Ex-Im Bank Authorizations Hit All-Time Record Exceeding $ 24.5 Billion, Supporting 213,000 American Jobs
August 4, 2011
(Export-Import Bank)
Washington, D.C. --- The Export-Import Bank of
the United States (Ex-Im Bank) has set a new
all-time record for export finance
authorizations. Today, for the first time, loan
authorizations will exceed $ 24.5 billion. And
with two months still remaining in the fiscal
year the total Ex-Im authorizations will
continue to grow. Ex-Im Bank financing supports
over $ 31.5 billion of export sales and 213,000
American jobs in communities across the
country. Included are 2,548 small business
export finance transactions.
In fact, a transaction involving a small
business customer new to Ex-Im pushed the Bank
over the top today when the board of directors
approved a $57.8 million loan guarantee
benefiting Royal Equipment of Conroe, Texas.
The 25-employee company is providing equipment
and services to remanufacture 22 off-highway
mining trucks for the buyer, Australia's Downer
EDI Mining Pty. Ltd. The sale is the largest in
Royal's history.
This fiscal year's authorizations to date
represent a 70 percent increase over the Bank's
Fiscal Year 2008 total of $14.4 billion.
"Today Ex-Im Bank set an authorizations record
for a third-straight year," said Fred P.
Hochberg, chairman and president of Ex-Im Bank.
"Coupled with overall U.S. exports being up
over 16 percent, the Nation is on pace to
achieve President Obama's goal of doubling
exports by 2015. That's great news for 213,000
American workers, American businesses and the
U.S. economy."
Buyers in Colombia, Turkey and India led the
list of countries with the highest Ex-Im Bank
export finance authorizations by total dollar
amounts. All three countries are among the nine
identified by the Bank as offering the greatest
potential sales for American exporters. The
other countries on the list are Brazil, Mexico,
Indonesia, Vietnam, Nigeria, and South Africa.
The Bank's previous export finance
authorizations record was set during the last
fiscal year, which ended September 30, 2010.
The Bank's export portfolio is now $82.4
billion as of the end of June.
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