DIPLOMATIC ECONOMY

Trump Underscores Role Of EXIM In US Assistance To Italy

…Towards Fighting The COVID-19 Pandemic, Supporting Italian Economy Recovery

WASHINGTON, DC - OCTOBER 11: Chinese Vice Premier Liu He presents U.S. President Donald Trump with a letter from Chinese President Xi Jinping after Trump announced a "phase one" trade agreement with China in the Oval Office at the White House October 11, 2019 in Washington, DC. China and the United States have slapped each other with hundreds of billions of dollars in tariffs since the current trade war began between the world’s two largest national economies in 2018. (Photo by Win McNamee/Getty Images)
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By Cyber Era Reporter

The Export-Import Bank of the United States (EXIM) has said  that while it continues to prioritize the needs of the American people first and foremost, it also will make its applicable programmes and authorities available to support Italy’s economic recovery from the coronavirus pandemic( COVID-19), as ordered in the Memorandum on Providing COVID-19 Assistance to the Italian Republic issued late Friday, April 10, by President Donald J. Trump.

As directed in the memorandum, the President of EXIM, along with the Secretary of State and the Administrator of the United States Agency for International Development, in consultation with several other cabinet secretaries and an agency head, “may use available authorities to support the recovery of the Italian economy, as appropriate and consistent with the policy limitations in this memorandum.”

“EXIM stands ready to provide financing tools to support transactions that benefit our American exporters and workers while also helping Italy, one of our closest and oldest Allies, as they address the impact of COVID-19,” said EXIM President and Chairman Kimberly Reed. “The United States is a nation of generosity and compassion, and EXIM stands ready to help the people of Italy who face a long road ahead to economic recovery.”

Chairman Reed underscored a key point made by U.S. Secretary of State Michael R. Pompeo earlier today, when he said: “This critical assistance will not only help the Italian people, but will also bolster global trade and supply chains.  We are all in this together, and only through transparency, cooperation, and mutual support will we be able to defeat COVID-19.”

Over the past month, EXIM has announced several steps in support of U.S. exporters and workers in response to the pandemic, including:

  • New temporary programmes – Bridge Financing, Pre-Delivery/Pre-Export Financing, Supply Chain Financing Guarantee, and Working Capital Guarantee Programs to inject liquidity into the market and give maximum financing flexibility;
  • 90-day extensions for short-term insurance customers; and
  • Initial relief measures – waivers, deadline extensions, streamlined processing, flexibility—for its working capital loan guarantee and export credit insurance programs, which primarily assists U.S. small businesses.

“The EXIM family remembers all who are fighting this virus or have lost loved ones. The agency encourages any current or potential customer who needs financing, including to assist with the recovery of the Italian economy, and other programme support to contact the agency,” EXIM said.

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