Ex-Im Bank, Dubai ink $5bn export credit MoU
Washington, April 11, 2013
The Export-Import Bank of the United States (Ex-Im Bank) and Dubai Economic Council (DEC) have inked a $5 billion export-credit support memorandum of understanding (MoU).
The MoU was signed at the Ex-Im Bank's 38th Annual Conference in Washington by Fred P Hochberg, chairman and president of Ex-Im Bank, and Hani Rashid Al Hamli, secretary general of the DEC.
"The MoU underscores our continued cooperation with our partners in Dubai and helps ensure that American exporters are not disadvantaged by foreign companies relying upon state-driven capital," said Hochberg. "The more orders American exporters fill in Dubai, the more American jobs we can support."
According to the agreement, DEC and Ex-Im Bank anticipate that as much as $5 billion in export-credit support may be approved to finance DEC members' and customers' procurement of US goods and services for a variety of Dubai infrastructure projects, said a statement.
Potential areas of cooperation include, but are not limited to, air-traffic control and airport infrastructure; railway, urban-metro, and port-development projects; power generation; oil, gas, and petrochemical projects; and water-treatment projects.
In FY 2012, Ex-Im Bank approved approximately $3.32 billion in UAE authorizations, the statement said. - TradeArabia News Service