EX-IM BANK AUTHORIZES ALMOST $65 MILLION IN LOANS FOR WIND POWER PROJECTS IN PERU

FROM:  U.S. EXPORT-IMPORT BANK 

Ex-Im Financing Supports the Export of Wind Turbines made in Kansas and Iowa to Peru

The sale will support approximately 800 jobs in those states

Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) has authorized a pair of direct loans to two wind power projects in Peru for the export of wind turbines manufactured in Hutchinson, Kan., and Fort Madison, Iowa, by Siemens Energy Inc.  

The financing, almost $65 million in total, represents Ex-Im Bank’s first renewable-energy transactions in Peru and will support approximately 800 U.S. jobs in Kansas and Iowa, according to bank estimates derived from Departments of Commerce and Labor data and methodology. Additionally, 20 percent of each transaction should provide indirect support to small-business exporters.

“These transactions reflect our continued commitment to increasing U.S. renewable energy exports while supporting good-paying jobs here at home,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “During this fiscal year alone, Ex-Im Bank has approved financing for five wind farm projects, and we are looking to do more in the near future. This financing helps ensure that the turbines helping to power Peru are made here in the U.S. by American workers, rather than in a competing country.”

The wind turbines are destined for use in the Marcona wind project and the Tres Hermanas wind project, which are located in close proximity in the Ica region of southern Peru and are estimated to yield an aggregate 129 Mega Watts. Repayment terms are 17.3 years for the Marcona project and 16.6 years for the Tres Hermanas project, respectively.

Siemens Energy Inc. is a U.S. subsidiary of Siemens AG, an engineering company that operates in the industry, energy, healthcare, and infrastructure and cities sectors. The company reported revenue of $5.9 billion in exports and employs approximately 52,000 people throughout all 50 states and Puerto Rico.

“In addition to manufacturing wind turbine blades in Iowa and assembling nacelles in Kansas for projects across the United States, we’ve been able to successfully export our equipment to Americas wind projects in Canada, Chile, Brazil and with Ex-Im Bank’s help, Peru, ” said Mark Albenze, CEO of Siemens’ Onshore Wind Americas business. “Being able to export our equipment has helped support more than 800 manufacturing jobs in the heartland of the U.S. at a time when the U.S. wind market continues to be beleaguered by policy uncertainty.”

In FY 2013 alone, Ex-Im Bank authorized $257 million to support renewable energy exports, primarily to Central and Latin America.

EXPORT-IMPORT BANK GUARANTEES $44.8 MILLION LOAN TO SELL TURBINE PRODUCTS TO ISRAEL

FROM:  U.S. EXPORT-IMPORT BANK 
Ex-Im Bank Approves $45 Million to Finance the Export of U.S. Turbine Products to Israel
Supports 100 U.S. Jobs

Washington, D.C. – The board of the Export-Import Bank of the United States (Ex-Im Bank) voted to guarantee a $44.8 million loan extended by G.E. International Inc. to Mashav Initiating and Development Ltd. (Mashav) that will facilitate the export of power-plant equipment to Israel and support approximately 100 U.S. jobs in Houston and Cincinnati, according to Bank estimates derived from Departments of Commerce and Labor data and methodology.

“Our financing will boost American exports to Israel and support key manufacturing jobs here at home,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “The American equipment involved in the transaction is the best of its kind, and it will benefit our partners in Israel and encourage them to continue to ‘Buy American.’”

The exports include one GE LM6000 PF Sprint gas-turbine generator set manufactured by GE Packaged Power Inc., two Energy Chiller packages manufactured by TAS Services LLC, and related services. Mashav plans to employ the equipment in the expansion of its power plant in Ramla, Israel. The plant is scheduled to be operational by January, 2014.

“US Ex-Im Bank’s financing support for the Mashav transaction was a key factor in securing this deal for GE. It is an essential element contributing to U.S. job growth and exports in the global marketplace,” said Mohammad Kudia, managing director, GE Sales & Project Finance, the mandated financing arranger and advisor for Mashav.

The Export Guarantee and Insurance Corporation (EGAP), the export credit agency of the Czech Republic, is cofinancing the transaction and re-insuring Ex-Im Bank for the purchase of other products. The transaction is Ex-Im Bank’s largest with EGAP.

EXPORT-IMPORT BANK CHAIRMAN SAYS NEW AUTHROIZATIONS UP 75 PERCENT IN FIRST QUARTER

FROM:  EXPORT-IMPORT BANK
Fred Hochberg, Chairman Export-Import Bank
Message from the Chairman
What a quarter!
New authorizations here at the Export Import Bank were up by 75 percent over last year’s first quarter. They reached $7.45 billion in the first quarter (October-December) of fiscal year 2013 – supporting approximately 57,000 U.S. jobs – compared to $4.3 billion a year earlier.

The top industry sector was infrastructure with concentrations in manufacturing, aircraft, information and communications service providers, and power projects. The top destination markets for this quarter were India, Germany, Russia, and Poland.

