U.S. Export-Import Bank Still Hindered by Budget Fight
The U.S. Export-Import Bank’s ability to compete with similar lenders from nations including China and Brazil has been hurt by questions stemming from last year’s reauthorization fight, according to the bank’s chairman.
Fred Hochberg said reporters have asked him on recent trips abroad about the bank’s future, after it survived a campaign last year to end its lending authority. Its $140 billion lending limit runs through September 2014.
“That uncertainty is damaging to U.S. competitiveness,” Hochberg said today in an interview at the bank’s headquarters in Washington.
The Export-Import Bank, which provides credit assistance for the purchase of U.S. exports, competes with export credit agencies from other nations, including Brazil, China, India, Japan and Korea.
The lender announced today that it has authorized a $105.4 million loan to Space Communication Ltd. (SCC) of Ramat Gan, Israel. The loan will help support a satellite launch by Hawthorne, California-based Space Exploration Technologies Corp., known as SpaceX.
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