For Immediate Release
Office of the Press Secretary
September 27, 2003
Export-Import Bank Fact Sheet
Export-Import Bank of the United States in Russia
Russia is a strategic market for American firms, particularly for
small- and medium-sized companies. The Export-Import bank has been
working to expand the scope of its financing activities to help U.S.
businesses take advantage of Russia's current economic expansion and
growth. In fiscal year 2002, Export-Import Bank authorized financing
to support approximately $13 billion of U.S. exports worldwide.
In 1992, Export-Import Bank partnered with Vnesheconombank (The
State Bank for Foreign Economic Activities "VEB") and concluded a
Sovereign Framework Agreement, which established a process for
financing of projects by Export-Import Bank. Under this agreement,
Export-Import Bank and VEB financed over 30 individual transactions in
excess of $1.0 billion. These projects supported U.S. exports in
various sectors, including aerospace, medical, agricultural, and
mining.
On September 26, Export-Import Bank and VEB signed a cooperation
agreement that is intended to establish long-term collaboration to
facilitate Russian and U.S. exports of capital goods and services to
third countries. Export-Import Bank and VEB will develop closer
cooperation by 1) exchanging information on potential projects in third
countries, 2) exploring opportunities under each Party's Trade Finance
and Project Finance programs, and 3) identifying strategic sectors such
as oil and gas, telecommunications, energy and mining.
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