EX-IM BANK FINANCES $51 MILLION WEATHER STATION IN ROMANIA
WASHINGTON - A $51 million long-term guarantee from the Export-Import Bank of the United States (Ex-Im Bank) is helping Lockheed Martin Overseas Corporation, Bethesda, MD sell state of the art weather forecasting equipment and services to Romania's National Institute of Meteorology, Hydrology and Water Management. The Insitute will use the the new system, called the National Integrated Meteorological System (SIMIN) for weather forecasting, air quality management and monitoring of other atmospheric conditions.
The SIMIN project is bringing much needed weather forecasting and communications technology to a region that experiences some of the most extreme weather conditions in Europe, said Ex-Im Bank Chairman James A. Harmon. It is an investment that will help Romania modernize its infrastructure, enhance public safety and strengthen its economic capacity over the long run.
Ex-Im Bank's long-term guarantee is backing a loan from Citibank, N.A., New York to the Romanian Ministry of Waters, Forests and Environmental Protection. The project will involve services and equipment from 18 U.S. suppliers in 10 states, in addition to Lockheed Martin. Work on the SIMIN project is expected to begin August 2000 and be completed by February 2003.
Ex-im Bank has made increasing business in southeastern Europe a priority. In June of this year, Ex-Im Bank chairman James A. Harmon announced a Southeast Europe Initiative to strengthen U.S. commercial ties and seek export opportunities in Romania, Albania, Bosnia- Herzegovina, Bulgaria, Croatia and F.Y.R. Macedonia.
Ex-Im Bank is the official export credit agency of the United States. It is an independent federal agency that supports the sale of U.S. goods and services to foreign markets. In fiscal year 1999, Ex-Im Bank supported nearly $17 billion in U.S. exports.