Export-Import Bank of the United States Board of Directors Approves Two Financial Institution Buyer Credit Policies
WASHINGTON – Today, the Board of Directors of the Export-Import Bank of the United States (EXIM) in two separate transactions voted to approve two Financial Institution Buyer Credit (FIBC) policies for two insured lenders before voting to approve a final loan commitment for aircraft exports in Turkey.
In the first transaction, the Board voted to approve FIBC policies for Citibank N.A. of London (Citibank) and Credit Agricole Corporate and Investment Bank (Credit Agricole). These policies are held by financial institutions and insure a revolving line of credit to a single foreign buyer, allowing the foreign buyer to make purchases from multiple U.S. exporters and suppliers. The newly approved FIBC policies will allow Trafigura Pte. to purchase liquefied natural gas (LNG) from U.S. exporters to sell primarily to European buyers who are seeking to identify alternate sources of gas following Russia’s invasion of Ukraine. If turned over to the maximum extent possible, these policies could support more than 12,000 U.S. jobs.
“With this vote, we continue to fulfill EXIM’s mission of supporting American exporters and jobs while advancing the Biden-Harris Administration’s climate efforts,” said EXIM President and Chair Reta Jo Lewis. “The approval of these two FIBC policies also builds on the U.S. commitment to help improve European energy security due to Vladimir Putin’s unjustified war in Ukraine.”
In the second transaction of the day, the Board voted to approve a final loan commitment of more than $238 million to support the export of Boeing B737 MAX 8 aircraft to Turkiye’s SunExpress Airline. The aircraft are estimated to be delivered between August 2023 and February 2024. This transaction is estimated to support approximately 1,100 American jobs across the country.
ABOUT EXIM:
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 about $9 billion for the U.S. Treasury for repayment of overall U.S. debt. Learn more at www.exim.gov.