WASHINGTON, Feb. 6, 2014 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) announced today that it will open for business in Burma to help finance short-term and medium-term U.S. export sales.
"Today the Export-Import Bank is sending a strong signal that we are committed to strengthening economic ties with Burma as the nation continues its transition," said Ex-Im Bank Board Chairman and President Fred Hochberg. "After a diligent review, the Bank's Board reached this decision--which will improve trade flows between our two countries and help reintegrate Burma into the global economy. Furthermore, this decision will open an important new market for American exports and support American jobs."
Ex-Im Bank can now provide export-credit insurance, loan guarantees and direct loans for creditworthy export sales to Burma starting February 6, 2014. Short-term insurance is available for sovereign transactions with repayment terms of 180 days or less, and up to 360 days for capital goods. Medium-term insurance, loan guarantees and loans are available for sovereign transactions with terms typically up to five years.
The Bank's working capital guarantees, which help U.S. exporters or their suppliers to obtain funds to produce or buy goods or services for export, will be available to support exports to Burma as well.
The Bank is also able to provide long-term support in Burma, provided there are financing arrangements that eliminate or externalize country risks, such as asset-backed financings and structures that earn revenues offshore in a third country.
More information is available on www.exim.gov, including the Country Limitation Schedule, that provides specific criteria for structuring transactions in both the private and public sectors.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. 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. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions-- or 89 percent--for small-businesses. Small business exporters can learn about how Ex-Im Bank products can help them increase foreign sales at http://go.usa.gov/ZVTd. For other information about Ex-Im, visit www.exim.gov.
SOURCE Export-Import Bank of the United States