The U.S. Export-Import Bank (EXIM) was re-authorized on December 3, 2015 by both the U.S. House of Representatives and the U.S. Senate. EXIM is the export credit agency of the United States, tasked with the mission of supporting American jobs, equipping American businesses with the capital and tools necessary to compete globally.
EXIM is now accepting and processing applications for financings up to US $10 million.
THE FINAL STEP
In order to approve financings that exceed US $10 million, EXIM’s Board of Directors must be approved by the U.S. Congress, which is the final procedural step. Once in place, the Board can resume its critical function of issuing approvals for large value financings. Taylor-DeJongh fully expects a relatively quick approval process of the Board of Directors by the U.S. Congress.
Despite the tumultuous Presidential primary season, EXIM’s re-authorization by a bipartisan majority clearly signals the U.S. Government’s belief that EXIM is an important tool for increasing American exports and fortifying their competitive positions around the world. In fiscal year 2015, EXIM approved over US $12 billion worth of financings, supporting an estimated US $18 billion in U.S. exports, and 100,000 American jobs.
TAYLOR-DEJONGH AND EXIM
Taylor-DeJongh has been one of the most active players in export credit agency (ECA) financings, including with EXIM since the creation of its Structured and Project Finance department in 1993.
· Advised on 20 major infrastructure and energy transactions to closing.
· Assisted clients in successfully negotiating ECA financings in excess of US $25 billion.
· Advised on EXIM financings for over 20 years.
· Advised on successful financings involving ECAs and government-backed lenders from all major OECD countries.