Ex-Im Bank tops $70 billion in export support
The U.S. Export-Import Bank has surpassed $70 billion in total credits outstanding, the highest level in the bank's 75-year history.
The milestone was reached with the authorization of a $3 billion financing to support U.S. exports for a liquefied natural gas project in Papua New Guinea, also considered Ex-Im Bank's single largest transaction.
Since the start of the fiscal year on Oct. 1, the bank has authorized $7.5 billion in transactions, compared with $1 billion for the same period last year. In fiscal year 2009, the bank set a record of $21 billion in authorizations, and a record of $4.36 billion in authorizations for small exporters.
'Ex-Im Bank continues to provide a record-breaking amount of financing for American exporters,' said Fred P. Hochberg, bank chairman and president, in a statement. 'We are stepping into the breach when traditional sources of capital are reluctant to offer financing.'
Ex-Im Bank tops $70 billion in export support
