Ex-Im Bank Opens for Short-Term and Medium-Term Financing in Burma
February 6, 2014
(Ex-Im Bank)
Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank)
announced today that it will open for business in Burma to help finance
short-term and medium-term U.S. export sales.
"Today the Export-Import Bank is sending a strong signal that we are committed
to strengthening economic ties with Burma as the nation continues its
transition," said Ex-Im Bank Board Chairman and President Fred Hochberg. "After
a diligent review, the Bank's Board reached this decision--which will improve
trade flows between our two countries and help reintegrate Burma into the global
economy. Furthermore, this decision will open an important new market for
American exports and support American jobs."
Ex-Im Bank can now provide export-credit insurance, loan guarantees and direct
loans for creditworthy export sales to Burma starting February 6, 2014.
Short-term insurance is available for sovereign transactions with repayment
terms of 180 days or less, and up to 360 days for capital goods. Medium-term
insurance, loan guarantees and loans are available for sovereign transactions
with terms typically up to five years.
The Bank's working capital guarantees, which help U.S. exporters or their
suppliers to obtain funds to produce or buy goods or services for export, will
be available to support exports to Burma as well.
The Bank is also able to provide long-term support in Burma, provided there are
financing arrangements that eliminate or externalize country risks, such as
asset-backed financings and structures that earn revenues offshore in a third
country.
More information is available on www.exim.gov, including the Country Limitation
Schedule, that provides specific criteria for structuring transactions in both
the private and public sectors.
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