EXIM Bank Announces FY 2015 Annual Report, Supports NJ Companies

On Jan 14, 2016

Today the Export-Import Bank of the United States (EXIM Bank) released its Fiscal Year 2015 Annual Report highlighting its support of more than $17 billion in US exports and an estimated 109,000 US jobs.  The bank also announced it has transferred $431.6 million in deficit-reducing receipts to the U.S. Treasury’s General Fund for fiscal year 2015.

In supporting New Jersey companies, EXIM Bank guaranteed a $50 million commercial loan to Parsippany-based Acrow Bridge in October of 2014 to support the export of 55 of the company’s Acrow bridges to Cameroon. In May 2015, the bank guaranteed a $73 million loan supporting 144 Acrow bridges to Zambia. Due to the availability of EXIM Bank’s financing, Acrow Bridge’s competitive proposals were chosen over bids submitted by its European and Chinese counterparts in markets where there has been substantial Chinese investment.

EXIM Bank is a self-sustaining federal agency and operates at no cost to the taxpayers. Over the last two decades, EXIM Bank has generated a surplus of almost $7 billion for US taxpayers.

“The bank is proud to help level the playing field for American businesses who offer the world’s highest-quality goods and services to global markets,” said Fred P. Hochberg, EXIM chairman and president.  “In the months ahead, we will redouble our efforts to ensure U.S. businesses – particularly small businesses – have every tool available to be on equal footing with their foreign competitors to win sales and create more jobs.”

Among the highlights from the 2015 Annual Report:

• EXIM support 109,000 American jobs.
  • EXIM supported $17 billion in exports at no cost to American taxpayers.
  • EXIM supported more than $3.1 billion of exports from U.S. small businesses.
  • Nearly 90 percent of transactions directly supported U.S. small businesses.
  • EXIM Bank had a default rate of 0.235 percent as of Sept. 30, 2015
  • Remitted $431.6 million to the U.S. Treasury for debt reduction.

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