Export-Import Bank of the United States Board Approves Two Deals in Support of Thousands of U.S. Jobs in Transportation, Energy Sectors
WASHINGTON – The Board of Directors of the Export-Import Bank of the United States (EXIM) voted Thursday to approves two transactions totaling nearly $600 million that will support thousands of American jobs in the transportation and energy sectors.
The first transaction is a 90 percent guarantee of a $500 million facility under EXIM’s Supply Chain Finance Guarantee Program for The Boeing Company. The program helps Boeing provide their numerous suppliers with competitive financing options, and the transaction is estimated to directly support over 2,100 jobs at the company and throughout their network in all 50 states.
“Boeing remains one of the United States’ top exporters and through their commitments to innovation and sustainability, it is squarely within EXIM’s mandate to support the workers and companies, including small businesses, within their vast supply chain,” said EXIM President and Board Chair Reta Jo Lewis.
EXIM estimates the Supply Chain Facility will support approximately $982 million in export sales of various models of commercial aircraft to airlines around the world. Today’s Board action on this transaction approved notifying Congress before a final vote.
The second transaction the Board approved was for $99.7 million to support facility expansion and fuel efficiency and safety upgrades at Pertamina’s – the Indonesian national oil company – refinery at Balikpapan. The transaction will support approximately 200 jobs, consistent with EXIM’s mission to facilitate American exports and support U.S. jobs, through more than 30 U.S. suppliers in 13 states and Washington, D.C.
“This project would support hundreds of U.S. jobs at dozens of manufacturers across the country, and allow Indonesia to substantially reduce its reliance on imported, refined transportation fuels while upgrading to a cleaner standard, protecting human health and the environment in the process,” said Chair Lewis.
The Balikpapan Refinery Expansion Project has been classified by the Government of Indonesia, a U.S. strategic partner, as a National Strategic project. Indonesia currently imports 70 percent of its gasoline and has been exposed to dramatic price fluctuations for imported fuels since the beginning of the war in Ukraine. The project underwent a feasibility review and alignment with EXIM’s environmental and social due diligence procedures and guidelines, which must be adhered to throughout the life of the transaction. Because of participation by U.S. manufacturers and EXIM’s Board action, Indonesia will be able to substantially reduce its reliance on imported, refined transportation fuels while producing cleaner gasoline products.
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 more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov.