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United States EXIM re-boosts export credits

The US EXIM re-launched export credits in 2020, a year marked by the Covid-19 pandemic.

In 2020, the simultaneous onset of the Covid-19 pandemic and EXIM’s first full-year return to the medium- and long-term export credit (MLT) market after a pause of more The four-year period presented historic challenges to the Bank‘s competitiveness within the global export credit community.

In essence, the Export-Import Bank of the United States (EXIM) is the official export credit agency of the federal government of the United States.

Operating as a wholly owned federal government corporation, EXIM “helps finance and facilitate exports of goods and services from the United States.”

In response, the bank grappled with the moment and persevered in a number of ways.

First of all, the bank took several steps to provide temporary relief from Covid-19 through the Working Capital Guarantee Program, the Supply Chain Financing Guarantee Program, the Bridge/Backup Financing Program and the Pre-Delivery/Pre-Export Financing for transportation and other large-scale exports.

EXIM

Since April 2020, the measures have resulted in $ 1 billion in EXIM working capital guarantees and supply chain finance guarantee authorizations.

In fiscal year 2021 to date, EXIM’s working capital guarantees for minority and women’s businesses have increased to a total of 31.5 million, a 50% increase from the prior period in fiscal 2020.

Additionally, the bank implemented numerous reforms throughout the mandate in partnership with its many stakeholders.

Of particular importance to the bank’s competitiveness was EXIM’s response to the congressional mandate to establish the China Transformative Exports Program.

To inform that effort, the chairman of the bank’s Advisory Committee, Stevan Pearce, established a Subcommittee on Strategic Competition with the People’s Republic of China, also known as the President’s Council on Competition of China, to solicit insights and policy recommendations from the banks. The nation’s leading experts from China.

 

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