The Export-Import Bank of the United States (EXIM Bank) released its Fiscal Year 2016 Annual Report highlighting its support of more than $8 billion in U.S. exports and an estimated 52,000 U.S. jobs.
The Bank also announced it has transferred $284 million in deficit-reducing receipts to the U.S. Treasury's General Fund for fiscal year 2016.
EXIM Bank is a self-sustaining federal agency and operates at no cost to the taxpayers. Since 2009, EXIM has sent nearly $3.8 billion of surplus to the U.S. Treasury for deficit reduction. In the last decade, EXIM has supported more than 1.7 million jobs in all 50 states.
“The Bank is proud of its 2016 performance in leveling the playing field for U.S. exporters who must compete with foreign state-backed companies around the globe for important sales,” said Fred P. Hochberg, EXIM chairman and president. “It is now more crucial than ever to leverage EXIM’s capabilities to stimulate U.S. exports abroad and bolster U.S. jobs at home.”
Among the highlights in the 2016 Annual Report are the following:
• EXIM authorized $5 billion supported $8 billion in exports at no cost to American taxpayers.
• EXIM supported 52,000 American jobs.
• Small business authorizations continued to represent nearly 90 percent of all EXIM authorizations.
• EXIM sent $284 million to the U.S. Treasury for debt reduction.
• EXIM Bank had a default rate of 0.266 percent as of September 30, 2016
About EX-IM BANK:
EXIM is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost 90 percent of its transactions directly serve American small businesses.
In fiscal year 2016, EXIM approved $5 billion in total authorizations to support an estimated $8 billion in U.S. export sales. Since 2009, EXIM has supported more than 1.4 million American jobs in communities across the country and sent $3.8 billion of surplus to the U.S. Treasury for deficit reduction.