Ex-Im Bank Authorizes $190 Million to Israeli Airline
WASHINGTON, March 22, 2013
Financing will support 1,300 American Jobs
WASHINGTON, March 22, 2013 /PRNewswire-USNewswire/ --Today, the Export-Import
Bank of the United States (Ex-Im Bank) authorized more than $190 million in
financing to support the export of Boeing 737-900ER aircraft to El Al Israel
Airlines, Ltd. (El Al). According to Boeing, this transaction will help the
company create and sustain more than 1,300 American jobs.
(Logo: http://photos.prnewswire.com/prnh/20110414/MM83673LOGO )
"This transaction will help ensure that El Al has a modern and efficient fleet
that can meet the growing demands of their customer base," said Ex-Im Bank
Chairman Fred P. Hochberg. "Ex-Im has a long and productive history of working
with El Al, dating back to 1960. This transaction demonstrates that Ex-Im
Bank's strong support of the American aerospace industry increases American
competitiveness and supports high-quality American jobs in the process."
"Ex-Im's support of the American aerospace industry is remarkable and should
be praised," said El Al Chief Financial Officer Nissim Malki. "El Al benefits
from this support, which will facilitate the financing of 737-900 aircraft
manufactured by Boeing. We are pleased that this wonderful news came during
President Obama's visit to Israel and would like to thank Ex-Im Bank and
Chairman Hochberg for their professionalism, patience and creativity in
finalizing the transaction."
This transaction is supported by the National Association of Manufacturers
(NAM). According to NAM, "this particular transaction will have a positive
impact on jobs – both directly and indirectly throughout the supply chain –
and will support economic growth in a key manufacturing sector."
El Al was established in 1948 and is the national flag carrier of Israel. El
Al continues to play a crucial role for the country, serving all sectors of
the Israeli air travel industry, including business travelers, tourists,
friends and relatives and immigrants.
Ex-Im Bank's first transaction with Israel was in 1948, the year the country
was founded. In FY'12, the Bank authorized $1.7 million and its exposure was
$580 million. Ex-Im's current exposure in Israel is approximately $950
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain
U.S. jobs by filling gaps in private export financing at no cost to American
taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has
earned for U.S. taxpayers nearly $1.6 billion above the cost of operations.
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.
Ex-Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 –
an all-time Ex-Im record. This total includes more than $6.1 billion directly
supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's
total authorizations are supporting an estimated $50 billion in U.S. export
sales and approximately 255,000 American jobs in communities across the
country. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States
Contact: Jamie Radice, +1-202-565-3200
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