First Ex-Im Bank Co-Financing With Denmark's Export Credit Agency, EKF
WASHINGTON, July 16 /PRNewswire/ -- The Export-Import Bank of the United
States (Ex-Im Bank) has approved a $60 million loan guarantee to support the
export by GE Packaged Power Inc., Houston, Tex., and other U.S. suppliers of
three gas turbines to build a 154-megawatt combined cycle power plant in
Kayseri, Turkey.
In Ex-Im Bank's first co-financing with Denmark's export credit agency
EKF, EKF will reinsure $16.3 million of the financing to cover the export by
Aalborg Engineering A/S of Denmark of heat recovery steam generators for the
plant. The buyer of the U.S. and Danish equipment is Zorlu Enerji Elektrik
Uretimi Otoproduktor Grubu A.S. (Zorlu Enerji) in Bursa, Turkey.
"Co-financing gives both the United States and Denmark leverage to win an
export opportunity in the important Turkish market that might not have been
available to companies of either country alone; and in the process it helps to
create and sustain U.S. and Danish jobs," said Ex-Im Bank Chairman Philip
Merrill.
Other U.S. suppliers participating in the transaction are Ewlec Products
Corp., Scarsdale, N.Y., and Eaton Electrical of Greenwood, S.C., which will
produce electrical switchgear at plants in South Carolina, North Carolina and
Pennsylvania. Zorlu Enerji will provide power to the Kayseri industrial zone
and other industrial zones throughout Turkey.
The guaranteed lender on the transaction is Fortis Capital Corp.,
Stamford, Conn. Zorlu Holding, a major Turkish conglomerate and owner of
Zorlu Enerji, is the guarantor.
The Ex-Im Bank and EKF financing enabled U.S. and Danish companies to win
the sale in the face of competition from other European companies backed by
their export credit agencies.
Ex-Im Bank, the official U.S. export credit agency, is in its 70th year of
helping finance the sale of U.S. exports, primarily to emerging markets
throughout the world, by providing loan guarantees, export credit insurance,
and direct loans. In fiscal year 2003, Ex-Im Bank authorized financing to
support $14.3 billion of U.S. exports. For more information, visit
http://www.exim.gov. For more information about EKF please visit
http://www.ekf.dk.
SOURCE Export-Import Bank of the United States
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Related links:
http://www.exim.gov
http://www.ekf.dk
CONTACT:
Marianna Ohe of Export-Import Bank of the
United States, +1-202-565-3200
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