22 December 1999
Text: Ex-Im Bank Will Not Approve Two Loan Guarantees for Russia
(Supports Albright determination on transactions for oil sector) (400) The Export-Import Bank of the United States (Ex-Im Bank) has supported a determination by Secretary of State Madeleine Albright not to give final approval to two loan guarantees for the Russian Federation. It would be "in the national interest and clearly and importantly advance U.S. policy in Russia" not to approve the loans "for the time being," Albright told the Ex-Im Bank, according to a December 21 press release. The proposed guarantees, totaling almost US$500 million, would have supported the sale of U.S.-made oil and gas equipment and technical services to Russia's Tyumen Oil Company. Following is the text of the Ex-Im Bank release: (begin text) Export-Import Bank of the United States Washington, D.C. December 21, 1999 SECRETARY OF STATE ISSUES NATIONAL INTEREST DETERMINATION TO EX-IM BANK WASHINGTON -- The Export-Import Bank of the United States (Ex-Im Bank) today received a letter from Secretary of State Madeleine Albright containing a determination that it would be in the national interest and clearly and importantly advance US policy in Russia for Ex-Im Bank not to approve, for the time being, financing for two transactions in Russia. The Ex-Im Bank board of directors acted in accordance with the secretary's determination. Ex-Im Bank was considering for final approval two loan guarantees for $295 million and $203 million. The proposed loan guarantees would have supported the sale of US-made oil and gas equipment, and technical services to be provided by Halliburton Co., Dallas, Texas, and ABB, and 23 other U.S. companies to the Tyumen Oil Co., Russia. These transactions received preliminary approval from the Ex-Im Bank board in May and June of 1999. During the fourth quarter of fiscal year 1999, both transactions were returned from the United States Congress following a required 30-day review period. Ex-Im Bank is an independent federal agency. Under its charter, Ex-Im Bank is required to consider all transactions for such commercial reasons as creditworthiness and their positive impact in creating or sustaining US jobs. For all Ex-Im Bank loans or guarantees, all money authorized remains in the United States and is paid directly to US exporters. (end text) (Distributed by the Office of International Information Programs, U.S. Department of State)
|
NEWSLETTER
|
| Join the GlobalSecurity.org mailing list |
|
|
|
