EX-IM BANK WILL WORK TO KEEP U.S. EXPORTS FLOWING IN CHANGING GLOBAL ENVIRONMENT, AGUIRRE TELLS BANKERS
At this time of great global challenges, the Export-Import Bank of the United States (Ex-Im Bank) stands ready to ensure that U.S. exports to emerging markets continue flowing, Ex-Im Bank Vice Chairman Eduardo Aguirre, Jr., told foreign trade bankers today.
We are in a new global reality, marked by increased interconnectedness, competition and risk, and declining investor confidence following the events of September 11, Aguirre told participants in a conference of the Bankers' Association for Finance and Trade (BAFT) in Washington, D.C. Ex-Im Bank's commitment to supporting U.S. exports and jobs is critically important now. You, the banks, are our key partners in these ventures. And the stakes have never been higher.
Aguirre said President Bush's budget request for fiscal year 2003 fully funds the $11.5 billion in export financing demand that Ex-Im Bank anticipates from U.S. companies for that year, enabling the Bank to carry out its mission.
Our job in this changed world is to play the role of the first guys to hit the beach in the U.S. commercial effort to penetrate risky emerging markets, Aguirre said. We find opportunities, take risks and try to draw the private sector in. In so doing, we foster stability and economic growth at home and abroad, and sustain well-paying U.S. jobs.
Declaring I will do everything in my power to make Ex-Im Bank accessible and responsive to your needs, Aguirre urged the bankers to come with us in carrying out this important mission.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world by providing loans, guarantees and insurance. In fiscal year 2001, Ex-Im Bank supported $12.5 billion of U.S. exports worldwide.