WASHINGTON, March 22, 2011 /PRNewswire/ -- Fred P. Hochberg, the Chairman & President of the Export-Import Bank of the United States (Ex-Im Bank), announced in Brazil over the weekend that the Ex-Im Bank has authorized $1 billion in export credit for infrastructure projects for the State of Rio de Janiero. Hochberg was traveling in Brazil with President Obama when he made the announcement.
"Brazil is an emerging economy with extensive infrastructure needs, and this authorization will provide further opportunities for American exporters and small business owners," said Ex-Im Bank Chairman and President Fred P. Hochberg. "American business is second to none, and it is important that we encourage our businesses to compete globally."
Through Ex-Im Bank, the State of Rio de Janiero will have access to $1 billion in financing for buying goods and services from U.S. exporters. Rio State will use these goods and services for various infrastructure projects, including those associated with Flood Relief, the World Cup, and the Olympics. Brazil is expected to spend $200 billion in additional infrastructure across the country.
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness.
During the first four months of Fiscal Year 2011 (Oct. 2010 through Jan. 2011), Ex-Im Bank approved $8.25 billion in total financing authorizations, supporting $10.3 billion in U.S. exports and approximately 75,000 American jobs. It also supported American jobs through foreign sales as the U.S. economy continues to recover. For more information on Ex-Im Bank, visit www.exim.gov.
SOURCE Export-Import Bank of the United States