Ex-Im Bank Signs Agreement with Bancóldex To Increase U.S.-Colombian Trade
May 18, 2012
(Ex-Im Bank)
WASHINGTON, D.C.: The Export-Import Bank of the United States (Ex-Im Bank) and
Bancóldex have signed a memorandum of understanding (MOU) to work together to
facilitate trade between the United States and Colombia.
Ex-Im Bank and Bancóldex have agreed to exchange information on trade and
business prospects that may present opportunities for cooperation, including
expanding use of Ex-Im Bank financing by Colombian buyers for their purchases of
U.S. goods and services.
Bancóldex is Colombia’s government-owned development and foreign trade bank. It
functions as a secondary lender and focuses on entrepreneurship and foreign
trade.
The MOU is a statement of general intent between Ex-Im Bank and Bancóldex to
promote the availability of Ex-Im Bank financing to Colombian companies,
particularly small and mid-sized businesses. Ex-Im Bank and Bancóldex will work
together to share information and develop export-financing opportunities in key
sectors, including infrastructure, environmental projects, medical equipment and
transportation.
Ex-Im Bank Chairman and President Fred P. Hochberg and Bancóldex CEO Santiago
Rojas signed the agreement today at Ex-Im Bank headquarters in Washington, D.C.
Colombia’s deputy chief of mission to the United States, Nicholas Lloreda,
attended the signing ceremony. Also attending was Bancóldex Risk Vice President
Mauro Sartori.
“Colombia is one of the fastest-growing markets for U.S. goods and services in
Ex-Im Bank’s portfolio, and it was our single-largest country market last fiscal
year. We join Bancóldex in celebrating the entry into force of the historic
U.S.-Colombia free trade agreement on May 15. Ex-Im Bank’s agreement with
Bancóldex will further encourage opportunities for both countries. It will also
strengthen our ability to reach more Colombian buyers and assist more U.S.
exporters in tapping the potential of this emerging market,” said Ex-Im Bank
Chairman Fred Hochberg.
Bancóldex CEO Santiago Rojas noted, “The free trade agreement will be an
opportunity for both countries to increase their bilateral trade, which will
have a positive effect on the competitiveness of each country as well as on the
ability to generate employment in some sectors. The cooperation between Ex-Im
Bank and Bancóldex will support the opportunities that the free trade agreement
could bring to entrepreneurs.”
Colombia’s National Investment Plan for 2011-2014 calls for an investment of
over $300 billion in infrastructure projects, a key focus area for Ex-Im Bank
financing.
Chairman Hochberg conducted a business-development mission in Bogotá in August
2011, where he met with Colombia’s President Juan Manuel Santos and other
government and business leaders. In December 2011, Ex-Im Bank hosted an event in
Washington, D.C., “Infrastructure Opportunities in Colombia for U.S. Companies,”
which was attended by representatives of more than 100 U.S. companies interested
in doing business in Colombia.
Colombia is one of nine key markets (others are Brazil, Mexico, Turkey, South
Africa, Nigeria, India, Indonesia and Vietnam) where Ex-Im Bank is focusing its
business-development efforts. The Bank authorized more than $3.7 billion in
support of U.S. exports to Colombia in FY 2011.
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