Ex-Im Bank Finalizes Agreement for U.S. Export Transaction to Mongolia
December 19, 2013
(Ex-Im Bank)
WASHINGTON, D.C. – Officials from the Export-Import Bank of the United States
(Ex-Im Bank) and MIAT Mongolian Airlines (MIAT) participated in a signing
ceremony today that finalized the export of a U.S. Boeing 767-300ER aircraft
with GE engines to MIAT.
Ex-Im Bank Chairman and President Fred P. Hochberg, MIAT President and CEO
Jargalsaikhan Gungaa, and PEFCO Vice President Vince Herman signed the financing
documents. Altangerel Bulgaa, Mongolia's Ambassador to the United States, and
representatives from GE and The Boeing Company were also in attendance.
The transaction, guaranteed by Mongolia's Ministry of Finance, was previously
approved by Ex-Im Bank's board of directors and counts as both the Bank's first
significant transaction in Mongolia and its first transaction with MIAT.
"There are numerous opportunities for U.S. exporters in Mongolia, and I hope
that this agreement encourages more Americans to explore this diverse and
exciting market," said Chairman Fred P. Hochberg. "By increasing MIAT's fleet,
we are able to support high-quality jobs in both the United States and
Mongolia."
"Aviation plays a strategic role in Mongolia's global interactions. Boeing is
delighted that MIAT's latest 767-300ER marks the carrier's first direct purchase
of one of our jetliners and continues the airline's reliance on quality U.S.
made aircraft to meet its mission. This, in turn, links Mongolia to the success
of American aviation manufacturing and the many thousands of U.S. jobs it
supports," said John Wojick, senior vice president, Global Sales & Marketing
for Boeing Commercial Airplanes.
"MIAT is pleased to conclude its first financing transaction with the support of
Ex-Im Bank," said President Jargalsaikhan Gungaa. "We are proud to be the first
airline in Mongolia to acquire an aircraft directly from The Boeing Company and
to finance an aircraft with the support of Ex-Im Bank. This is an important step
for the aviation industry in Mongolia, and the confidence shown by Ex-Im Bank in
Mongolia will have a positive impact on all industries."
Last year, Chairman Hochberg participated in a business-development mission in
Mongolia, where he encouraged sourcing of U.S. products and services for
regional infrastructure projects. Chairman Hochberg also oversaw the signing of
a memorandum of understanding with the Development Bank of Mongolia to
facilitate trade opportunities between the United States and Mongolia.
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