Suppliers in IN, NY, MI, WA, CA, NY and MA Contribute to Project
FOR IMMEDIATE RELEASE June 30, 2002
Niki Shepperd (202) 565-3200
Somerset Investments, a small business in Washington, D.C., is exporting equipment that will make it possible for residents of Sofia, Bulgaria to enjoy going to the movies backed by financing from the Export-Import Bank of the United States (Ex-Im Bank). Ex-Im Bank has approved a medium-term loan guarantee allowing Somerset Investments to export state-of-the-art movie theater equipment, including projection and sound systems, concession equipment, seating, and ticket sales systems to Alexandra Group Holding OOD of Sofia, Bulgaria. This equipment will allow Alexandra Group to complete construction of the Kino Arena Multiplex, a 15-screen theater complex in downtown Sofia. Riggs Bank, N.A., Washington, D.C. is the guaranteed lender.
Ex-Im Bank is proud to be able to support U.S. firms like Somerset Investments, which are taking advantage of the great business opportunities in Southeastern Europe, said Ex-Im Bank Director Dan Renberg. We are excited to think that with our support we are bringing movies to the big screen for Sofia residents both young and old to enjoy.
We are particularly pleased to be the exporter for the first private sector transaction in Bulgaria guaranteed by Ex-Im Bank, said Phil O'Rourke, Somerset's CEO. It was a total team effort that could not have been done without great cooperation from Ex-Im, Riggs Bank and our Bulgarian counterparts.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees, and export credit insurance. Ex-Im Bank supported $12.5 billion in U.S. exports in fiscal year 2001.