Ex-Im Bank Finalizes Agreement for U.S. Export Transaction to Mongolia
December 19, 2013
(Ex-Im Bank)
WASHINGTON, D.C. – Officials from the
Export-Import Bank of the United States (Ex-Im
Bank) and MIAT Mongolian Airlines (MIAT)
participated in a signing ceremony today that
finalized the export of a U.S. Boeing 767-300ER
aircraft with GE engines to MIAT.
Ex-Im Bank Chairman and President Fred P.
Hochberg, MIAT President and CEO Jargalsaikhan
Gungaa, and PEFCO Vice President Vince Herman
signed the financing documents. Altangerel
Bulgaa, Mongolia's Ambassador to the United
States, and representatives from GE and The
Boeing Company were also in attendance.
The transaction, guaranteed by Mongolia's
Ministry of Finance, was previously approved by
Ex-Im Bank's board of directors and counts as
both the Bank's first significant transaction
in Mongolia and its first transaction with
MIAT.
"There are numerous opportunities for U.S.
exporters in Mongolia, and I hope that this
agreement encourages more Americans to explore
this diverse and exciting market," said
Chairman Fred P. Hochberg. "By increasing
MIAT's fleet, we are able to support
high-quality jobs in both the United States and
Mongolia."
"Aviation plays a strategic role in Mongolia's
global interactions. Boeing is delighted that
MIAT's latest 767-300ER marks the carrier's
first direct purchase of one of our jetliners
and continues the airline's reliance on quality
U.S. made aircraft to meet its mission. This,
in turn, links Mongolia to the success of
American aviation manufacturing and the many
thousands of U.S. jobs it supports," said John
Wojick, senior vice president, Global Sales
& Marketing for Boeing Commercial
Airplanes.
"MIAT is pleased to conclude its first
financing transaction with the support of Ex-Im
Bank," said President Jargalsaikhan Gungaa. "We
are proud to be the first airline in Mongolia
to acquire an aircraft directly from The Boeing
Company and to finance an aircraft with the
support of Ex-Im Bank. This is an important
step for the aviation industry in Mongolia, and
the confidence shown by Ex-Im Bank in Mongolia
will have a positive impact on all
industries."
Last year, Chairman Hochberg participated in a
business-development mission in Mongolia, where
he encouraged sourcing of U.S. products and
services for regional infrastructure projects.
Chairman Hochberg also oversaw the signing of a
memorandum of understanding with the
Development Bank of Mongolia to facilitate
trade opportunities between the United States
and Mongolia.
Welcome to the Exporting Source
Your one-stop resource for finding help to export to new customers, to learn about government export programs, to join export-promoting trade missions, to sign up for trade conferences and training, and to link to other exporting services. Whether you're an old hand at exporting or just getting started, the Exporting Source provides a place to locate foreign customers, export financing and foreign investment assistance.