EX-IM BANK VICE CHAIR PROMOTES U.S. EXPORTS TO
PAKISTAN
DURING BUSINESS DEVELOPMENT MISSION TO ISLAMABAD
June 8, 2004
Contact: Phil Cogan (202) 565-3200 or Linda Formella (202)
565-3200
ISLAMABAD, PAKISTAN --- The Export-Import Bank of the United States
(Ex-Im Bank) Vice Chair April Foley today concluded a two-day business
development mission to Pakistan, where she met with President Pervez Musharraf
and a range of government officials and business leaders in the capital
city of Islamabad. Foley was in Pakistan to promote Ex-Im Bank's opening
in March 2004 for financing of U.S. exports to Pakistan's public sector
and the renewal of an export letter of credit facility with three financial
institutions in Pakistan to support U.S. exports to the private sector.
April Foley(center), vice-chairman of Ex-Im Bank;
Michael T Lempres, vice-president for insurance
at OPIC; and Barbara Bradford, deputy director of TDA
Also participating in the business development mission were representatives
from the U.S. Trade and Development Agency (TDA) and the Overseas Private
Investment Corporation (OPIC).
President Musharraf told Foley and the other mission members during
a meeting Monday that Pakistan offers vast investment opportunities in
a number of fast-growing areas including power, telecommunications and
the social sector. He said the economic reforms pursued by the government
of Pakistan have led to a turnaround in the national economy, and that
the country offers an attractive business environment for foreign investors.
"Ex-Im Bank has recognized Pakistan's economic progress and is pleased
to be able to offer all of its financial products to support U.S. exports
to the government of Pakistan. We have also renewed an export letter of
credit facility to support purchases of U.S. exports in the private sector.
We want to help build the trade and commercial relationship between our
two countries," Foley said at a press event held today (June 8), in Islamabad.
Foley, who was accompanied by John Richter, Ex-Im Bank's regional director
for Africa, Asia, and the Middle East, met with Pakistan Finance Minister
Shaukat Aziz, Privatization and Investment Minister Hafiz Sheikh, and Commerce
Minister Akhtar Khan, as well as officials from the ministries of Water
and Power, Communication, Petroleum, and Information Technology and Telecommunication.
Last week, Ex-Im Bank renewed its facility to insure confirmations of
letters of credit issued by three financial institutions in Pakistan (National
Bank of Pakistan, Muslim Commercial Bank and United Bank) related to U.S.
sales to Pakistan. Ex-Im Bank can support up to $125 million of U.S. exports
to the private sector under this program.
April Foley, vice-chairman of Ex-Im Bank, meeting with
Pakistani President Pervez Musharraf and other government officials
Ex-Im Bank, the official export credit agency of the United States,
is in its 70th year of helping finance the sale of U.S. exports, primarily
to emerging markets throughout the world, by providing loan guarantees,
export credit insurance and direct loans. In fiscal year 2003, Ex-Im Bank
authorized financing to support the export of three Boeing 777 aircraft
and General Electric engines to Pakistan International Airlines. Ex-Im
Bank authorized financing to support $14.3 billion of U.S. exports worldwide
in fiscal year 2003. For more information, visit www.exim.gov.
Link: http://www.exim.gov/pressrelease.cfm/094091C4-0557-6262-95FE4E5A1356A97A/
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