Ex-Im Bank Authorizes $190 Million to Israeli Airline
Financing will support 1,300 American Jobs
WASHINGTON, March 22, 2013 /PRNewswire-USNewswire/ -- Today, the Export-Import Bank of the United States (Ex-Im Bank) authorized more than $190 million in financing to support the export of Boeing 737-900ER aircraft to El Al Israel Airlines, Ltd. (El Al). According to Boeing, this transaction will help the company create and sustain more than 1,300 American jobs.
"This transaction will help ensure that El Al has a modern and efficient fleet that can meet the growing demands of their customer base," said Ex-Im Bank Chairman Fred P. Hochberg. "Ex-Im has a long and productive history of working with El Al, dating back to 1960. This transaction demonstrates that Ex-Im Bank's strong support of the American aerospace industry increases American competitiveness and supports high-quality American jobs in the process."
"Ex-Im's support of the American aerospace industry is remarkable and should be praised," said El Al Chief Financial Officer Nissim Malki. "El Al benefits from this support, which will facilitate the financing of 737-900 aircraft manufactured by Boeing. We are pleased that this wonderful news came during President Obama's visit to Israel and would like to thank Ex-Im Bank and Chairman Hochberg for their professionalism, patience and creativity in finalizing the transaction."
This transaction is supported by the National Association of Manufacturers (NAM). According to NAM, "this particular transaction will have a positive impact on jobs – both directly and indirectly throughout the supply chain – and will support economic growth in a key manufacturing sector."
El Al was established in 1948 and is the national flag carrier of Israel. El Al continues to play a crucial role for the country, serving all sectors of the Israeli air travel industry, including business travelers, tourists, friends and relatives and immigrants.
Ex-Im Bank's first transaction with Israel was in 1948, the year the country was founded. In FY'12, the Bank authorized $1.7 million and its exposure was $580 million. Ex-Im's current exposure in Israel is approximately $950 million.
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 in communities across the country. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States