Export credit agencies step into the breach

(Business New Europe, Moscow, 17 August 2013) Seated next to Fred Hochberg in Prague is Danny Roderick, president and CEO of Westinghouse, the US nuclear company that's one the main reasons for Hochberg's visit to the Czech Republic. Westinghouse is in the midst of a battle with Russia's Rosatom to win the right to build two new nuclear reactors in the country, in a deal worth €8bn-12bn, and Ex-Im bank wants to play its part by offering low-interest loans to companies that buy American equipment and services... Hochberg, fresh from being confirmed in July by the US Senate for a 2nd term as president of Ex-Im Bank, presided over a banner year in 2012 - and 2013 looks like it could surpass even that. The bank’s overall financing in 2012 exceeded $35.7bn, backing $50bn of exports by US companies. Exports in the year continued their recovery from the depths of the global crisis in 2008, with US exports reaching a then record high of $188.7bn set in December 2012.