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Washington, D.C. - The Export-Import Bank of the United States (EXIM) today entered into a memorandum of understanding (MOU) with the Hungarian Export-Import Bank Private Limited Company (HEXIM) to enhance the economic cooperation between the United States and Hungary with respect to the trade of goods and services.

At EXIM's headquarters in Washington, D.C., this morning, EXIM President and Chairman Kimberly A. Reed signed the MOU with Minister of Foreign Affairs and Trade of Hungary H.E. Peter Szijjarto. Ambassador of Hungary to the United States Laszlo Szabo also joined Chairman Reed and Minister Szijjarto at the signing ceremony. The signing was witnessed by EXIM Chief Banking Officer Stephen Renna and EXIM Senior Advisor for National Security Jamal Ware.

"The Export-Import Bank of the United States is committed to working with the Hungarian Export-Import Bank Private Limited Company. This MOU recognizes our mutual support for joint projects and collaboration on the export of goods and services from the United States and Hungary," said EXIM President and Chairman Kimberly A. Reed. "We anticipate that EXIM-backed financing that may follow from this agreement will help support American exporters and businesses, boost the U.S. economy, and foster job creation in the United States and Hungary."

"With the Hungarian and American Export-Import Banks having agreed to joint financing of investments and projects, companies from both of our countries can more easily participate in joint investments in U.S., Hungarian, or even third-country markets by leveraging additional development resources, credit and loan guarantees," said Minister of Foreign Affairs and Trade of Hungary H.E. Peter Szijjarto. "Companies from the United States are the second-largest investor community in Hungary, with 1,700 US companies employing 105,000 Hungarians. Outside the European Union, the United States is Hungary's second-largest export market, with exports of goods and services last year of $ 3.5 billion. Under this new agreement, Hungarian and American companies have more resources for joint investments that can lead to exports to third markets. Products manufactured by large American companies in Hungary can therefore reach more parts of the world and participating Hungarian companies can create more jobs."

Under the MOU, EXIM and HEXIM agreed to encourage the exchange of information in the field of export credit policies and practices, engage in an exchange of views and knowledge on the implementation of developing new products, and promote and facilitate the sharing of experiences and best practices. They also agreed to encourage communication and cooperation between American and Hungarian companies on potential business opportunities and endeavor to identify potential projects for the common interest of both agencies, among other efforts. 

Minister of Foreign Affairs and Trade of Hungary H.E. Peter Szijjarto and EXIM President and Chairman Kimberly A. Reed sign memorandum of understanding.

ABOUT EXIM BANK:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, 90 percent of the total number of the agency's authorizations has directly supported small businesses.

For more information about EXIM, please visit www.exim.gov.