FOR IMMEDIATE RELEASE January 26, 2010
Phil Cogan (202-565-3200)
WASHINGTON, D.C. - The Export-Import Bank of the United States (Ex-Im Bank) authorized a record $9.9 billion in loans, guarantees and insurance during the first quarter of fiscal year 2010 (Oct. 1-Dec. 31, 2009) - more than three times the $3.28 billion authorized in the same period of fiscal 2009.
The financing supported approximately $12.4 billion in U.S. exports, which in turn supports an estimated 91,760 U.S. jobs.
Long-term authorizations for the fiscal 2010 first quarter totaled $5.97 billion, up from $2.27 billion for the same period of fiscal 2009. Short-term insurance for the quarter climbed to $3.6 billion from $776.3 million a year earlier, a 368 percent increase. Direct small business authorizations totaled $1 billion for the period, a 93 percent jump from the fiscal 2009 first quarter.
In December 2009 alone, Ex-Im Bank authorized $5.66 billion in financing, the largest monthly authorization level in its 75-year history.
Ex-Im Bank has been called upon more urgently than ever to fill the void during the current global financial upheaval, to provide capital to ensure American businesses can sell their top-quality goods and services beyond our borders, and in the process create and maintain U.S. jobs, said the Bank's Chairman and President Fred P. Hochberg.
We are adding resources to promote export financing in those countries where we see even greater opportunities for U.S. exporters, Hochberg added, countries with growing economies and infrastructure projects, such as Colombia, Brazil, India, Nigeria, South Africa, Turkey, Indonesia, and Vietnam. Hochberg said the Bank will continue to support export sales to long-standing partners Mexico and Canada as well.
During December, Ex-Im Bank also approved a $220 million limit for a U.S. bank to cover Korean bank letters of credit, increasing the total amount of Ex-Im Bank-backed short-term bank-held letters of credit to more than $3 billion.
The 2010 first quarter figures are the latest in a series of records set by Ex-Im Bank while addressing tightened liquidity in the current financial crisis. In fiscal 2009, total Ex-Im Bank authorizations came to $21 billion while authorizations for small business exporters totaled $4.36 billion, both historic highs. Yet as of Dec. 31, 2009, the self-sustaining federal government agency's receipts in excess of costs totaled $97.2 million.
Ex-Im Bank is the official export-credit agency of the United States. The independent federal government agency helps to create and maintain U.S. jobs by financing the sales of U.S. exports, primarily to emerging markets throughout the world, providing loan guarantees, export-credit insurance and direct loans. More information is available on the Bank's web site at www.exim.gov.