The United States Export-Import Bank said starting Sept. 21 it will resume offering short- and medium-term financing in Argentina after being closed in the South America market to transactions for the more than 15 years.
The U.S. Export-Import Bank said starting Sept. 21 it will resume offering short- and medium-term financing in Argentina after being closed in the South America market to transactions for the more than 15 years.
The opening, which applies to both Argentina’s public and private sectors, follows a U.S. government inter-agency evaluation of country’s economic well-being that now “indicates better repayment prospects,” the bank said.
“This opening is due in large part to the meaningful reforms implemented by President Macri and the government of Argentina,” Fred Hochberg, Ex-Im Bank chairman, said in a statement. “This is an opportune time for cooperation between U.S. and Argentine businesses, and EXIM stands ready to provide the financing necessary to facilitate mutually beneficial partnerships.”
In Argentina, Ex-Im Bank will offer financing terms of up to seven years. Additionally, it will consider supporting structured, longer-term financing.
Ex-Im Bank noted that Argentina was once one of its largest and most diverse markets, adding that businesses benefiting from its financing could include aircraft, helicopters, farming, power generation, medical equipment and satellites. There is also an increase in projects focused on renewable energy such as hydroelectric, solar and wind farms across Argentina.
Some of the historically notable projects in Argentina supported by Ex-Im Bank include the Pan-American Highway in the 1940s and 1950s and the Entidad Binacional Yacyretá hydroelectric project in Corrientes in 1982.
U.S. Ex-Im Bank reenters Argentina
