Ex-Im Bank Authorizations Hit All-Time Record Exceeding $ 24.5 Billion, Supporting 213,000 American Jobs
August 4, 2011
(Export-Import Bank)
Washington, D.C. --- The Export-Import Bank of the United States (Ex-Im Bank)
has set a new all-time record for export finance authorizations. Today, for the
first time, loan authorizations will exceed $ 24.5 billion. And with two months
still remaining in the fiscal year the total Ex-Im authorizations will continue
to grow. Ex-Im Bank financing supports over $ 31.5 billion of export sales and
213,000 American jobs in communities across the country. Included are 2,548
small business export finance transactions.
In fact, a transaction involving a small business customer new to Ex-Im pushed
the Bank over the top today when the board of directors approved a $57.8 million
loan guarantee benefiting Royal Equipment of Conroe, Texas. The 25-employee
company is providing equipment and services to remanufacture 22 off-highway
mining trucks for the buyer, Australia's Downer EDI Mining Pty. Ltd. The sale is
the largest in Royal's history.
This fiscal year's authorizations to date represent a 70 percent increase over
the Bank's Fiscal Year 2008 total of $14.4 billion.
"Today Ex-Im Bank set an authorizations record for a third-straight year," said
Fred P. Hochberg, chairman and president of Ex-Im Bank. "Coupled with overall
U.S. exports being up over 16 percent, the Nation is on pace to achieve
President Obama's goal of doubling exports by 2015. That's great news for
213,000 American workers, American businesses and the U.S. economy."
Buyers in Colombia, Turkey and India led the list of countries with the highest
Ex-Im Bank export finance authorizations by total dollar amounts. All three
countries are among the nine identified by the Bank as offering the greatest
potential sales for American exporters. The other countries on the list are
Brazil, Mexico, Indonesia, Vietnam, Nigeria, and South Africa.
The Bank's previous export finance authorizations record was set during the last
fiscal year, which ended September 30, 2010. The Bank's export portfolio is now
$82.4 billion as of the end of June.
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