US Ex-Im Bank to Finance Turkish Renewable Energy Sector

Under the agreement, Ex-Im Bank and the Ministry of Energy and Natural Resources have agreed to share information on trade and business opportunities to facilitate sales of US goods and services offering environmental benefits to Turkey’s energy sector, including renewable energy and energy efficiency exports.
Turkey is one of nine priority countries being targeted for financing by Ex-Im Bank because of the opportunities it offers to US exporters, the bank said.

Fred Hochberg, chairman and president of Ex-Im Bank, said, ‘This agreement strengthens the long-standing partnership between Ex-Im Bank and Turkey.

‘Our goal is to finance US exports to facilitate Turkey’s economic and technological growth while supporting US jobs. Recently we have supported US exports for a Turkish scrap metal plant that produces electricity, and for a hydroelectric dam project. We want to participate in more such environmentally beneficial projects in Turkey.’
Ex-Im Bank, an independent, self-sustaining federal-government agency, provides export financing and a variety of financing mechanisms to help small- and medium-sized US businesses, export-credit insurance to protect against non-payment by foreign buyers, and loans to assist foreign companies buy US goods and services.

In fiscal 2009, Ex-Im Bank’d financing totalled $21bn. The bank has also recently provided a loan guarantee to New Jersey small business Chinook Sciences that sells equipment and technology to Turkish buyer DT Metal Geri Kazanim Teknolojileri Sanayi ve Ticaret to build an innovative plant that recycles metal and in the process recovers gas and produces electricity.