Export-Import Bank Of The United States
Summary of Export-Import Bank Of The United States
Commonly known as Eximbank, an independent, self-funding agency of the U.S. government created to facilitate exports of American products. Originally chartered under the laws of the District of Columbia in 1934, Eximbank was rechartered by an act of Congress in 1945. The bank provides short-, medium-, and long-term loans for U.S. export sales and turnkey projects (read this and related legal terms for further details). In addition, Eximbank collaborates with the Private Export Funding Corporation (read this and related legal terms for further details) to provide financing of capital projects at fixed rates. Eximbank programs include:
1. Direct loans at fixed rates at long terms (more than five years) for capital equipment, and capital- intensive projects.
2. Supplier credit for less costly projects with terms up to five years.
3. Export credit insurance against commercial and political risks; this insurance is offered in conjunction with the Foreign Credit Insurance Association (read this and related legal terms for further details) and covers short- and medium-term financial obligations.
4. A discount loan program, through which export-oriented American financial institutions may collateralize and/or discount commercial paper or obligations arising from exports of American goods or services.
5. The Cooperative Financing Facility, whereby Eximbank makes funds available to foreign financial institutions to be re-lent to foreign purchasers of American products. This program operates primarily in less developed countries. It is a medium-term, direct credit program by which Eximbank loans one-half of the purchase price of an American purchase to the foreign bank to finance the purchase.
Eximbank financing is based upon a reasonable likelihood of repayment and the need to permit American firms to compete with foreign suppliers who are subsidized by their governments. Special programs are offered to support agricultural exports, lease guarantees, and small businesses. Eximbank is capitalized at one billion dollars, subscribed by the U.S. Treasury, and has reserves of 1.8 billion. In addition, it can borrow up to six billion dollars from the U.S. Treasury.
(Main Author: William J. Miller)
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