Tuesday, October 27, 2009
U.S. Ex-Im Bank to Finance Purchase of U.S. Exports in Cambodia
2009-10-27
Xinhua
Web Editor: Wang Wenwen
(Posted by CAAI News Media)
The United States announced Tuesday that the U.S. Export-Import Bank is now available to offer financing for purchases of U.S. exports by private-sector buyers in Cambodia on repayment terms of up to seven years.
In a statement released by the U.S. Embassy in Phnom Penh said the announcement was made following the determination by President Barack Obama in June 2009 according to the Export-Import Bank Act of 1945.
Prior to the presidential determination, the Ex-Im Bank had been prohibited from providing financing in Cambodia because of this designation.
"President Obama has opened the door wider for U.S. exporters in Cambodia, and the Ex-Im Bank stands ready to assist them. We are pleased to announce that the Bank will consider financing for short-term and medium-term U.S. sales to private-sector buyers in this growing Asian market," said Ex-Im Bank Chairman and President Fred P. Hochberg.
The U.S. government agencies, including the Ex-Im Bank, have participated in an interagency process to review the country risks of Cambodia and Laos and have assigned a country-risk rating for the private-sector in Cambodia, the statement said.
The Bank also can consider financing arrangements for U.S. exports to Cambodian private-sector buyers on longer repayment terms under certain conditions.
The statement also said for fiscal year 2009, which ended September 30, the Ex-Im Bank's authorizations totaled more than 21 billion U.S. dollars in support of U.S. exports worldwide.