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Indonesia
FOR IMMEDIATE RELEASE
Thursday, September 20, 2001
For further information, contact:
Lawrence Spinelli (202) 336-8690
Timothy Harwood (202) 336-8744
EX-IM BANK, OPIC AND TDA TO SUPPORT U.S. EXPORTS TO INDONESIA
WASHINGTON. D.C. - In a joint trade and finance initiative to support
U.S. exports to Indonesia, the Export-Import Bank of the United States
(Ex-Im Bank), Overseas Private Investment Corporation (OPIC), and the
U.S. Trade and Development Agency (TDA) will provide up to $400 million
in loans and guarantees to finance U.S. exports.
The three U.S. trade agencies will provide financing to promote trade
and investment opportunities in Indonesia. Ex-Im Bank will provide financing
to support U.S. exports of goods and services in the oil and gas sector.
OPIC will provide loans, guarantees and insurance for projects in the
oil and gas sector, and TDA funds will be used to identify and develop
projects in various industry sectors for Ex-Im Bank and OPIC loans and
guarantees.
"This is an important time for Ex-Im Bank, as the United States'
official export credit agency, to step forward and fill the current gap
in export financing to Indonesia," said Ex-Im Bank Chairman John
Robson. "I commend Indonesia President Megawati on her economic reforms."
TDA Director Thelma Askey noted, "This collaborative effort will
help to advance and strengthen our already close business ties with Indonesia."
OPIC President and CEO Peter S. Watson stated, "OPIC is pleased to
join with our sister agencies, EXIM and TDA, to support the President's
policy of assisting Indonesia's economic development."
Financing from Ex-Im Bank, OPIC and TDA will be subject to the normal
terms and conditions established by each agency's programs. Ex-Im Bank
is open in Indonesia for short-and medium-term financing in the public
sector, and hard currency project finance transactions. Repayment of Ex-Im
Bank and OPIC's project finance transactions would be derived from and
secured by the hard currency earnings generated by the project. Project
preparation support provided by TDA would be on a grant basis.
Ex-Im Bank is an independent U.S. government agency that helps finance
the sale of U.S. exports primarily to emerging markets throughout the
world, by providing loans, guarantees, and insurance. Ex-Im Bank supported
$15.5 billion in U.S. exports in fiscal year 2000.
The U.S. Trade and Development Agency promotes American private sector
participation by helping U.S. companies pursue business opportunities
in developing and middle income countries. Through the funding of feasibility
studies, orientation visits, specialized training grants, business workshops,
and various forms of technical assistance, TDA helps American businesses
compete for infrastructure projects in emerging markets. In addition,
the agency promotes capacity building initiatives and supports U.S. government
trade, economic policy and development objectives around the world.
OPIC's political risk insurance and financing help U.S. businesses of
all sizes invest in 140 emerging markets and developing nations worldwide.
Over the agency's 30-year history, OPIC has supported $138 billion worth
of investments that have helped developing countries to generate over
$10 billion in host-government revenues and create nearly 668,000 host-country
jobs. OPIC projects have also generated $63.6 billion in U.S. exports
and create nearly 250,000 American jobs.
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