EXIM offers to facilitate Pakistani importers

KARACHI: The Export-Import Bank of United States (EXIM) has offered financial support to creditworthy Pakistani buyers, who face difficulty obtaining credit through traditional means, for buying US goods and services, EXIM official announced on Thursday.
EXIM Global Business Development Division Export Finance Group, Vice President, Raymond Ellis, who is currently on a visit to aware the potential buyers about the loan facilities, said the bank’s flexible financing options are backed by the full faith and credit of the US government.
“With more than 80 years of experience, EXIM has supported the purchase of $717.9 billion in US exports worldwide,” he said.
While explaining the lending policy of the bank, Ellis said only those borrowers who provide three year financial statements and business health would meet the criteria.
“We only finance those who buy goods manufactured only in the US,” Ellis said.
The bank offers medium-term loans of up to seven years repayment on sales under $10 million. It also offers export credit insurance and guarantees of commercial loans for sales to international customers covering principal and interest.
The total exposure of the bank in Pakistan is around $650 million. Out of which loan amounting $450 has been disbursed for purchase of Boeing 777 by Pakistan International Airlines under sovereign guarantee.
Sharing his experience of the visit, Ellis said it is an attractive market especially after the fall in oil prices. The vice president assessed potential borrowers from power, LNG and gas projects and said he has met people from Islamabad, Lahore and Karachi belonging to public and privates sectors and has received encouraging responses.
EXIM is financing against all three guarantees including sovereign (federal government supported), sub-sovereign (supported by provinces) and private sector. US Embassy Senior Commercial Officer Cheryl Dukelow was also present on the occasion.