities and millions of dollars in economic damage. The transaction represents the second phase of a project to upgrade and modernize INMH's meteorological infrastructure. Ex-Im Bank also supported U.S. exports for the earlier phase, called the National Integrated Meteorological System, in 2000.
The guaranteed lender on the transaction is Commerzbank AG, New York, N.Y. The transaction is backed by the full faith and credit of the Government of Romania.
Ex-Im Bank this year marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. .S. exports worldwide. For more information on Ex-Im Bank visit //www.exim.gov.