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Departing EXIM Chief Urges Biden to Counter Chinese Lending Dominance

The head of the Export-Import Bank of the United States (EXIM) on Monday urged the Biden administration to keep pushing to neutralize Chinese export subsidies and help U.S. companies compete, building on gains. ....

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Departing EXIM chief urges Biden team to counter Chinese lending dominance

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WASHINGTON (Reuters) - The head of the Export-Import Bank of the United States (EXIM) on Monday urged the Biden administration to keep pushing to neutralize Chinese export subsidies and help U.S. companies compete, building on gains made under Donald Trump.
Chairman Kimberly Reed, a political appointee who will leave her job on Wednesday after 20 months in office, told Reuters she was confident that restoration of the bank’s full lending powers had strengthened the competitiveness of U.S. companies and helped level the playing field, but more work was needed.
Republicans in Congress tried to shutter the institution in 2015, arguing that it was “corporate welfare” for big exporters such as Boeing, General Electric and Caterpillar. ....

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EXIM supports US jobs with LNG export transaction

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Building on the Export-Import Bank of the United States (EXIM) Board of Directors’ September 2020 unanimous approval of a supply chain transaction, EXIM President and Chairman Kimberly A. Reed recently announced the signing of two final agreements to make the deal – with the first-ever use of a funder guarantee structure – operative and US$50 million available to Houston-based LNG exporter Freeport LNG.
The transaction is estimated to support 200 American jobs, principally in Texas, as well as through supplier networks in Arkansas, Louisiana, Mississippi, and Oklahoma.
The groundwork for this structure was laid in September 2020, when the EXIM Board of Directors unanimously approved the renewal of EXIM’s partnership with the Private Export Funding Corporation (PEFCO) for 25 years and directed EXIM staff to draft and implement final funder guarantee agreements. ....

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