Ex-Im Bank and Dubai Economic Council Sign $5 Billion Agreement
April 10, 2013
(Ex-Im Bank)
Washington, D.C. – Fred P. Hochberg, chairman
and president of the Export-Import Bank of the
United States (Ex-Im Bank), and Hani Rashid Al
Hamli, secretary general of the Dubai Economic
Council (DEC), inked a $5 billion memorandum of
understanding (MOU) Thursday at Ex-Im Bank’s
38th Annual Conference here.
“The MOU underscores our continued cooperation
with our partners in Dubai and helps ensure
that American exporters are not disadvantaged
by foreign companies relying upon state-driven
capital,” said Chairman Hochberg. “The more
orders American exporters fill in Dubai, the
more American jobs we can support.”
According to the agreement, “DEC and Ex-Im Bank
anticipate that as much as $5 billion in
export-credit support may be approved to
finance DEC’s members’ and customers’
procurement of U.S. goods and services for a
variety of Dubai infrastructure projects.”
Potential areas of cooperation include, but are
not limited to, air-traffic control and airport
infrastructure; railway, urban-metro, and
port-development projects; power generation;
oil, gas, and petrochemical projects; and
water-treatment projects.
In FY 2012, Ex-Im Bank approved approximately
$3.32 billion in U.A.E. authorizations.
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