For Immediate Release
Office of the Press Secretary
September 19, 2001
U.S. - Indonesia Fact Sheet
U.S.-Indonesia Trade & Finance Initiative
Overview:
The three U.S. trade finance agencies the Export-Import Bank of the United States (EXIM), the Overseas Private Investment Corporation (OPIC), and the U.S. Trade and Development Agency (TDA) have developed a joint trade and finance initiative for projects in Indonesia. The three agencies will undertake to provide up to a combined $400 million to promote trade and investment within Indonesia, especially in the Indonesian oil and gas sector.
Background:
- The Governments of the United States and
Indonesia share the common goal of promoting economic growth and
increasing trade between the two nations.
- The Government of Indonesia welcomes
Foreign Direct Investment in the energy sector, including the oil and
gas industry.
- The United States supports an
international energy policy that enhances exploration, production and
refining, as well as the development of new technology.
U.S.-Indonesia Trade & Finance Initiative:
- The three agencies will undertake to
provide a combined total of up to $400 million under their respective
programs:
- TDA funds will be used primarily to
identify and develop projects for EXIM and OPIC loans and guarantees in
the oil and gas sector, but will also be available to support other
industry sectors.
- EXIM will undertake to support U.S.
exports of goods and services identified as components of oil and gas
sector projects.
- OPIC will undertake to provide support to
projects in the oil and gas sector with loans, guarantees and insurance
of up to $200 million.
- Support from each agency would be subject
to the normal terms and conditions as established by each agency under
their respective programs. Repayment of U.S. support from EXIM and
OPIC would be derived from and secured by the hard currency earnings
generated from the supported projects. Support provided by
TDA would be on grant basis.
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