Ex Im Bank Chairman Participates in Egypt Business and Trade Facilitation Initiative
WASHINGTON, D.C. - Fred P. Hochberg, the Chairman of the Export-Import Bank of the United States (Ex-Im Bank), today participated in the United States Trade and Development Agency's (USTDA) forum, Egypt: Forward. Chairman Hochberg was a panelist on the session entitled, U.S. Government Financial Resources for Infrastructure Projects and Trade.
Panelists included Leocadia I. Zak, Director, U.S. Trade and Development Agency; Elizabeth Littlefield, President and CEO, Overseas Private Investment Corp. (OPIC); Suresh Kumar, Director General of the U.S. & Foreign Commercial Service; Donald Steinberg, Deputy Administrator, U.S. Agency for International Development (USAID); and Chairman Hochberg.
Ex-Im Bank has a long history of work in Egypt, said Ex-Im Bank Chairman and President Fred. P. Hochberg. There are countless opportunities in Egypt for U.S. exporters, and the Bank will continue to finance projects that are beneficial to both our countries.
In August 2009, Ex-Im Bank authorized its first transaction with EgyptAir in more than 25 years, supporting the sale of five Boeing aircraft. Last September, the Bank authorized an additional Final Commitment to support the sale of five more Boeing aircraft to EgyptAir. In addition to aviation, Ex-Im Bank recently guaranteed over $160 million in Letters of Credit issued by Egyptian Banks for the purchase of U.S. goods and services. This helps ensure that key American products and commodities are able to get to the people of Egypt.
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness. The Bank has generated $3.4 billion for U.S. taxpayers over the past 5 years.
In the first eight months of fiscal year 2011, Ex-Im Bank approved $20.3 billion in total financing authorizations, a 25% increase since fiscal year 2010, supporting $26 billion in U.S. export sales and more than 175,000 American jobs in communities across the country. During the same period in fiscal year 2010, Ex-Im Bank approved $16.3 billion, supporting $19.9 billion in U.S. export sales and 137,000 American jobs.