GAO: Ex-Im Bank finances no “dual-use” exports since 2002

GAO: Ex-Im Bank finances no “dual-use” exports since 2002

GAO: Ex-Im Bank finances no “dual-use” exports since 2002

A congressional watchdog agency has found that the U.S. Export-Import Bank has not financed any so-called “dual-use” exports, or items with both commercial and military applications, since 2002, although the bank has the authority to do so.
   The 2006 Export-Import Bank Reauthorization Act updated the 1994 legislation. Under this legislation, the Ex-Im Bank can use up to 10 percent of its total annual loan, guarantee, and insurance authority to support the sale of dual-use exports.
   The Ex-Im Bank attributed its decline in financing dual-use exports to the bank’s portfolio shift from transactions with governments to private sector entities, the Government Accountability Office said.
   According to the GAO’s research, Ex-Im Bank last financed dual-use items in 2002 with four aircraft parts transactions with the Venezuelan Air Force, and vehicles, helicopters and training assistance to the Dominican Republic’s military for humanitarian relief operations. The export value of the five transactions was $28.2 million with $24.6 million financed through the Ex-Im Bank.