FROM: U.S. EXPORT-IMPORT BANK
Ex-Im Bank Chairman Hochberg Signs $1 Billion Memorandum of Understanding to Support U.S. Clean Energy Exports to India
Announces the MOU at the India-US Technology Summit in Noida
Washington, D.C. – Today, Export-Import Bank of the United States (Ex-Im Bank) Chairman Fred P. Hochberg signed a Memorandum of Understanding with Chairman K.S. Popli of the Indian Renewable Energy Development Agency (IREDA) that will explore options for utilizing up to $1 billion to finance the sale of U.S. clean energy exports to India.
Chairman Hochberg is visiting India this week to promote made-in-America exports in support of U.S. jobs.
The availability of Ex-Im Bank financing could translate into support for skilled jobs in the U.S. renewable energy sector while contributing to the Indian government’s recently-announced goal of providing 24-hour electricity to India’s 1.3 billion citizens by 2019, much of it set to come from renewable sources. In fact, Ex-Im Bank has authorized $353.4 million for U.S. renewable energy exports to India since 2009, and Ex-Im Bank was one of the top financiers of projects under the National Solar Mission Phase 1.
“When quality, reliable U.S. goods and services are brought to bear in high-demand markets like India, the benefits are felt in both of our countries,” said Chairman Hochberg. “This Memorandum of Understanding will reinforce the strong ties that America and India already share, create good-paying jobs on both of our shores, and further invigorate America’s clean energy industry while equipping India to meet its own ambitious energy goals.”
After signing the Memorandum, Chairman Hochberg travelled to Noida, India to attend and give remarks at the India-US Technology Summit. During his remarks, Chairman Hochberg highlighted the renewable energy MOU as evidence of the mutual benefits that can be realized by choosing quality U.S. goods.
India ranks as the second-largest destination for U.S. exports supported by Ex-Im Bank financing, and claims more than $7.2 billion of the Bank’s credit exposure through FY 2014. Over the last five years, Ex-Im Bank has authorized an average of $1.4 billion per year to finance U.S. exports to India.
Showing posts with label MEMORANDUM OF UNDERSTANDING. Show all posts
Showing posts with label MEMORANDUM OF UNDERSTANDING. Show all posts
Thursday, November 20, 2014
Friday, August 8, 2014
EXPORT-IMPORT BANK APPROVES RECORD FINANCING OF EXPORTS TO SUB-SAHARAN AFRICA
FROM: U.S. EXPORT-IMPORT BANK
Ex-Im Bank Approves Record $1.7 Billion in Financing of U.S. Exports to Sub-Saharan Africa
$3 Billion in Financing Support Pledged for U.S. Exports Over the Next 2 Years
Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) announced today that it has authorized a record $1.7 billion in financing to support U.S. exports to sub-Saharan Africa over the past 10 months. This record-setting surge has not only empowered U.S. small businesses to sell their products in global markets, but has also supported more than 10,000 American jobs which contribute to strengthening the U.S. economy.
The announcement was made as Ex-Im Bank Chairman and President Fred P. Hochberg participated in the U.S.-Africa Leaders Summit convened by President Barack Obama this week in Washington D.C. The summit has drawn about 50 heads of state, ministers, and business leaders from across the African continent.
“Ex-Im Bank is firmly committed to equipping U.S. exporters to realize the vast economic opportunities emerging throughout sub-Saharan Africa, which is home to seven out of 10 of the world’s fastest-growing markets,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Each transaction the Bank supports creates jobs for local U.S. businesses and strengthens our relationship with a region that has a strong prospect for long-term economic growth.”
Ex-Im also announced that it will pledge $3 billion in financing to support U.S exports to sub-Saharan Africa over the next two fiscal years. The Bank also recently signed a memorandum of understanding (MOU) with Angola to strengthen collaboration on the financing of American-made exports to Angola.
