US Ex-Im has approved a financing agreement with Turkey’s ministry of energy and natural resources to cooperate in financing US renewable energy exports to the country.
Under the memorandum of understanding (MOU), US Ex-Im and the Turkish ministry 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.
US Ex-Im chairman and president Fred Hochberg signed the document during a business development trip to Turkey to promote the availability of US Ex-Im financing for Turkish buyers, particularly in the energy, transportation, communication and medical sectors.
Turkey is one of nine priority countries being targeted for financing by US Ex-Im because of the major opportunities it offers US exporters. The other priority countries, as identified by Hochberg to GTR, are South Africa, Nigeria, Indonesia, Vietnam, India, Mexico, Colombia and Brazil. Turkey is the only country in Europe that is being targeted as part of this initiative.
"This agreement strengthens the long-standing partnership between US Ex-Im and Turkey," Hochberg says. "Our goal is to finance US exports to facilitate Turkey's economic and technological growth while supporting US jobs. We want to participate in more such environmentally beneficial projects in Turkey.”
The bank recently supported US exports for a Turkish scrap metal plant that produces electricity. A portion of the export sale by Chinook Sciences to Turkish buyer DT Metal is backed by a US$10mn medium-term loan from Northstar Trade Finance and guaranteed by US Ex-Im.
The Turkish plant will be the first in the world to recycle metal, while at the same time recovering the energy and producing electricity.
Last Updated July 26, 2010
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