Investment

Biden-Harris Administration Launches Next Phase for Over $5 Billion in CHIPS R&D Investments

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WASHINGTON — Feb 9, Leaders from the Departments of Commerce, Defense, and Energy; and the National Science Foundation; and the Chief Executive Officer of the National Center for the Advancement of Semiconductor Technology (Natcast) gathered at the White House to announce over $5 billion in expected investment in the CHIPS R&D program, including the National Semiconductor Technology Center (NSTC), and formally establish a public-private consortium for the NSTC. The announcement included hundreds of millions of dollars of expected investment in the semiconductor workforce; along with specific funding announcements in packaging, metrology, and a CHIPS Manufacturing USA Institute. This announcement is a reflection of President Biden’s commitment to American innovation and research and development.

The NSTC is the centerpiece of CHIPS for America’s $11 billion research and development (R&D) program. A once in-a-generation opportunity, the NSTC will bring together government, industry, labor, customers, suppliers, educational institutions, entrepreneurs, and investors to accelerate the pace of new innovations from idea to marketplace. As a public-private consortium, the NSTC will lower the barriers to participation in semiconductor R&D to create a more vibrant national ecosystem and to directly address fundamental needs for a skilled, diverse semiconductor workforce.

The announcements and consortium agreement signing, leaders from across the semiconductor community participated in roundtables led by White House Office of Science and Technology Policy Director Arati Prabhakar, National Science Foundation Director Sethuraman Panchanathan, and Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology (NIST) Director Laurie E. Locascio, along with senior government leaders from the White House; Departments of Commerce, Defense, Energy, Labor, Education; and the National Science Foundation. The roundtables centered on the R&D opportunities and need for industry participation, along with how CHIPS for America will help increase access to talent for employers and access to opportunity for Americans who want to work in the semiconductor industry.

“CHIPS research and development programs are at the core of our greatest innovations and help to find the solutions for the semiconductor industry’s most pressing challenges. With strategic investments in R&D complementing targeted industry incentives, CHIPS for America will not only bring semiconductor manufacturing back to the U.S. – it will keep it here for good. As we create opportunities for good-paying jobs, the workforce initiatives, such as the NSTC Workforce Center of Excellence, will help ensure a diverse, skilled, and prepared workforce across the nation,” said Secretary of Commerce Gina Raimondo.

“Because of President Biden’s Investing in America agenda, semiconductor manufacturing is coming back in America. Now it’s time to make sure we win the future, too. The NSTC is a place where our CHIPS R&D investments will deliver big advances—advances that will open opportunities for the American semiconductor industry, create good-paying jobs, and strengthen our supply chains,” said White House Office of Science and Technology Director Arati Prabhakar.

President Biden’s CHIPS and Science Act appropriated $39 billion to the Department of Commerce in funding to onshore semiconductor manufacturing through an incentives program. The appropriation also included $11 billion to advance U.S. leadership in semiconductor R&D through four programs: the NSTC, the National Advanced Packing Manufacturing Program, the CHIPS Metrology Program and the CHIPS Manufacturing USA Institute.

“For the United States to lead the world in semiconductors, all parts of the R&D enterprise must work hand in hand with manufacturers to bolster each other’s successes and move the industry ever forward,” said Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology (NIST) Director Laurie E. Locascio. “With the NSTC at the epicenter, CHIPS R&D programs are working to revolutionize the U.S. semiconductor ecosystem and enable rapid adoption of innovations to enhance domestic competitiveness for decades to come.”

With the official launch of the NSTC consortium, there are opportunities to express interest in joining the NSTC. Further information about this may be found on the NSTC website.

“Our first priority is to build a community whose members will help define the strategy and investments core to the semiconductor R&D ecosystem,” said Deirdre Hanford, CEO of Natcast, the nonprofit operator of the NSTC. “The NSTC represents a once-in-a-generation opportunity to establish a new, long-lasting institution that can serve as an engine of innovation to benefit our nation’s national and economic security for decades to come.”

The NSTC is one of four CHIPS for America research and development programs. Together, these programs are establishing the innovation ecosystem needed to ensure that American semiconductor fabrication facilities, including those funded by the CHIPS for America Act, produce the world’s most sophisticated and advanced technologies. CHIPS for America’s Jay Lewis, NSTC Program Director, and Deirdre Hanford, CEO of Natcast, will provide an update on early NSTC activities in March 2024.

The 10th SelectUSA Investment Summit, Taking Place Next June in National Harbor, MD

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U.S. Secretary of Commerce Gina Raimondo announced today that registration is now open for SelectUSA’s 10thInvestment Summit to be held June 23 – 26, 2024, at the Gaylord National Resort & Convention Center in National Harbor, Maryland.

