THE WHITE HOUSE
Office of the Press Secretary (Merida, Yucatan, Mexico) ________________________________________________________________________ For Immediate Release February 15, 1999
U.S.-Mexico Economic Cooperation: New Financing Agreement to Support U.S. Exports to Mexico
The Export-Import Bank of the United States (Ex-Im Bank) and the Ministry of Finance and Public Credit of Mexico today signed a Memorandum of Understanding (MOU) under which Ex-Im Bank will provide up to $4 billion in export financing over the next two years to support Mexico's purchase of U.S. goods and services. The financing, which will include Ex-Im bank loans, loan guarantees, and export credit insurance, aims to accomplish the following:
Meet Mexican public and private sector demand for credit to purchase raw materials, capital equipment, aircraft, and other U.S. products and services;
Provide financing for the development of infrastructure projects in Mexico; and
Create and sustain U.S. jobs in communities across the country by promoting U.S. exports.
The MOU reflects the importance the United States places on our economic partnership with Mexico and our mutual interest in expanding commercial trade relations. Increased trade supports economic growth and job creation in both countries.
Mexico has historically represented Ex-Im Bank's largest foreign market and is currently Ex-Im Bank's single largest customer with $1.6 billion in authorized financing for fiscal year 1998. Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services. Ex-Im Bank and Mexico have been trade partners since 1934.
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