WASHINGTON, DC – In a move welcomed by Armenian Americans and the growing number of U.S. firms doing business with Armenia, the Export-Import Bank of the United States (Ex-Im Bank) announced this week the expansion of its loan guarantee, export credit insurance, and direct loan programs in Armenia.

“We welcome this contribution by EXIM to the expansion of U.S.-Armenia commercial relations,” said ANCA Executive Director Aram Hamparian. “We appreciate the role of the Bank in fostering an environment of greater bilateral economic cooperation and look forward to the new job-creation opportunities that this expansion will make possible.”

The policy change to its “cover policy arrangements” includes new support for short and medium term programs in Armenian public sector. These changes, effective as of today, were based on risk rating changes made by the U.S. Interagency Country Risk Assessment System. Short term deals typically last up to one year, while medium term transactions last between one and seven years.

Ex-Im Bank, the official export credit agency of the United States, is in its 71st 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 2004, Ex-Im Bank authorized financing to support $17.8 billion of U.S. exports worldwide. For further information on Ex-Im Bank programs in Armenia, visit Ex-Im Bank’s web site at www.exim.gov.