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Export-Import Bank board of directors approves preliminary commitments for U.S. exports to projects in Cameroon and Iraq

EXIM board

Today, July 31, 2019, the Board of Directors of the Export-Import Bank of the United States (EXIM) approved two preliminary commitments of EXIM financing support for U.S. exports to pending projects in Cameroon and Iraq, thus enabling two U.S. businesses, their workers, and their supply chains to be better-positioned to win and secure the respective contracts.

EXIM President and Chairman Kimberly A. Reed presided over the meeting, with two other board members, Spencer Bachus III and Judith D. Pryor, participating. Attending the meeting was U.S. Department of Commerce Deputy Secretary Karen Dunn Kelley (representing ex officiomember U.S. Secretary of Commerce Wilbur L. Ross, Jr.) and U.S. Trade Representative (USTR) General Counsel Joseph L. Barloon (representing ex officio board member USTR Ambassador Robert E. Lighthizer). The meeting was the first time since 2015 that an EXIM Board of Directors has considered transactions.

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A preliminary commitment is a non-binding offer of EXIM financing subject to the award of the export contract and EXIM’s review of an application for a final commitment. Conversion of the preliminary commitment to a final commitment requires authorization by EXIM’s Board of Directors and is subject to the satisfaction of all conditions, policies, and legal requirements of the agency under its charter and as determined by the board.

“These actions were taken in response to American businesses who told us that EXIM’s preliminary commitments can help them compete successfully for international projects,” said EXIM President and Chairman Kimberly A. Reed. “In these potential transactions and all others, EXIM is committed to finding reasonable assurance of repayment to protect the interests of American taxpayers and meeting all of the requirements of the agency’s charter and policies.” 

The board approved a preliminary commitment indicating potential EXIM support for U.S. exports of construction equipment and related goods and services from a small business, Hoffman International Inc. in Piscataway, New Jersey, to Cameroon. The transaction will support an estimated 400 jobs in the states of Florida, North Carolina, Pennsylvania, Wisconsin, Indiana, New Jersey, Illinois, Ohio, and Minnesota. The buyer and end-user is an independent agency of the Cameroonian government that focuses on infrastructure development at the local level.

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