Export-Import Bank Authorized More Than $8.7 Billion in Transactions During Fiscal Year 2023
Washington, D.C. – The Export-Import Bank of the United States (EXIM) has recorded its strongest year since Congress re-authorized the agency in 2019, recording over $8.7 billion in financing in fiscal year 2023 to support U.S. companies of all sizes exporting goods and services abroad. These transactions further the agency’s mission to support U.S. exporters and support American jobs. They also advance several of the agency’s congressional mandates, which include supporting transactions that involve small businesses, clean and renewable energy, Sub-Saharan Africa, competition with China and transformational exports.
“I am proud of the strong work our agency has accomplished this fiscal year,” said EXIM President and Chair Reta Jo Lewis. “From authorizing the largest renewable energy transaction in our agency’s history, to supporting American small business exporters across the country, EXIM continues to work diligently to support U.S. job creation, ensure that U.S. exporters have the financing tools they need to compete and win deals overseas, and fulfill our congressional mandates.”
This year, EXIM financing for climate and renewable transactions surpassed $950 million, the largest amount the agency has ever authorized in this sector. The agency also authorized more than $2 billion in transactions for American small businesses.
This year, EXIM supported hundreds of projects across a variety of sectors, including:
- Renewable Energy: In June, EXIM’s Board of Directors approved a $907 million direct loan to support a project led by SunAfrica to construct two photovoltaic solar power plants in Angola. This transaction is the largest renewable energy project EXIM has authorized to date and was approved as a transaction under the China and Transformational Exports Program (CTEP). The transaction is estimated to support 1,600 jobs and support supply chains in California, North Carolina, Tennessee, Texas, and Delaware.
- Supporting Domestic Manufacturing: In August, the Board of Directors approved the first-ever transaction under the Make More in America initiative, a $4.8 million direct loan to Aquatech, a minority-owned small business based in Pennsylvania. The transaction, also approved under CTEP, will support the purchase of services and laboratory equipment to modernize and expand Aquatech’s existing facilities at two locations in Pennsylvania and Wisconsin. The transaction will also support 10 construction jobs and 8 new jobs at Aquatech.
- Digital Infrastructure in Sub-Saharan Africa: In November 2022, EXIM approved a $42 million transaction under CTEP that supported Gates Air's export of FM transmitters, towers, training, and other equipment and services to Angola to expand the government’s ability to communicate by radio with approximately 95% of the country’s population.
- Transportation: In September, EXIM approved a $594 million loan guarantee under CTEP to Kazakhstan Temir Zholy (KTZ), the national railway of Kazakhstan, to support the export of Wabtec locomotive and critical rail equipment to KTZ Freight and KTZ Passenger. The transaction will support an estimated 1,500 U.S. jobs at Wabtec in the Western Pennsylvania region, and indirectly supports the rail-related supply chain.
- Nuclear Energy: In September, EXIM approved a $57 million loan under EXIM’s Engineering Multiplier Program to EnergoNuclear S.A. to support pre-construction engineering and feasibility studies for the potential development of two nuclear reactors at the Cernavodă nuclear power plant complex in Romania. The transaction will support an estimated 200 new jobs in Texas and Illinois.
- Infrastructure in Sub-Saharan Africa: In September, EXIM’s Board of Directors approved a $363 million transaction under CTEP to support the export of small business Acrow Corporation’s prefabricated modular steel bridges and related equipment to construct bridge infrastructure across Angola. The transaction is expected to support 600 American jobs across 18 states.
- Supporting American Small Businesses: EXIM authorized a $5 million multibuyer insurance policy renewal through EXIM’s Office of Small Business brokered by Willis Towers Watson to House of Cheatham, a small business manufacturer, to support the export personal and beauty care products for women of color to a portfolio of countries, with their top markets being South Africa and Uganda.
- EXIM authorized a $5 million working capital guarantee to Sciaky, Inc, which made export sales to Taiwan possible under a $14 million commercial letter of credit from a Taiwanese bank.
- EXIM also authorized a new $100,000 multibuyer insurance policy to Naturanectar LLC, a small business manufacturer of medicinal and botanical products, primarily bee propolis. The policy enabled the company to be able to offer credit terms to its foreign buyers. Their largest customer is located in South Korea.
“President Biden’s leadership and commitment to supporting U.S. companies, reigniting American manufacturing, strengthening supply chains, and ensuring U.S. exporters remain competitive in the global marketplace positions EXIM to do our part to help American businesses to move from aspiration to action. We look forward to building upon this fiscal year’s strong work,” said Chair Lewis.
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. Learn more at www.exim.gov.