Project Finance International Names Ex-Im Bank "Multilateral" of the Year
WASHINGTON, Feb. 12, 2014 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) was named 2013's Global Multilateral of the Year by Project Finance International (PFI) in recognition of the Bank's "game-changing" deals and its strategic portfolio expansion.
"We are very appreciative of Project Finance International's recognition of our work on behalf of U.S. exporters and their operations abroad," said Export-Import Bank Chairman and President Fred P. Hochberg. "In today's hyper-competitive environment, Ex-Im Bank's role is indispensable for responding to gaps in export financing and leveling the playing field for U.S. exporters. Supporting American jobs is at the forefront of what we do."
PFI also listed two of Ex-Im Bank's 2013 Middle East transactions on its "Roll of Honour," namely, Ex-Im Bank's direct loan to the Sadara Chemical Company for the construction of a petrochemical plant in Saudi Arabia and the Bank's direct loan to Emirates Aluminum Company Ltd. for the expansion of a smelter complex in the U.A.E.
The Sadara transaction still ranks as Ex-Im Bank's largest authorization in its history and supported a record 18,400 American jobs, including 2,300 small-business jobs.
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