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EXIM Bank accepts the credit of qualified cities, states and other sub-sovereign governments in emerging markets for the purchase of U.S. equipment and services to address vital infrastructure needs.

EXIM Bank will consider accepting the credit of sub-sovereign governments whose foreign currency debts are not in default and are rated B/B2 or stronger by an accepted global credit rating agency for short-, medium- and long-term projects.

All proposed export transactions under this initiative will be reviewed on a case-by-case basis by appropriate EXIM Bank staff. The global credit rating agencies whose ratings may be used for qualifications are Standards & Poor's, Moody's, Fitch Ratings, and the Japan Credit Rating Agency.