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[STK]
[IN] FIN OIL UTI
[SU] ECO FOR EXE
-- WITH PHOTO -- TO BUSINESS, ENERGY, AND NATIONAL EDITORS:
Ex-Im Bank Signs $1 Billion MOU with Philippine Department of Energy
WASHINGTON, March 21, 2014 /PRNewswire-USNewswire/ -- Patricia Loui,
board of director for the Export-Import Bank of the United States
(Ex-Im Bank), and Raul B. Aguilos, undersecretary for the Department
of Energy (DOE) of the Republic of the Philippines, signed a $1
billion memorandum of understanding (MOU) at a ceremony in Manila
Wednesday.
"The agreement will channel much needed support to the Philippines
from the American private sector and thereby boost jobs here at home,"
said Export-Import Bank Chairman and President Fred P. Hochberg. "The
arrangement is a win-win for both our nations and evidences our deep
ties and cooperation on numerous economic fronts."
According to the MOU, Ex-Im Bank and the DOE will exchange information
with an eye to matching development needs in the Philippines with
innovative goods and services offered by American exporters.
More specifically, the MOU targets renewable-energy and LNG projects
in the hopes of upgrading and expanding the Philippine energy supply
in the wake of Typhoon Yolanda.
"Since 1993, Ex-Im Bank has provided $1.3 billion in energy-sector
finance to the Philippines, but we aim to outdo ourselves and target
another billion with this memorandum of understanding," said Director
Loui. "Our expertise can contribute both to the renovation of current
energy-production facilities and the construction of new ones."
In 1994, Ex-Im Bank financed the first project-finance transactions in
the Philippines for geothermal energy: Cebu Geothermal for $170
million, and Mahanagdong Geothermal project for $211 million.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains
U.S. jobs by filling gaps in private export financing at no cost to
American taxpayers. The Bank provides a variety of financing
mechanisms, including working-capital guarantees, export-credit
insurance and financing to help foreign buyers purchase U.S. goods and
services. In the past fiscal year alone, Ex-Im Bank earned for U.S.
taxpayers more than $1 billion above the cost of operations.
In FY 2013, Ex-Im Bank approved more than $27 billion in total
authorizations to support an estimated $37.4 billion in U.S. export
sales and approximately 205,000 American jobs in communities across
the country. For the year, the Bank approved a record 3,413
transactions-- or 89 percent--for small-businesses. Small business
exporters can learn about how Ex-Im Bank products can help them
increase foreign sales at http://go.usa.gov/ZVTd. For other
information about Ex-Im, visit www.exim.gov.
Logo - http://photos.prnewswire.com/prnh/20110414/MM83673LOGO
SOURCE Export-Import Bank of the United States
-0- 03/21/2014
/CONTACT: Lawton King, 202-565-3200
/Photo: http://photos.prnewswire.com/prnh/20110414/MM83673LOGO
PRN Photo Desk, photodesk@prnewswire.com
/Web Site: http://www.exim.gov
CO: Export-Import Bank of the United States
ST: District of Columbia Philippines
IN: FIN OIL UTI
SU: ECO FOR EXE
PRN
-- DC88553 --
0000 03/21/2014 19:48:00 EDT http://www.prnewswire.com
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