Ex-Im Bank celebrates 80th Anniversary Chairman Hochberg Marks Eight Decades of Supporting American Jobs
WASHINGTON, Feb. 12, 2014 /PRNewswire-USNewswire/ -- Today the Export-Import Bank of the United States (Ex-Im Bank), the nation's official export-credit agency, marks its 80th anniversary of promoting U.S. exports abroad and supporting U.S. jobs at home.
In its eight decades of operation, Ex-Im Bank has authorized an estimated $506 billion to finance the export of U.S. goods and services around the globe and supported millions of American jobs. In 2013, nearly 90% of the Bank's transactions benefitted small businesses.
"Today we say happy birthday to a great American success story," said Export-Import Bank Chairman and President Fred P. Hochberg. "Over 80 years, the Export Import Bank has supported millions of American jobs and financed over $500 billion in goods stamped 'Made in the USA,' and we've done it all while generating billions of dollars in revenue for U.S. taxpayers."
Founded in 1934 by FDR as the Export-Import Bank of Washington, the Bank was "organized with power to aid in financing and to facilitate exports and imports…" so as to boost job growth in Depression-devastated America. After an early reorganization, the Bank soon expanded its scope and approved loan packages in more than 30 countries, half of which were in Latin America and the Caribbean.
Below are some key dates in Ex-Im Bank's transactional history.
1938… The Bank extended a $22 million loan to China for construction of the "Burma Road."
1941… The Bank provided a line of credit for the Pan-American Highway.
1948… Ex-Im Bank administers funds for economic cooperation under the Marshall Plan.
1981… Ex-Im Bank cleared its first transaction in the People's Republic of China. Two direct credits of $57.1 million supported the purchase of power-generation equipment manufactured by Westinghouse Electric and Combustion Engineering.
2012… Ex-Im Bank closed the largest deal of its history, a $4.975 billion direct loan to the Sadara Chemical Company of Saudi Arabia that supported approximately 18,000 U.S. jobs. Total authorizations for the same year surpassed $35.7 billion, and job support reached an estimated 255,000.
2013… Ex-Im Bank logged a record number of small-business transactions and generated more than $1 billion in earnings for the U.S. Treasury.
For a more extensive survey of Ex-Im Bank's storied history, please visit Ex-Im Bank's Anniversary webpage.
SOURCE Export-Import Bank of the United States