MALAYSIA TO BUY U.S.-MADE SATELLITE WITH FINANCING FROM EX-IM BANK
WASHINGTON, DC - The Export-Import Bank of the United States (Ex-Im Bank) approved a $138 million long-term loan guarantee to help Binariang Satellite Systems Sdn Bhd of Kuala Lumpur, Malaysia, a unit of MEASAT Global Berhad (BLOOM MGB MK), purchase a telecommunications and broadcasting satellite from Boeing Satellite Systems Inc. of El Segundo, California, and a number of U.S. suppliers.
The Ex-Im Bank guarantee will support a 48-transponder satellite that will be placed in orbit next year. It will also enable MEASAT to purchase launch insurance using the insurance broking services of Willis Inspace of Bethesda, Maryland. A commercial bank syndicate led by Standard Chartered Bank of New York is providing the loan.
Technology is a driving force of the U.S. economy, and high-tech U.S. exports such as this are second to none, Ex-Im Bank Chairman Philip Merrill said. Ex-Im Bank is committed to supporting U.S. jobs through exports while helping Malaysia upgrade its telecommunications infrastructure.
MEASAT Global Bhd. is an established supplier of premium satellite communication services to Asia's leading broadcasters, telecommunications providers and Direct to Home (DTH) operators.
Ex-Im Bank, the official U.S. export credit agency, has approximately $1.4 billion in financial exposure in Malaysia. This year, the Bank marks its 71st year of helping finance 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 2003, the Bank authorized financing to support more than $14 billion of U.S. exports worldwide. For more information on Ex-Im Bank, visit www.exim.gov.
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