Export-Import Bank of the United States Announces Wabtec as 2024 China and Transformational Exports Program Deal of the Year Award at Annual Conference
WASHINGTON, DC – The Export-Import Bank of the United States (EXIM) with the China and Transformational Exports Program (CTEP) Deal of the Year Award today at its 2024 Annual Conference.
In December, the EXIM Board of Directors approved a $594 million loan guarantee to KTZ, the national railway of Kazakhstan, to support the export of Wabtec locomotive and shunter kits. The transaction will support an estimated 1,500 U.S. jobs in the western Pennsylvania region and indirectly supports the rail-related supply chain presented Kazakhstan Temir Zholy (KTZ) and Wabtec
With more than 150 years of experience, Wabtec is a Pittsburgh, Pennsylvania-based global provider of equipment, systems, digital solutions and value-added services for freight and transit rail sectors.
“Transactions such as this one further reaffirm EXIM’s commitment to helping U.S. exporters meet Chinese competition,” said EXIM President and Chair Reta Jo Lewis. “In addition to advancing the mission of CTEP, this deal highlights our ongoing support of U.S. jobs and fostering innovation.”
“EXIM is critical in today’s challenging global marketplace,” said Lars Hickey, Managing Director of Project Finance and Government Affairs at Wabtec. “The partnership with EXIM enables us to provide timely financing necessary to compete worldwide and meet the demand for innovative sustainable rail technologies.”
The China and Transformational Exports program was established in 2019 at the direction of Congress with the objective of leveraging EXIM tools and resources to address China competition and increase America’s export competitiveness.
This project also reaffirms EXIM’s commitment to the Biden-Harris Administration’s Partnership for Global Infrastructure and Investment initiative, which is dedicated to developing a values-driven, high-impact partnership with other G7 nations to meet the infrastructure needs of low- and middle-income countries.
ABOUT EXIM BANK:
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. Learn more at www.exim.gov.