U.S. Ex-Im Bank Gives Financial Support to Rebuild Chile Infrastructure

June 18, 2010

The Export Import Bank of the United States announced that over the last two months it has “has approved five medium-term insurance policies through PNC Bank for buyers in Chile, all of which focus on infrastructure development.”

The bank’s bulletin noted that the “8.8 magnitude earthquake that struck Chile on February 27 left the country’s telecommunications and transportation infrastructure severely damaged. Ex-Im Bank remains committed to providing financial support for U.S. exports to Chile to aid in the rebuilding process.”

Ex-Im Bank Chairman and President Fred P. Hochberg explained that the bank “is committed to providing financing products that help U.S. companies export equipment to Chile. These exports will help reconstruct Chilean infrastructure. From telecommunications to construction equipment, we are assisting Chile as it rebuilds vital public systems.”

The bulletin listed a number of U.S. companies that have taken advantage of the program, as follows:
— Motorola Inc., Plantation, Fla., is using its $1.3 million Ex-Im Bank insurance policy to export new and used telecommunications equipment to Gallyas S.A. in Chile.
— A $605,591 Ex-Im Bank policy will support Portland, Ore. exporter Daimler Trucks North America LLC’s export of road building equipment to Empresa Constructora de Obras Viales, Ltda., Chile (Ecovial).
— Navistar of Warrenville, Ill., will use its $1.7 million Ex-Im Bank policy to export trucks to Maquinarias y Equipos Santa Marta, S.A., Chile, a large provider of transportation services.

Ex-Im Bank also approved a $1.7 million policy to support the export by Deere, Moline, Ill. and Mack Trucks, Allentown, Penn., of dump trucks, loaders and motor graders to Constructora Excon S.A., Chile (Excon), a provider of earthmoving and excavating services. Deere and Mack Trucks also are using a $4.3 million policy to support the export of construction equipment, principally loaders and motor graders, to Empresa Constructora Agua Santa S.A.”

“We want to provide more of this type of financial support,” Hochberg added.

The Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal government agency helps to create and maintain U.S. jobs by financing the sales of U.S. exports, primarily to emerging markets throughout the world, providing loan guarantees, export-credit insurance and direct loans. . For more information, see Ex-Im Bank’s Web site at: www.exim.gov .

In fiscal year 2009, overall Ex-Im Bank financing totaled a record $21 billion. In the first seven months of fiscal year 2010 (through April 2010), Ex-Im Bank authorized $14.7 billion in loans, guarantees and insurance. Ex-Im Bank’s exposure in Chile totals approximately $1.25 billion

Source: U.S. Export-Import Bank

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