Tuesday, October 27, 2009
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.
The Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps to create and maintain U.S. jobs by financing the sales of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans.