The mission was Hochberg's first international trip since his appointment to the office by President Obama. He met with numerous officials from the Brazilian government, bankers and business leaders in industries including oil and gas, mining, agriculture and renewable energy during the July 29-31 trip.
'I choose Brazil as my first international destination for good reason: Brazil is a powerhouse among South American economies and offers tremendous opportunities for U.S. exporters in many sectors,' Hochberg said in a statement. 'I want Brazilians to know that Ex-Im Bank has the will and the capacity to finance their purchases of U.S. equipment, products and services.'
In May, Ex-Im Bank approved a $2 billion preliminary commitment to encourage purchases of U.S. goods and services by Petroleo Brasileiro S.A. (Petrobras), Brazil's national oil company. The amount of a final commitment may be increased above $2 billion preliminary amount. Petrobras anticipates that it will invest $174 billion in development during the next five years.
In fiscal year 2008, Ex-Im Bank authorized $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide, including $1.5 billion of exports for oil and gas production projects. The bank authorized $875 million to support U.S. exports to Brazil last year.
