US President Barack Obama has officially signed the US Export-Import Bank (US Exim) reauthorisation act of 2012, which extends the bank’s authority until 2014.

The US Senate voted in favour of the reauthorisation on May 16.

The reauthorisation will enable US Exim to increase its portfolio cap to US$140bn, while providing much-needed certainty and predictability to US exporters and their workers.

“Today is a great day for US businesses – both large and small,” says US Exim chairman Fred Hochberg. “With our reauthorisation now achieved, the bank will continue to do what it does best – help our nation’s workers compete globally and support US jobs at no cost to American taxpayers.”

Robert Davis, interim president and chief executive officer at Baft-Ifsa, says that readily accessible export financing is vital to American companies and the US economy. “Exports are vital to the economic recovery, and trade finance is integral to exports. Robust, effective programmes at US Exim will help facilitate trade finance and ensure the vitality of export markets.”