Recent Ex-Im Bank success stories in sub-Saharan Africa:
Ex-Im approved a loan guarantee for $17 million to support long-term financing by the West African Development Bank (BOAD) for the Azito Power project in Cote D’Ivoire. Two-thirds of the population of Sub-Saharan Africa lacks electricity; by strengthening their power capacity, however, their economies will be well-positioned for growth. Financing for steam turbines used in the Azito Power project will support 40 manufacturing and engineering jobs in Schenectady, New York, and Bangor, Maine.
Three Louisana small businesses benefit from Ex-Im’s $43 million financing of a liftboat destined for Nigeria. The “Bellator” liftboat is a self-propelled vessel, 150-foot long by 118-foot wide, that lifts and suspends equipment and personnel up to the level of an offshore drilling platform. About 300 employees of C.S. Liftboats, Inc., of Abbeville, Louisiana, together with Gulf Island Fabrications of Houma, Louisiana, will construct the high-tech vessel. The Nigerian buyer also contracted for prefabricated liftboat-mounted modules for housing workers; these are built by Fiberglass Unlimited Inc. of Raceland, Louisiana. This is Nigeria’s first purchase of a new, American-made liftboat system.
Pennsylvania employees of GE Transportation will benefit from the Bank-supported export of GE’s locomotives with Pennsylvania-made engines and components to Transnet in South Africa. In its recent transaction, Ex-Im Bank authorized a $563.5 million loan guarantee to support financing for the sale of 293 locomotives being manufactured by GE Transportation, which will support an estimated 2,500 U.S. jobs.
The announcement was made as Ex-Im Bank Chairman and President Fred P. Hochberg participated in the U.S.-Africa Leaders Summit convened by President Barack Obama this week in Washington D.C. The summit has drawn about 50 heads of state, ministers, and business leaders from across the African continent.
“Ex-Im Bank is firmly committed to equipping U.S. exporters to realize the vast economic opportunities emerging throughout sub-Saharan Africa, which is home to seven out of 10 of the world’s fastest-growing markets,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Each transaction the Bank supports creates jobs for local U.S. businesses and strengthens our relationship with a region that has a strong prospect for long-term economic growth.”
Ex-Im also announced that it will pledge $3 billion in financing to support U.S exports to sub-Saharan Africa over the next two fiscal years. The Bank also recently signed a memorandum of understanding (MOU) with Angola to strengthen collaboration on the financing of American-made exports to Angola.
Recent Ex-Im Bank success stories in sub-Saharan Africa:
Ex-Im approved a loan guarantee for $17 million to support long-term financing by the West African Development Bank (BOAD) for the Azito Power project in Cote D’Ivoire. Two-thirds of the population of Sub-Saharan Africa lacks electricity; by strengthening their power capacity, however, their economies will be well-positioned for growth. Financing for steam turbines used in the Azito Power project will support 40 manufacturing and engineering jobs in Schenectady, New York, and Bangor, Maine.
Three Louisana small businesses benefit from Ex-Im’s $43 million financing of a liftboat destined for Nigeria. The “Bellator” liftboat is a self-propelled vessel, 150-foot long by 118-foot wide, that lifts and suspends equipment and personnel up to the level of an offshore drilling platform. About 300 employees of C.S. Liftboats, Inc., of Abbeville, Louisiana, together with Gulf Island Fabrications of Houma, Louisiana, will construct the high-tech vessel. The Nigerian buyer also contracted for prefabricated liftboat-mounted modules for housing workers; these are built by Fiberglass Unlimited Inc. of Raceland, Louisiana. This is Nigeria’s first purchase of a new, American-made liftboat system.
Pennsylvania employees of GE Transportation will benefit from the Bank-supported export of GE’s locomotives with Pennsylvania-made engines and components to Transnet in South Africa. In its recent transaction, Ex-Im Bank authorized a $563.5 million loan guarantee to support financing for the sale of 293 locomotives being manufactured by GE Transportation, which will support an estimated 2,500 U.S. jobs.
