What’s Happening
July 1, 2010
EX-IM BANK PRE-APPROVES 11 INDONESIAN BANKS
The U.S. Export-Import Bank has arranged expedited financing for 11 Indonesian banks under a $1 billion "facility" intended to expand U.S. exports to the Southeast Asian nation.
The 11 banks: Indonesia ExImBank, Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, Bank Central Asia, Bank Danamon, Panin Bank, Bank CIMB-Niaga, Bank OCBC NISP, Bank International Indonesia, and Bank UOB Buana.
The facility will support transactions on short, medium, and long repayment periods, with both public and private borrowers. Applications can be OK'd by the Ex-Im Board and senior officers up to an established limit per bank.
EX-IM EYES MORE BUSINESS WITH VIETNAM, RUSSIA
Ex-Im Bank has worked out arrangements with Vietnamese and Russian financial institutions.
In Vietnam, the U.S. agency is eying more deals in infrastructure projects, has signed a $500 million "facility," with Vietnam Development Bank to finance equipment, services in the telecom, highway, rail, and renewable energy sectors.
The new memorandum of understanding calls on the two agencies to share information on trade and business opportunities. Ex-Im exposure in Vietnam is currently $231 million. U.S. Commercial Service contacts: Hanoi--Ms. Tuyet Trees, Ho Chi Minh City--James Mayfield.
In Russia, Ex-Imhas signed an agreement with Vnesheconombank to "cooperate" in financing U.S. exports. The bank was created in 2007 through reorganization of the old Soviet institution with the same name.
The bank focuses on the non-raw materials side of the economy, which includes high tech and infrastructure, partly targets small and mid-size firms.
EX-IM DOES FIRST PRIVATE SECTOR SAUDI LOAN
The Ex-Im Bank has approved its first-ever loan with a private company in Saudi Arabia.
The deal supported the sale of $34 million worth of equipment to make aluminum and steel cans. The exporter is Stolle Machinery, in Centennial, Colorado. The buyer is Mahmood Saeed Collective Company in Jeddah.
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In The News
July 1, 2010
SBA EXPORT VOLUME DROPPING
Small Business Administration export finance program activity continues to decline despite the high priority White House export expansion strategy.
In the first nine months of Fiscal 2010, loans supported fell to $291 million from $333 million in the same 2009 period, and $642 million in 2008.
These figures appear on the SBA web site, with a home page link.
Unlike Ex-Im Bank and OPIC, which publish annual reports on their operations, SBA does not release much public information on its trade finance performance.
Only SBA itself and Congressional committees know what it does each year.
OPIC PRESIDENT NOW ON BOARD
Elizabeth Littlefield is formally on board as president and CEO of the Overseas Private Investment Corp.
For over ten years she was a World Bank director, spent 16 years earlier with JPMorganChase, as manager of emerging markets capital and debt market activities.
It took long enough. Littlefield was nominated in November 2009, but a Senator put a "hold" on confirmation, which finally occurred on June 22.
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