Ex-Im Bank Extends Nigerian Bank Facility to Oct.31, 2009
WASHINGTON, D.C. — The Export-Import Bank of the United States (Ex-Im Bank) has extended its Nigerian Bank Facility to Oct. 31, 2009, so that the facility's annual expiration date will coincide with the availability of the most current financial information on the member banks.
Ex-Im Bank's board of directors then plans to consider a 12-month extension of the facility prior to the Oct. 31 expiration date.
The facility covering 14 Nigerian banks allows for expedited processing of short- and medium-term insurance and guarantee transactions, and long-term guarantees, supporting U.S. exports to Nigeria.
Ex-Im Bank last June more than doubled the size of the facility to $1 billion to meet growing demand from member banks.
The demand has grown dramatically since the facility's inception in 2006. Over this time the facility has supported short-term, medium-term and more recently long-term financing requests for U.S. exports such as passenger aircraft, oil and gas equipment, dredges and telecommunications and manufacturing equipment.
Ex-Im Bank also is open to consider transactions with Nigerian banks that are not members of the facility.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans.
In fiscal year 2008, Ex-Im Bank authorized $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. For sub-Saharan African markets alone during fiscal year 2008, Ex-Im Bank authorized more than $555.3 million in export-credit insurance and guarantees. For more information visit www.exim.gov.