Bank approves more than $7.4 billion in financing, up 75% from last year
WASHINGTON, Jan. 15, 2013 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) today announced that it approved $7.45 billion in authorizations in the first quarter of fiscal year 2013, which is up from $4.25 billion during the same period in 2012 – a 75% increase. These authorizations are supporting approximately 57,000 American jobs at no cost to our nation's taxpayers.
"These robust first quarter numbers show that we are on track to have another strong year at Ex-Im Bank," said Ex-Im Bank Chairman and President Fred P. Hochberg. "With more than $7 billion already authorized, the Bank remains committed to reaching out more to small and medium-sized business owners and helping create more jobs through exports. American workers are second to none, and we will continue to encourage our businesses to compete globally and increase their sales."
First Quarter Fiscal Year 2013 Highlights
- The top industry sector was infrastructure with concentrations in manufacturing, aircraft, information and communications service providers, and power projects.
- The top destination markets were India, Germany, Russia, and Poland.
- Authorizations for working capital and credit insurance grew by 43% for minority and women-owned exporters, rising from $143.8 million in the first quarter of 2012 to $205.3 million in 2013.
- The amount authorized for small business increased by 49%, rising from $789 million in the first quarter of 2012 to $1.2 billion in 2013.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States