WASHINGTON, April 7, 2011 /PRNewswire-USNewswire/ -- A new partnership between the National U.S. Arab Chamber of Commerce (NUSACC) and the Export-Import Bank of the United States (Ex-Im Bank) will increase U.S. export opportunities, create and save American jobs, and highlight the strategic goals of President Obama's National Export Initiative.
NUSACC and Ex-Im Bank signed a partnership agreement at the Ex-Im Bank's Annual Conference in Washington, D.C. The agreement, which was signed by Ex-Im Bank Board of Directors Member Bijan Kian and NUSACC President & CEO David Hamod, will make the Chamber a member of the Ex-Im Bank's City/State Partners Initiative.
"The Ex-Im Bank and the NUSACC have a solid history of working together, and I am pleased that we were able to come to this agreement," said Ex-Im Chairman & President Fred Hochberg. "In order to meet President Obama's National Export Initiative goal of doubling U.S. exports by 2015, we must continue to support programs that increase export opportunities. I am confident that this partnership will help achieve that goal."
"NUSACC has played an important role in connecting businesses in the Middle East and the United States, said Director Kian. "NUSACC will continue to be an important partner in serving our mission of implementing the President's National Export Initiative."
As a member of the City/State Partners Initiative, NUSACC will help local businesses learn about and apply for a range of Ex-Im Bank financing products, including:
- short-term export-credit insurance to mitigate the risk of foreign nonpayment,
- loan guarantees to increase export-related working capital, and
- medium-term financing for foreign buyers.
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private sector export financing at no cost to American taxpayers. The Bank provides a variety of financing products, including working capital guarantees, export-credit insurance, and financing to help foreign buyers purchase U.S. capital goods and services.
By charging fees and interest on all loan related transactions, Ex-Im Bank is self-sustaining. It is able to cover all operation costs and potential losses while also producing revenue. The Bank has generated $3.4 billion for U.S. taxpayers over the past 5 years.
In fiscal year 2010, Ex-Im Bank authorized a record high of approximately $24.5 billion in loans, guarantees and insurance (including more than $5 billion in authorizations for small businesses), supporting an estimated 230,000 American jobs. During the first quarter of fiscal year 2011, the Bank approved $8 billion in total financing authorizations, supporting nearly $9.3 billion in export sales. The sales in turn support approximately 66,000 American jobs in communities across the country. For more information about Ex-Im Bank visit www.exim.gov.
SOURCE Export-Import Bank of the United States