Wednesday, August 6, 2014
U.S. -ANGOLA SIGN MEMORANDUM OF UNDERSTANDING TO ST TRADE
FROM: U.S. EXPORT-IMPORT BANK
Ex-Im Bank and Angola Sign Memorandum of Understanding To Boost U.S.-Angolan Trade
Ex-Im Bank-Angola MOU Signed During U.S.-Africa Leaders Summit in Washington, D.C.
Washington, D.C.: – The Export-Import Bank of the United States (Ex-Im Bank) has signed a memorandum of understanding (MOU) with Angola to boost job growth in both countries by strengthening collaboration on the financing of American exports to Angola.
The MOU signing between Ex-Im Bank President Fred P. Hochberg and Angola’s Minister of Finance, Mr. Armando Manuel, took place in conjunction with the U.S.-Africa Leaders Summit convened by President Barack Obama this week in Washington, D.C. The three-day summit, which has drawn heads of state and ministers from across the African continent, is designed to advance shared priorities, and strengthen ties between the United States and one of the world’s fastest-growing regions.
“Ex-Im Bank’s financing can assist Angolan buyers in purchasing almost any kind of ‘Made in the USA’ product or service to meet their needs,” said Hochberg. “And those purchases not only create jobs here in America, but contribute to job growth and an infrastructure built to last in Angola as well.”
In the MOU, Ex-Im Bank and Angola’s Ministry of Finance agreed to exchange information on trade and business opportunities to enable the procurement of U.S. goods and services by both state-owned and private-sector enterprises in Angola. The MOU identifies the following sectors for business development: energy, infrastructure, railways and roads, mining, telecommunications, agriculture, and environment, including water and sanitation projects.Ex-Im Bank has authorized a record of more than $1.7 billion for U.S. exports to sub-Saharan Africa through the first ten months of FY 2014.
In the past five years, Ex-Im Bank has authorized more than $5 billion for U.S. exports to sub-Saharan Africa, exceeding the Bank’s authorizations of $4 billion for the region approved over the previous decade.
The MOU signing between Ex-Im Bank President Fred P. Hochberg and Angola’s Minister of Finance, Mr. Armando Manuel, took place in conjunction with the U.S.-Africa Leaders Summit convened by President Barack Obama this week in Washington, D.C. The three-day summit, which has drawn heads of state and ministers from across the African continent, is designed to advance shared priorities, and strengthen ties between the United States and one of the world’s fastest-growing regions.
“Ex-Im Bank’s financing can assist Angolan buyers in purchasing almost any kind of ‘Made in the USA’ product or service to meet their needs,” said Hochberg. “And those purchases not only create jobs here in America, but contribute to job growth and an infrastructure built to last in Angola as well.”
In the MOU, Ex-Im Bank and Angola’s Ministry of Finance agreed to exchange information on trade and business opportunities to enable the procurement of U.S. goods and services by both state-owned and private-sector enterprises in Angola. The MOU identifies the following sectors for business development: energy, infrastructure, railways and roads, mining, telecommunications, agriculture, and environment, including water and sanitation projects.Ex-Im Bank has authorized a record of more than $1.7 billion for U.S. exports to sub-Saharan Africa through the first ten months of FY 2014.
In the past five years, Ex-Im Bank has authorized more than $5 billion for U.S. exports to sub-Saharan Africa, exceeding the Bank’s authorizations of $4 billion for the region approved over the previous decade.
Monday, December 30, 2013
CFTC, MONETARY AUTHORITY OF SINGAPORE AGREE TO BETTER REGULATE CROSS-BORDER ENTITIES
FROM: COMMODITY FUTURES TRADING COMMISSION
December 27, 2013
U.S. Commodity Futures Trading Commission and Monetary Authority of Singapore Sign Memorandum of Understanding to Enhance Supervision of Cross-Border Regulated Entities
Washington, DC – Today, leaders of the U.S. Commodity Futures Trading Commission (Commission) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and Singapore.
Through the MOU, the Commission and MAS express their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates regarding derivatives markets. The scope of the MOU includes markets and organized trading platforms, central counterparties, trade repositories, and intermediaries, dealers, and other market participants.
