US Export Import Bank Open to Cambodia

By Men Kimseng, VOA Khmer

Original report from Washington

(Posted by CAAI News Media)

The Export Import Bank of the United States is now open to provide financing for purchases of US exports by private-sector buyers in Cambodia.

The opening follows Cambodia’s removal from a US trade blacklist in June by President Barack Obama, “which has allowed the bank to do a study in order to determine, along with other US agencies, that we should be open to financing import into Cambodia from the United States on repayment terms up to seven years,” Phil Cogan, spokesman for the Ex-Im Bank, told VOA Khmer.

“So what that means is buyers in Cambodia who wish to purchase US high-quality goods and services can do so with potential financing from the United States Export Import Bank that will make their purchases available for financing,” he said.

US export to Cambodia remains small, about $154 million in 2008, compared to $2.4 billion in import from Cambodia. The US products available in Cambodia are vehicles, heavy machinery, electronics equipment, and health and sanitation.

Many local businessmen said they were glad to hear the news.

Cogan said interest rates for Cambodia are at favorable levels, and that even small deals could be made.

The so-called Ex-Im Bank is the official export credit agency of the United States. The federal agency, now in its 75th year, helps to create and maintain US jobs by financing the sales of exports, primarily to emerging markets throughout the world.