EXIM Bank US hosts the 2020 G12 meeting
Kimberly A. Reed, the newly sworn-in president and chairman of the Export-Import Bank of the United States (EXIM), announced the United States will host the 2020 G12 Heads of Export Credit Agencies Meeting in Washington, D.C., in May 2020.
The announcement was made at the 2019 G12 ECA meeting in Xiamen, China, where Chairman Reed represented the United States in the annual assembly that took place on May 13-14. Other participants included the heads of ECAs from China, Brazil, France, Germany, India, Italy, Japan, Russia, South Korea, and the United Kingdom. Also participating was James C. Cruse, EXIM senior vice president for Policy Analysis and International Relations.
“After being sworn in to lead EXIM last Thursday, I was ready to get to work. For my first official visit, I immediately headed to China to meet with my G12 counterparts,” said Chairman Reed. “As we restore the full range of EXIM Bank programs and address the nearly $40 billion pipeline of potential U.S. export deals that are estimated to support almost 230, 000 U.S. jobs, I want my G12 colleagues to know that President Donald Trump and his administration fully support the mission of EXIM.”
She added, “At this meeting, I also underscored my commitment to cooperation and collaboration and emphasized key issues that are important to the U.S. Congress as they head into the 2019 EXIM reauthorization process.”
Chairman Reed noted, “Specifically, the U.S. Congress will be reviewing the progress on a provision enacted into law and now part of the EXIM charter that states that EXIM shall cooperate with the export financing instrumentalities of other governments to seek to minimize competition in government-supported export financing.” She added, “I look forward to working with my counterparts between now and next year to find common ground on key initiatives, especially those that foster transparency and a level playing field.”
The theme of the 2019 ECA Heads meeting was “Export Credit Agencies: 100 Years and Outlook.” During the meeting, participants recognized the United Kingdom for celebrating the 100th anniversary of the founding of the world’s first ECA, the former Export Credit Guarantee Department (now known as UK Export Finance) that was created in June 1919 to restore trade links after the First World War.
In addition to Chairman Reed, last week Spencer Bachus III and Judith DelZoppo Pryor also were confirmed by the U.S. Senate and sworn in as EXIM board members. The three appointments restored the quorum on EXIM’s board of directors, returning the bank to full functionality, which includes the capacity to authorize financing for transactions of more than $10 million.
Senate action is pending on two additional individuals who have been nominated by President Trump to serve on the EXIM board: Paul Shmotolokha (nominated as EXIM first vice president) and Claudia Slacik (nominated as a board member).