Ex-Im Bank and Dubai Economic Council Sign $5 Billion Agreement
April 10, 2013
(Ex-Im Bank)
Washington, D.C. – Fred P. Hochberg, chairman and president of the Export-Import
Bank of the United States (Ex-Im Bank), and Hani Rashid Al Hamli, secretary
general of the Dubai Economic Council (DEC), inked a $5 billion memorandum of
understanding (MOU) Thursday at Ex-Im Bank’s 38th Annual Conference here.
“The MOU underscores our continued cooperation with our partners in Dubai and
helps ensure that American exporters are not disadvantaged by foreign companies
relying upon state-driven capital,” said Chairman Hochberg. “The more orders
American exporters fill in Dubai, the more American jobs we can support.”
According to the agreement, “DEC and Ex-Im Bank anticipate that as much as $5
billion in export-credit support may be approved to finance DEC’s members’ and
customers’ procurement of U.S. goods and services for a variety of Dubai
infrastructure projects.”
Potential areas of cooperation include, but are not limited to, air-traffic
control and airport infrastructure; railway, urban-metro, and port-development
projects; power generation; oil, gas, and petrochemical projects; and
water-treatment projects.
In FY 2012, Ex-Im Bank approved approximately $3.32 billion in U.A.E.
authorizations.
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