Annual Performance Report FY 2022

About EXIM

Overview

This FY2022 Annual Performance Report (APR) is the Export-Import Bank of the United States’ (EXIM) submission to meet Government Performance and Results Modernization Act of 2010 (GPRA) annual reporting requirements. The APR aligns to EXIM’s FY2022-2026 Strategic Plan, which was completed in April 2022 and identifies four strategic goals for the organization to pursue.

EXIM modernized its operations to support its expanding mission, including meeting new requirements in EXIM’s Charter, updated and reauthorized in 2019; addressing economic challenges created by the COVID-19 pandemic; and establishing new programs such as the Make More in America initiative.

FY2022-2026 Strategic Goals

Goal 1: Support American prosperity through a strong, diverse portfolio

Goal 2: Foster American competitiveness through modern, sound policies and initiatives

Goal 3: Create a diverse, dynamic work environment where our teams thrive

Goal 4: Promote the integrity and transparency of our operations and processes

Goal 1: Support American prosperity through a strong, diverse portfolio

American companies export goods and services across a wide range of sectors and to diverse customers around the globe, and EXIM’s portfolio reflects that full scope of American exports.  Key to diversifying EXIM’s investment portfolio lies in deepening existing partnerships and creating new partnerships with both the U.S. business community and the U.S. Government Interagency.  Deepening these partnerships in the last year allowed EXIM to advance Executive Branch priorities by leveraging the combined capacity, skills, experience, and knowledge of the public and private sectors.

Of particular importance are the goods and services that make up the portfolio of transformational exports.  U.S. companies that produce these transformational goods and services define the future, and one way that EXIM sought to support American job creation, prosperity, and security is by accelerating support to these critical exporters in industry ranging from shipping to supply chains to renewable energy, and many others.  To expand our transformational export program, EXIM developed an analytic framework and methodology to assess U.S. comparative advantage in the transformational export sectors.  This approach enabled the agency to have an unparalleled understanding of the global market and helped identify where to target and prioritize EXIM programming.

EXIM supported the launch of the Partnership for Global Infrastructure and Investment (PGII) with G7 leaders.  The PGII is an infrastructure partnership that will meet the infrastructure needs of low- and middle-income countries while supporting U.S. and our allies’ economic and national security interests.  To advance initiatives in the PGII, EXIM’s tools and resources supported flagship projects, including innovative solar and telecommunications projects abroad.

EXIM assessed our suite of products, tools, and services and continued to improve their attractiveness and usefulness to our customers.  Evidence of the success of our iterative approach can be seen in the revamped Standard Letter of Interest and new Enhanced Letter of Interest.  These two products provided customers a further competitive edge needed to win sales that might otherwise go to foreign competitors.  Finally, to help mobilize our product offerings, EXIM trained our staff on these and other products so that they are prepared to recognize and maximize opportunities for our customers and advise them on the most appropriate EXIM financing solutions for the customer’s circumstances.

Target Outcomes by Fiscal Year:

Measure	Data Type	FY2021 Baseline	FY2022	FY2023	FY2024	FY2025	FY2026
Increase the dollar value of total authorizations	Target		$5.7 billion	$8.5 billion	$11.7 billion	$12.0 billion	$13.0 billion
	Actual	$5.4 billion	$5.24 billion
Increase the dollar value of small business authorizations	Target		$1.5 billion	$2.6 billion	$3.5 billion	$3.6 billion	> $3.9 billion
	Actual	$1.63 billion	$1.54* billion
Increase percentage of Medium- and Long-Term applications (by percentage over FY2021 baseline)	Target		5%	10%	15%	20%	>25%
	Actual	N/A	6%

*Small business authorizations were 29.4% of total authorization in FY2022.

Measure	Milestones	Status
Review and update climate-oriented policies and procedures, as needed	Milestone 1: Develop updated climate policies for review, simplifying climate and renewable authorization terms by December 2022.	EXIM drafted an Abatement Review and Analysis policy related to fossil fuel transactions. Senior Leadership authorized transformational export area (TEA) transactions to be eligible for an increase in local cost (up to 50%).  Additionally, EXIM reduced cash payment of 5% (vs 15%) for TEA transactions in sovereign transactions in OECD Category II markets.
Review and update climate-oriented policies and procedures, as needed	Milestone 2: Review current climate related financial risk (current procedures at EXIM) and develop or enhance a plan to improve, if necessary, current procedures by December 2023.	EXIM reviewed climate-oriented policies and developed a plan to improve current procedures. This included analyzing available ESG assessment tools and their relevance to EXIM supported projects and activities.  Findings from this review will be used to enhance our greenhouse gas abatement efforts, particularly when conducting environment and engineering analyses.

