EXIM Bank Quarter in Review - Spring 2016


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EXPORT-IMPORT BANK OF THE UNITED STATES QUARTER IN REVIEW VOLUME 7

 

// 4.22.2016

Message from the Chairman

Earlier this month, EXIM Bank welcomed more than 1,000 leaders, business owners, and entrepreneurs to Washington for our 40th Annual Conference. It was a critical opportunity to hear from our so many customers, exporters, and partners, as well as leading experts on trade, finance, and economic development. This year-in speech after speech, panel after panel-one thing was clear: EXIM Bank’s laser-focus on American jobs-along with trade deals like TPP and TTIP-are key to a successful trade strategy for the United States.

In centuries past, hunger and famine determined the success or failure of a government-today, jobs play that role.

At the conference, one of our customers, Mike Boyle of Boyle Energy in New Hampshire-which does 90% of its business overseas-summed up what I’ve been hearing from many small business exporters. “There’s a group of us”, he said, “who, by the nature of our business and the services we provide, find it extraordinarily difficult to come by banking anywhere in the United States that supports exporting at our level.” Most of our small business customers use our insurance and working capital programs-but SMEs can and should pursue opportunities in excess of $10 million in clean energy and infrastructure with our medium- and long-term products. Those small business products are unique to EXIM. Mike, his employees-and thousands of businesses and workers like them-rely on EXIM Bank financing.

In my opening remarks, I noted the record-breaking work of the Bank over the last seven years-particularly compared to where we were at the beginning of this Administration. In 2009, our economy was losing an average of 700,000 jobs a month. Since then, EXIM has supported more than 1.4 million American jobs. We’ve done it by:

  • Working with more than 5,000 small businesses, some of which exported for the very first time.
  • And financing an export value of nearly $235 billion.
  • All while generating more than $2 billion for American taxpayers.

We still have more work to do, but I’m proud of this solid foundation.

For the half year ending March 31, 2016, we’ve authorized $2.9 billion to support U.S. exports. At this time last year, we had authorized $6.3 billion. This reduction can be attributed to the lapse and the lack of our quorum on our Board of Directors.

I’ve continued to travel across the country and around the world to connect U.S. exporters with the key opportunities beyond our shores. Three countries-Bangladesh, Egypt, and Pakistan-present unique opportunities for American exports.

In Bangladesh, the central government is making deep investments in transportation and power infrastructure. With annual growth in Bangladesh topping six percent and the country’s strong clean energy priorities, it is a fertile market for American companies.

In Egypt and Pakistan, EXIM Bank recently opened long-term, meaning we can now offer terms as long as 18 years. In Egypt, government and private sector leaders are committed to projects in clean energy, petrochemical, rail, aircraft, and ports-areas in which American innovators excel. Egypt is also redoubling its efforts to support a growing cadre of small businesses across the country.

Pakistan, too, is prioritizing air and rail transportation projects, and the vibrant textile industry in Karachi continues to grow.

With backing and expertise from EXIM Bank, American businesses and their employees can compete for-and win-these important opportunities.

These global developments come in spite of daily headlines proclaiming sluggish growth and difficult climates. That’s because countries around the world are making the most critical investments-in infrastructure, clean energy, workforce development, that will build a diversified economy.


Coupled with these investments are reform efforts. Countries are eliminating subsidies, cutting red tape, liberalizing currency controls and energy policies, and prioritizing small- and medium-size enterprises. In short, the investments we are seeing are backed by meaningful efforts at reform around the world.

I know that in order for EXIM Bank to support U.S. exporters in their work to win these opportunities, we will need a quorum on our Board of Directors. I wrote to you in January that President Obama nominated J. Mark McWatters to join our Board so the Bank could again be fully operational. While his nomination has yet to move out of committee, we are continuing to work with the Senate and the White House on his confirmation. American workers and employers need to have a fully functional export credit agency to sustain and create good-paying jobs.

The EXIM team supports American jobs and American small businesses every single day. That’s why I remain optimistic and excited as I look to the future. I look forward to continuing our work together, placing American workers and their jobs at the center of everything we do.

Best,
Fred

 


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Export-Import Bank of the United States
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