The MOU was signed by Commission Chairman Gary Gensler and MAS Deputy Managing Director, Financial Supervision, Ong Chong Tee.
December 27, 2013
U.S. Commodity Futures Trading Commission and Monetary Authority of Singapore Sign Memorandum of Understanding to Enhance Supervision of Cross-Border Regulated Entities
Washington, DC – Today, leaders of the U.S. Commodity Futures Trading Commission (Commission) and the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and Singapore.
Through the MOU, the Commission and MAS express their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates regarding derivatives markets. The scope of the MOU includes markets and organized trading platforms, central counterparties, trade repositories, and intermediaries, dealers, and other market participants.
The MOU was signed by Commission Chairman Gary Gensler and MAS Deputy Managing Director, Financial Supervision, Ong Chong Tee.
Saturday, October 26, 2013
FDIC AND PEOPE'S BANK OF CHINA SIGN MEMORANDUM OF UNDERSTANDING
FROM: FEDERAL DEPOSIT INSURANCE CORPORATION
Beijing, China -- The Federal Deposit Insurance Corporation (FDIC) announced the signing of a Memorandum of Understanding (MOU) between the agency and the People's Bank of China (PBOC) designed to extend their effective international working relationship in the areas of deposit insurance and resolution. The purpose of the MOU is to develop and expand the interaction between the FDIC and the PBOC and to demonstrate a shared commitment to cooperation among banking agencies. The MOU also seeks to enhance cooperation in analyzing of cross-border financial institution recovery and resolution issues, and planning for potential recovery and resolution scenarios, including appropriate simulations, contingency planning and other work designed to improve preparations to manage troubled institutions with operations in the United States and the PBOC. The agreement was signed by FDIC Chairman Martin J. Gruenberg and Governor Zhou Xiaochuan of the PBOC and updates an existing MOU that was signed on August 2nd, 2007.
FDIC Chairman Gruenberg said, "There is a long history of close collaboration and cooperation between the PBOC and the FDIC, and I am honored to have the opportunity to build on this strong foundation through this MOU. China and the U.S. have a shared interest in maintaining and expanding our interaction on economic and financial issues, particularly in the areas of deposit insurance and cross-border resolution issues. Among U.S. financial regulators, the FDIC is uniquely positioned to engage and offer our experience with deposit insurance and resolution issues internationally. I welcome this expanded agreement with the PBOC and would like to thank our Chinese hosts, particularly Governor Zhou and the officials at the PBOC, for accommodating the delegation from the FDIC."
Beijing, China -- The Federal Deposit Insurance Corporation (FDIC) announced the signing of a Memorandum of Understanding (MOU) between the agency and the People's Bank of China (PBOC) designed to extend their effective international working relationship in the areas of deposit insurance and resolution. The purpose of the MOU is to develop and expand the interaction between the FDIC and the PBOC and to demonstrate a shared commitment to cooperation among banking agencies. The MOU also seeks to enhance cooperation in analyzing of cross-border financial institution recovery and resolution issues, and planning for potential recovery and resolution scenarios, including appropriate simulations, contingency planning and other work designed to improve preparations to manage troubled institutions with operations in the United States and the PBOC. The agreement was signed by FDIC Chairman Martin J. Gruenberg and Governor Zhou Xiaochuan of the PBOC and updates an existing MOU that was signed on August 2nd, 2007.
FDIC Chairman Gruenberg said, "There is a long history of close collaboration and cooperation between the PBOC and the FDIC, and I am honored to have the opportunity to build on this strong foundation through this MOU. China and the U.S. have a shared interest in maintaining and expanding our interaction on economic and financial issues, particularly in the areas of deposit insurance and cross-border resolution issues. Among U.S. financial regulators, the FDIC is uniquely positioned to engage and offer our experience with deposit insurance and resolution issues internationally. I welcome this expanded agreement with the PBOC and would like to thank our Chinese hosts, particularly Governor Zhou and the officials at the PBOC, for accommodating the delegation from the FDIC."
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