Ex-Im Bank celebrates 80th Anniversary
Washington, D.C. - Today the Export-Import Bank of the United States (Ex-Im Bank), the nation's official export-credit agency, marks its 80th anniversary of promoting U.S. exports abroad and supporting U.S. jobs at home.
In its eight decades of operation, Ex-Im Bank has authorizedapproximately $567 billion to finance the export of U.S. goods and services around the globe and supported millions of American jobs. In 2013, nearly 90% of the Bank's transactions benefitted small businesses.
Today we say happy birthday to a great American success story, said Export-Import Bank Chairman and President Fred P. Hochberg. Over 80 years, the Export Import Bank has supported millions of American jobs and financedabout $567 billion in goods stamped 'Made in the USA,' and we've done it all while generating billions of dollars in revenue for U.S. taxpayers.
Founded in 1934 by FDR as the Export-Import Bank of Washington, the Bank was organized with power to aid in financing and to facilitate exports and imports
so as to boost job growth in Depression-devastated America. After an early reorganization, the Bank soon expanded its scope and approved loan packages in more than 30 countries, half of which were in Latin America and the Caribbean.
Below are some key dates in Ex-Im Bank's transactional history.
1938
The Bank extended a $22 million loan to China for construction of the Burma Road.
1941
The Bank provided a line of credit for the Pan-American Highway.
1948
Ex-Im Bank administers funds for economic cooperation under the Marshall Plan.
1981
Ex-Im Bank cleared its first transaction in the People's Republic of China. Two direct credits of $57.1 million supported the purchase of power-generation equipment manufactured by Westinghouse Electric and Combustion Engineering.
2012
Ex-Im Bank closed the largest deal of its history, a $4.975 billion direct loan to the Sadara Chemical Company of Saudi Arabia that supported approximately 18,000 U.S. jobs. Total authorizations for the same year surpassed $35.7 billion, and job support reached an estimated 255,000.
2013
Ex-Im Bank logged a record number of small-business transactions and generated more than $1 billion in earnings for the U.S. Treasury.
For a more extensive survey of Ex-Im Bank's storied history, please visit Ex-Im Bank's Anniversary webpage.