EXIM Anticipates Seeking Authorization for Financing of U.S. Exports to Egypt’s Tahrir Petrochemicals Complex
June 30, 2018
(Ex-Im Bank)
Cairo, Egypt – Today an executive of the Export-Import Bank of the United
States (EXIM) announced that EXIM anticipates seeking authorization of up $1.8
billion in financing to support sales of U.S. exports for the construction of
the Tahrir Petrochemicals Complex (TPC) in Egypt.
At a ceremony held in Cairo, EXIM Executive Vice President and Chief Operating
Officer Jeffrey Goettman signed a letter expressing EXIM’s intention to seek
authorization for financing for the pending transaction. Goettman signed the
letter with Basil El-Baz, chairman and CEO of Carbon Holdings Ltd, the TPC
project sponsor. Prime Minister H.E. Moustafa Madbouly and members of Egypt’s
cabinet attended the ceremony.
“Since 1991, EXIM has provided more than $1 billion in export trade financing
for the purchase of U.S.-manufactured goods and services in Egypt. EXIM wants to
affirm its continuing interest in supporting U.S. exports for the construction
of the Tahrir Petrochemicals Complex, and we believe that this support would
benefit jobs and economic growth in both of our countries,” Goettman said.
“We hope that this project could serve as a model for future partnerships
between the United States and Egypt and demonstrate our commitment to the
region.”
The TPC application, currently under review, will require approval by EXIM’s
board of directors in order to receive a financial commitment. EXIM’s Project
Finance Division and other staff have been conducting due diligence on the
application, which will be presented for board consideration at a future date.
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.
The Export Practitioner
Providing readers with expert reports on changes to U.S. export licensing rules, enforcement policies and regulations for defense and dual-use products and technology.
Washington Tariff & Trade Letter
Providing exclusive, behind-the-scenes news and analysis every week of U.S. trade policies, regulations and legislation, export controls, trade sanctions, and enforcement of antidumping and countervailing duty laws.
Mastering Deemed Exports
An invaluable video training tool that helps exporters, universities and research laboratories alert all employees to the potential fines and legal sanctions that can come from violating EAR and ITAR restrictions on giving certain foreign nationals access to controlled U.S. technology.