EXIM Board of Directors Approves Preliminary Commitment to Support Development of 5G Network in Costa Rica
WASHINGTON –The Board of Directors of the Export-Import Bank of the United States (EXIM) yesterday approved a preliminary commitment demonstrating EXIM’s willingness to finance a $300 million credit to the Government of Costa Rica’s Instituto Costarricense de Electricidad & Subsidiaries (ICE) for procuring equipment and supporting materials and services from trusted vendors to deploy a fifth generation (5G) network across Costa Rica. A preliminary commitment is a non-binding offer of EXIM financing, subject to the award of the export contract and EXIM's additional review of an application for a final commitment.
“EXIM financing can play a key role in ensuring 5G telecommunications infrastructure is built and supported by trusted vendors,” said EXIM President and Chair Reta Jo Lewis. “We recognize the strategic importance of projects like this and look forward to additional consideration once the project has developed further in Costa Rica.”
The preliminary commitment approval comes after the Board of Directors approved a policy clarification in January to support EXIM’s 5G domestic export capability, which allows additional flexibilities for EXIM loans, loan guarantees and insurance to be made available for the purchase of goods and services shipped or invoiced from any country to facilitate U.S. exports for 5G transactions. The vote clarified how the December 2020 Transformational Exports content policy applies to 5G transactions.
Open, reliable, interoperable, and secure information and communications technology infrastructure (ICT), such as 5G, is essential for a prosperous digital economy. Digital infrastructure is also a central part of President Biden’s flagship Partnership for Global Infrastructure and Investment (PGII), which EXIM continues to play a role in advancing.
ABOUT EXIM:
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated about $9 billion for the U.S. Treasury for repayment of overall U.S. debt. Learn more at www.exim.gov.