Also during the first quarter, we hit a new record of 43 percent growth of authorizations for working capital and credit insurance for minority- and women- owned exporters, coming on the heels of a record breaking 2012. The amount authorized for small business was almost $1.2 million. This is a 49 percent increase from the first quarter in 2012, putting Ex-Im Bank on track for another strong year for small business.

The results show that our record-breaking levels of authorizations are gathering momentum. We did this the old-fashioned way – superior customer service and sharp focus on emerging opportunities. But the real credit belongs to American exporters with their innovative, high-quality U.S. products and services that carry the label, "Made in USA."

Comments from several of these exporters square with these numbers.

For example, Charlie Szews of the Oshkosh Corp. shared with me that he expects his company’s exports to increase by double digits in 2013. The reason, he notes, is "our competitive advantage largely related to our advanced technologies." Randy Zwirn of Siemens, he tells me, saw his exports shifting toward emerging markets like Nigeria, Vietnam and Chile making new investments in needed infrastructure projects. I heard similar upbeat reports from Caterpillar and Dow Chemical.

Besides redoubling current efforts, we’re aiming for new record results with a stronger focus on these priorities:

Infrastructure Financing offers tremendous opportunities in emerging countries from southern Africa and South Asia to Latin America. India alone expects to spend a trillion dollars in the next five years for highways, seaports, electricity, and satellites. These require long-term financing, which Ex-Im is positioned to provide. I’m on my way to India at the end of January to explore financing opportunities there.

Small Business financing has grown strongly, but we intend to do much better. By adding four new regional offices last year, we now have 11 around the country – to recruit and train small businesses and financers. Our goal is that at least 20 percent of new authorizations will go to small businesses each year.

Sub-Saharan Africa is one of the most promising markets for U.S. exports, and we will do our part to expand here. We approved a record $1.5 billion of authorizations last year for this region, financing about seven percent of all U.S. exports there. Transactions there ranged from the sale of Boeing 787s to Ethiopian Airlines and Darley fire-fighting equipment in Nigeria. With strong growth continuing in most countries there, the possibilities are dazzling.

Customer Service will get even more attention as we continue to expand financing and numbers of new customers, with no increase in Ex-Im Bank staff. With help from our Total Enterprise Modernization project, we are streamlining even more our application, approval and disbursement systems, and empowering staff to make even more key decisions using their professional judgment. Already, we processed 90 percent of all transaction in 300 days or less – and 98 percent in less than 100 days.

U.S. EXPORT-IMPORT BANK CLAIMS RECORD BREAKING YEAR WITH $35.7 BILLION IN EXPORT FINANCING

Photo:  Container Ships In Panama Canal.  Credit:  Wikimedia.

FROM: U.S. EXPORT-IMPORT BANK
Ex-Im Bank FY 2012 Annual Report Details Fourth Consecutive Record-Breaking Year
Over $35.7 Billion in Export Financing Supporting 255,000 U.S. Jobs

Washington, D.C. --- The Export-Import Bank of the United States (Ex-Im Bank) today released its Fiscal Year 2012 annual report-- a fourth consecutive record-breaking year with almost $35.8 billion in export financing that supported about $50 billion in exports and 255,000 American jobs.

"The ‘Made in the USA’ brand has never been stronger, fueled by the strength of American exporters and the work President Obama has done to grow our economy," said Fred P. Hochberg, Ex-Im chairman and president. "FY 2012 authorizations, at over $35.7 billion, were up about ten percent from the year before, and more than double the amount from FY 2008. In the past five years, U.S. exporters working with Ex-Im Bank have created or sustained over one-million private sector jobs. And we’ve done it all at no cost to the American taxpayer, as Ex-Im has sent $1.6 billion to the U.S. Treasury over the past five years."

"By these measures and others, the past five years have seen nothing less than a revolution in export-driven economic development," Hochberg said.

Among the highlights from the report:
FY 2012’s over $35.7 billion in authorized export financing was 10 percent greater than FY 2011, and more than double the amount from FY 2008.
During the four years since FY 2008, the Bank has financed transactions that have enabled more than $170 billion worth of American exports, supporting nearly 1,000,000 American jobs.
Since FY 2008, the volume of Ex-Im export financing directly benefitting American small businesses has nearly doubled from $3.2 billion to $6.1 billion in FY 2012, a 92 percent increase in four years.
Support for women- and minority-owned small business exporters was one of the fastest growing market segments, with loans up almost 17 percent this year --- a new record.
A four-year emphasis on "Government at the Speed of Business" has, in FY 2012, resulted in 90 percent of all transactions being processed within 30 days and 98 percent were processed within 100 days.
In FY 2012, Ex-Im provided more than $5.1 billion in infrastructure-related financing, a 433 percent increase over FY 2008 and an enormous opportunity for American exporters.
Geographically, Asia and the Middle East were the Bank’s largest regions in FY 2012, with a $9.5 billion increase over FY 2011. Ex-Im supported exports in sub-Saharan Africa have tripled over the past four years.
"I couldn’t be more proud of the men and women who are committed to the mission of Ex-Im Bank," Hochberg said. "They provide dedicated service, expertise, and professionalism to the U.S. companies with which we work."