Venezuela

Ex-Im Bank Program Ready to Finance U.S. Exports to Venezuela: To rebuild after flood damage

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News and Press Release
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Posted
Originally published
Following is the text of a January 7 press release from the Export-Import Bank, outlining its $1 billion financing program to
assist Venezuela in purchasing U.S. goods and services as part of the rebuilding effort in the wake of recent devastating floods in that country:

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EX-IM BANK -- NEWS RELEASE "Jobs Through Exports"

FOR IMMEDIATE RELEASE
JANUARY 7, 2000
Contact: Marianna Ohe

EX-IM BANK $1 BILLION PROGRAM READY TO FINANCE U.S. EXPORTS TO VENEZUELA TO REBUILD AFTER FLOOD DAMAGE

The Export-Import Bank of the United States (Ex-Im Bank) has $1 billion in financing ready to assist Venezuela in purchasing U.S. goods and services which can be used to rebuild in the wake of its flood disaster. Private Venezuelan businesses may access the Ex-Im Bank program through U.S.-based commercial banks, through the U.S. Foreign Commercial Service at the U.S. Embassy in Caracas, or by calling Ex-Im Bank Business Development Officer Leeann Wetterhan at 202-565-3942. Government buyers may reach Ex-Im Bank through Venezuela's Ministry of Finance.

"As Venezuela rebuilds from the flood, Ex-Im Bank stands behind its offer of $1 billion in financing initiated last June and is now fully ready to accept applications from Venezuelan businesses large and small," Ex-Im Bank Chairman James A. Harmon said.

The financing can be used to purchase U.S. goods and services for projects such as road building, emergency housing, potable water provision, and hazardous waste and sewage disposal.

Harmon and then-Venezuelan Minister of Finance Maritza Izaguirre signed an agreement last June which would support up to $1 billion in U.S. exports purchased by businesses in Venezuela. The agreement makes available funds for small, medium-sized and large businesses and government entities to purchase U.S.-made products at attractive interest rates. Ex-Im Bank offers three types of financing for businesses in the public and private sector in Venezuela: loans,
guarantees and insurance.

Ex-Im Bank authorized $330 million in financing in support of U.S. exports to Venezuela in fiscal year 1999. Already in fiscal year 2000, Ex-Im Bank has authorized $273 million for exports to Venezuela including wastewater treatment equipment, ambulances, trucks, refuse systems and electrical generation equipment.

Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports primarily to emerging markets throughout the world, by providing loans, guarantees and insurance. Ex-Im Bank supported nearly $17 billion in exports worldwide in fiscal year 1999.

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(Distributed by the Office of International Information Programs, U.S. Department of State)

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