Export-Import Bank of the United States Board of Directors Supports More Than $1 Billion in Transactions

Transactions to Support Bank Charter Mandates, an Estimated 4,000 U.S. Jobs

FOR IMMEDIATE RELEASEOctober 1, 2024

Washington, DC - The Board of Directors at the Export-Import Bank of the United States (EXIM) last week approved five separate transactions for a total of more than $1 billion.

The first approval was a final commitment of more than $225 million to support the export of aircraft to Morocco's Royal Air Maroc. The aircraft, which will be exported by Boeing, are expected to be delivered by the end of 2025 and will support an estimated 1,100 jobs in South
Carolina and Ohio.

In the second transaction of the day, the Board voted to approve a $637 million final commitment to Korean Air Lines to support the export of commercial aircraft to South Korea. This transaction is estimated to support approximately 3,000 jobs in North Carolina, South Carolina, Ohio and Washington state.

For its third action, the Board approved a Non-Binding Resolution in Support of Critical Minerals and Rare Earths Financing. This resolution was drafted in response to Congressional requests for EXIM to increase its support for critical minerals transactions.

"With these votes, EXIM continues to fulfill its mission to support the American exporter while deepening our commitment to our mandates," said EXIM President and Chair Reta Jo Lewis. "In addition to bolstering the domestic supply chain, we have underscored our dedication to the advancement of our China and Transformational Exports Program by committing to extend and increase our support of critical minerals transactions."

The Board then approved a final commitment for a $98 million loan under EXIM's Engineering Multiplier Program for RoPower Nuclear S.A. in Romania. The financing will support pre-project services needed for the development of a first-of-kind small modular nuclear reactor and falls under EXIM's China and Transformational Exports Program. It is estimated that the transaction would support 400 U.S. jobs.

For its fifth transaction, the Board voted to approve a $297 million final commitment in support of an energy efficiency project in Iraq. The project will increase the availability and reliability of electricity in Iraq by generating power through waste heat. Jacksonville, FL-based Stellar Energy Americas, Inc. will provide engineering, procurement, construction and other services in support of this project. This transaction is estimated to support 600 U.S. jobs across more than half a dozen states.

Finally, the Board voted to approve a final commitment for $313 million under a co-financing agreement with Finnish export credit agency, Finnvera, to support the export of Nokia goods and services to be used by India's Reliance Jio as it builds out its 5G nationwide network.

About EXIM:

The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov. 

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