EX IM Bank Ready to Support Turkish Reconstruction
The Export-Import Bank of the United States (Ex-Im Bank) stands ready to provide financing for Turkish borrowers who are rebuilding from the ravages of the recent earthquakes in Turkey, Ex-Im Bank Group Vice President Jeffrey L. Miller said Tuesday in remarks at The Reconstruction of Turkey Conference in Washington, D.C.
Although Ex-Im Bank does not earmark its financing for disaster relief or other such emergencies, Miller said, Ex-Im Bank is strongly committed to support US exports to Turkey over the long term. Coincidentally — and happily — our programs and resources also can augment other efforts to help Turkey with its immediate reconstruction.
A new Ex-Im Bank $1 billion trade program with 12 Turkish private sector banks will expedite financing of US goods and services purchases by Turkish small and medium-sized businesses. Ex-Im Bank already has had inquiries from US companies concerning exports of steel frame prefabricated housing for Ismet, and medical equipment for hospitals in Ismet and Istanbul.
The Turkish banks are: Garanti Bank, Isbank, Yapi Bank, Finansbank, Demirbank, Kocbank, Disbank, Korfezbank, Osmanli Bank, Iktisat Bank, Oyak Bank, and Kentbank. Turkish businesses wanting to apply for Ex-Im Bank-guaranteed financing under this program can apply to one of these pre-approved banks. Other public and private Turkish banks, and qualified Turkish importers with established credit, can also be considered for individual transactions.
Ex-Im Bank is open under all of its short-, medium- and long-term financing programs in Turkey in both the public and private sectors, which means Turkish entities can buy capital goods and raw materials to rebuild infrastructure and maintain trade flows.
Ex-Im Bank is an independent US government agency that helps finance the sale of US exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. In fiscal year 1999 Ex-Im Bank authorized $420 million in financing to support US exports to Turkey in 47 transactions. Forty-four of the 47 transactions — and $108 million of the financing — supported small and medium-sized Turkish businesses' purchases. Worldwide in fiscal year 1999, Ex-Im Bank supported nearly $17 billion in exports.