US EXIM Bank Supports Financing Trade With Guyana

SOUTH FLORIDA – The Export-Import Bank of the United States ( EXIM ) is committed to working with US companies, including eligible Guyanese American owned companies to facilitate exports to Guyana through access to its menu of services which include the provision of working capital and export credit insurance.

By accessing such assistance, US companies can export raw material and equipment to Guyana which are required by the private and public sectors for manufacturing, mining and infrastructure development. This assistance will indirectly support Guyana’s development efforts and hopefully make local manufacturing more competitive so as to be able to in turn export to major markets including the US.

This commitment was restated Friday (May 4th) at an international business conference here as part of the observance of World Trade Month and National Small Business Week.

Put on by Broward County with the theme “Opportunity Has No Boundaries”, the conference brought together more than 600 business executives and entrepreneurs; government and elected officials and diplomats for discussions on a number of issues ranging from access to international markets to accessing finance for business development.

Speaking on the issue of ‘Access to Export Financing’, Managing Director of EXIM Bank’s Small Business Division (Eastern Region) Sharyn Koenig outlined a menu of services which is available to companies that export US made products. In response to questions from Wesley Kirton, President of the Guyanese American Chamber of Commerce (GACC) Ms. Koenig clarified that such assistance is available to eligible Guyanese owned companies in the US and that such assistance can include political risk insurance.

“When private sector lenders are unable or unwilling to provide financing, EXIM fills in the gap for American businesses by equipping them with the financing tools necessary to compete for global sales. In doing so, the Bank levels the playing field for U.S. goods and services going up against foreign competition in overseas markets, so that American companies can create more good-paying American jobs.

“Because it is backed by the full faith and credit of the United States, EXIM assumes credit and country risks that the private sector is unable or unwilling to accept. The Bank’s charter requires that all transactions it authorizes demonstrate a reasonable assurance of repayment; the Bank consistently maintains a low default rate, and closely monitors credit and other risks in its portfolio,” Ms. Koenig said.

In cases where a company in the US has a subsidiary or owns the company to which it is exporting, Ms. Koenig explained that company may not be eligible for credit insurance for buyer non-payment but would qualify for political risk insurance.

She indicated that EXIM Bank is open to meeting with Guyanese American business groups to inform and educate their membership about the services offered by the institution.