Goal 2: Foster American competitiveness through modern, sound policies and initiatives

EXIM centers our work on maintaining and enhancing U.S. exporters’ global competitiveness and supporting the creation of U.S. jobs.  EXIM pursued U.S. interests and policy priorities through engagement in multilateral forums including at the Organization for Economic Cooperation and Development, the Berne Union Export Credit Agency Committee, and the G7 and G12 Export Credit Agency Heads Forums.

Additionally, EXIM promoted co-financing agreements creating efficiencies for U.S. exporters since they result in a one-stop-shop for financing support.  These co-financing agreements bolster EXIM efforts to promote sectors of strategic importance including 5G and climate-positive technologies.

The EXIM Advisory Committee helps to modernize and diversify EXIM’s investment portfolio by providing expert guidance and recommendations to strengthen EXIM support for U.S. exporters.  The EXIM Advisory Committee, in addition to sub-committees on Sub-Saharan Africa, China Competition, Women in Business, Climate, and Small Business, advised on existing and proposed EXIM programs and are committed to advancing Biden-Harris administration priorities and EXIM’s Charter Mandates.

EXIM assessed our policies, processes, and procedures and made changes so that they continue to remain efficient, effective, modern, and aligned to Biden-Harris Administration priorities.  Specifically, EXIM iteratively assessed its internal underwriting policies and processes to test the framework for making credit decisions and to determine whether the policies and processes that govern the extension of credit are effective and up to date. Based on that assessment, EXIM began updating sections to improve effectiveness, efficiency, consistency, and transparency in our decision-making.

Finally, EXIM is one tool in a whole-of-government strategy to counteract Chinese aggression.  As one example, EXIM enabled the United States to successfully counter Chinese coercion of Lithuania, a NATO ally.  In line with Biden-Harris Administration strategies, EXIM signed a $600 million Memorandum of Understanding with the Lithuanian Ministry of Economy and Innovation deepening engagement opportunities for U.S. exporters and Lithuanian buyers.

Target Outcomes by Fiscal Year:

Measure	Data Type	FY2021 Baseline	FY2022	FY2023	FY2024	FY2025	FY2026
Increase the total amount of authorizations meeting CTEP criteria	Target		$175 million	$350 million	$500 million	$700 million	$950 million
	Actual	$141.3 million	$253 million
Increase number of events to educate and inform small- and medium-sized enterprises, including minority-, women-, veteran-, and disability-owned firms, on EXIM support for exporters	Target		>600	>700	>720	>745	>770
	Actual	519	655

Measure	Milestones	Status
Improve EXIM support for socially and economically disadvantaged business concerns, and small businesses owned by minorities, women, veterans, and persons with disabilities.	Milestone 1: Annually, create at least two new partnerships with organizations we do not currently engage.	The Office of Small Business engaged with five new organizations during FY2022.
Improve EXIM support for socially and economically disadvantaged business concerns, and small businesses owned by minorities, women, veterans, and persons with disabilities.	Milestone 2: Partner with five U.S. government Interagency departments and/or agencies to facilitate the informal sharing of data by FY2026.	The Office of Small Business signed one MOU in FY2022 and will now focus on enhancing informal partnerships to increase data sharing.

Goal 3: Create a diverse, dynamic work environment where our teams thrive

EXIM faced staffing instability risks, which we expect will continue with the anticipated large numbers of separations from the agency due to retirement and as an effect of the Great Resignation.  To mitigate staffing risks, EXIM focused on developing a robust and proactive workforce and succession planning program.  To raise the capacity of EXIM staff in these areas, EXIM partnered with the Office of Personnel Management to deliver trainings to Senior Leaders, Managers, and all interested EXIM staff on both workforce planning and succession planning.  EXIM also expanded our professional development programs and other opportunities, increasing the number of internal rotation opportunities offered and supporting staff to obtain and participate in external detail opportunities.

Key to our success is a workforce that meets EXIM’s diversity, equity, inclusion, and accessibility (DEIA) priorities.  EXIM created a Diversity, Equity, Inclusion, and Accessibility Officer position to accelerate DEIA progress, in part by creating a comprehensive EXIM-Wide DEIA strategy.  Additionally, to advance DEIA priorities, EXIM established and enhanced relationships with a range of underrepresented communities, colleges and universities, associations, and organizations.  Specifically, EXIM formalized our relationship with the Hispanic Association of Colleges and Universities (HACU) establishing a partnership designed to increase careers and employment opportunities at EXIM between Hispanic-Serving School Districts (i.e. K-12 school districts with 25 percent or more Hispanic student enrollment), Hispanic Serving Institutions, and Historically Black Colleges and Universities.  These partnerships aim to prepare minority and underserved students for higher education and for careers in business and economics within EXIM.  Through these partnerships, EXIM will be able to recruit and retain a workforce that supports shared EXIM and Biden-Harris Administration priorities to create a federal workforce that reflects the diversity of the American people.  EXIM further committed to its DEIA priorities establishing the Equity Committee, an internal governing body which meets weekly and focuses on advancing EXIM-wide DEIA initiatives.  The Equity Committee advised senior leadership on DEIA progress at the agency and identified roadblocks impeding successful implementation of our DEIA targets.

