Tuesday, June 5, 2012
Ex-Im Bank to lend $6.8 bil on heels of re-authorization
On the heels of the recent re-authorization for lending power by the United States Export-Import Bank, the Ex-Im Bank announced it has already authorized $6.8 billion worth of export financing.
The Export-Import Bank Reauthorization Act was passed by Congress and signed into law by President Barack Obama last week, increasing the bank's portfolio cap from $100 to $120 billion that will ultimately be increased to $140 billion. The export bank's authority now extends through 2014.
According to an Ex-Im statement, the export bank's board of directors approved close to two-dozen transactions on May 30 and 31, including $300 million for Ford Motor Company, $1 billion for Pemex, and $32 million for Wind Power Energia, a company that manufactures wind turbine blades.
"Our goal is to continue to help create and sustain U.S. jobs, and these latest transactions demonstrate why it was critically important for Congress to increase Ex-Im's exposure limit," said Ex-Im Chairman and President Fred P. Hochberg.
"Without this increase, the Bank would have been forced to turn exporters away, and U.S. jobs would have been lost," he said.
The Ex-Im Bank approved a record $32.7 billion in total authorizations in 2011.
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