Finally, EXIM prioritized modernizing our personnel applications and systems, enabling secure and efficient personnel actions.  Specifically, EXIM began the process to convert all EXIM employees to the Electronic Retirement and Benefits System and fully converted the workforce to the integrated Electronic Performance Management System.

Target Outcomes by Fiscal Year:

Measure	Data Type	FY2021 Baseline	FY2022	FY2023	FY2024	FY2025	FY2026
Maintain positive responses on the FEVS DEIA Index	Target		Data is being baselined/ composite being developed	76%	78%	80%	>82%
	Actual	N/A	74%
Maintain positive responses on the FEVS Employee Engagement Index	Target		65%	72%	74%	76%	>80%
	Actual	73%	70%
Increase the percentage of EXIM offices that conduct workforce planning	Target		25%	55%	70%	80%	>85%
	Actual	0%	40%

Measure	Milestones	Status
Review and update human capital-oriented policies and procedures to reflect diversity, equity, inclusion, and accessibility priorities at EXIM	Milestone 1: Review, update, and/or develop at least 4 human capital policies and procedures to ensure policies, practices and operations are culturally sensitive, accessible to all individuals and adheres to merit system principles and other Federal personnel laws and regulations.	The Office of Human Capital began conducting policy analysis related to personnel and over the next year will adopt changes to policies and procedures aligned to Federal personnel laws and regulations, and to diversity, equity, inclusion, and accessibility priorities.

Goal 4: Promote the integrity and transparency of our operations and processes

EXIM made significant progress to enhance its governance, process improvement, internal communication, collaboration, and internal customer service functions and capabilities.  Specifically, EXIM matured and consolidated its project management capabilities, standardizing a lean, agile project management approach rightsized to the needs of the agency.  EXIM established the Project Governance Council, a mechanism for project teams to share status updates and best practices with senior leaders and managers, increasing project transparency and accountability.

EXIM created administrative efficiencies in its enterprise risk management capabilities, established transparent enterprise risk processes, increased collaboration and coordination across business units, and enhanced risk culture at EXIM.  To mature the risk culture, EXIM conducted comprehensive risk assessments, developed an enterprise-level risk register, and created periodic briefs on enterprise risk activities.  Additionally, EXIM conducted timely and objective assessments providing valuable, actionable insights to analyze risk and support key transactions and business development efforts.

EXIM serves as the Secretariat for the Interagency Country Risk Assessment System (ICRAS), the entity responsible for making and approving recommendations on country risk assessments.  In FY2022, EXIM reviewed a total of 52 countries providing ratings recommendations and country-risk analysis on 52 sovereign and 52 non-sovereign risk ratings.  Additionally, EXIM, leveraging our economic analysis and country risk assessments, presented to the OECD’s Country Risk Experts group helping inform risk-based premiums that in turn drive EXIM’s exposure fees.

EXIM continued to prioritize developing and refining its internal “deal team” concept. This approach fostered cross-functional collaboration helping to strengthen transaction underwriting by enabling a broad range of subject matter experts to contribute to authorizations from the earliest stages of underwriting.  

Finally, EXIM strengthened its data management capabilities and enhanced its business intelligence solutions, expanding EXIM’s senior leaders and other decision-makers ability to make evidence-based decisions.

Target Outcomes by Fiscal Year:

Measure	Data Type	FY2021 Baseline	FY2022	FY2023	FY2024	FY2025	FY2026
Achieve a passing FISMA Score	Target		Effective	Effective	Effective	Effective	Effective
	Actual	Effective	Effective

Measure	Milestones	Status
Establish an internal partner collaboration index	Milestone 1: Establish a Collaboration Index by September 2022, to collect 360 data on our internal operations and processes.	EXIM formed the Strategic Plan Working Group with one objective to develop this index. Survey questions were formulated and finalized.  Data will be baselined in FY2023.
Establish an external customer satisfaction index	Milestone 2: Establish an External Customer Satisfaction Index by September 2022, to provide a customer perspective on our performance.	EXIM formed the Strategic Plan Working Group with one objective to discuss our external customer satisfaction. The Group determined that instead of an index, a targeted set of focus group sessions would provide feedback beyond what is gathered through other mechanisms (e.g. Annual Competitiveness Report).