The SelectUSA Investment Summit is the highest-profile event dedicated to promoting foreign direct investment (FDI) in the United States, with a focus on the U.S. investment environment, industry trends, and creating business opportunities. Drawing more than 4,900 participants in 2023, the Investment Summit facilitates connections between investors, economic developers, and industry experts to seek opportunities available through U.S. investment. Attendees and speakers include senior government officials, C-Suite business executives, and industry leaders.

“This year we are excited to celebrate the 10th SelectUSA Investment Summit, marking a decade of work by the Commerce Department to provide a platform that encourages foreign direct investment and economic development across the country,” said U.S. Secretary of Commerce Gina Raimondo. “For 11 years now, the United States has ranked as the top destination for global companies to invest and the SelectUSA Investment Summit has been critical to this success. As we implement President Biden’s Investing in America Agenda, the Investment Summit is a key way we can continue to bolster foreign direct investment and new international business partnerships in the U.S.”

The 2024 SelectUSA Investment Summit will offer exciting opportunities for all attendees with programming that will include plenary and academy sessions on key topics in the Biden Administration’s Investing in America agenda, including advanced batteries, Internet for All and U.S. infrastructure, clean energy, critical minerals, healthcare and pharmaceuticals, and the CHIPS Act.  

Innovation and entrepreneurship will once again be at the forefront of the Investment Summit this year. The SelectUSA Tech program, which connects early-stage and startup technology companies to prospects for advancement in the U.S. market, will allow participants to exhibit their products and services at branded booths with the opportunity to upload a product and service demo video, apply to pitch in front of a panel of judges, participate in workshops and Investment Academy sessions, and other engagement opportunities.

The Select Global Women in Tech (SGWIT) Mentorship Network, geared towards international women founders, entrepreneurs, and executives in the technology sector, will see its fourth iteration of programming at the SelectUSA Investment Summit. SGWIT participants will be matched in sessions with an experienced mentor to help them develop a market entry strategy, tailor their product and promotion for success in the U.S. market, gain access to an exclusive networking platform, and hear from successful global founders.


About the SelectUSA Investment Summit
The SelectUSA Investment Summit brings together more than 4,900 participants, including EDO representation from over 50 U.S. states and territories, more than 2,300 business investors representing over 80 international markets, and industry experts providing insight and advice on how to successfully invest in the United States.

The SelectUSA Investment Summit has directly helped generate more than $98 billion in new U.S. investment projects, supporting over 81,000 jobs across the United States and its territories.


The U.S. Department of Commerce-led SelectUSA program promotes and facilitates business investment into the United States by coordinating related federal government agencies to serve as a single point of contact for investor companies. SelectUSA assists U.S. economic development organizations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy. SelectUSA also helps business investors find the information they need to make decisions, connect to the right people at the local level, navigate the federal regulatory system, and find solutions to issues related to the federal government.

APEC CEO Summit USA 2023 To Convene World Leaders and Business Executives to Discuss Creating Economic Opportunity

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The APEC CEO Summit USA 2023 will feature 30+ speakers from the public and private sectors, representing various industries, emerging voices, entrepreneurs, philanthropists, and world leaders from large and small economies. Speakers include senior executives from General Motors, Organon, Visa, Amazon, Boeing, Citi, Google, ExxonMobil, FedEx, Johnson & Johnson, Mastercard, Merck, Meta, Microsoft, Moody’s, Qualcomm, Uber, and UPS.

The United States will host the Asia-Pacific Economic Cooperation (APEC) CEO Summit convening more than 1,000 business executives and welcoming key world leaders from across the Asia-Pacific at the Moscone Center in San Francisco from November 15-16, 2023.

“As hosts of this year’s APEC CEO Summit, the U.S. will shape the agenda to prioritize the region’s most critical issues and work toward solutions to create a more inclusive and resilient Asia-Pacific,” said Monica Hardy Whaley, President of the National Center for APEC (NCAPEC), which is organizing the APEC CEO Summit USA 2023. “The world faces many challenges, and the business community is part of the solution. We have the leadership, ideas, and resources to help address key issues ranging from climate change and equitable growth, technology and digitization, to global health and supply chains.”

Under the theme “Creating Economic Opportunity” the APEC CEO Summit USA 2023 will focus on four driving topic areas:

  • Sustainability: Actionable climate-conscious solutions, and circular economy, biodiversity and resource efficiency
  • Inclusion: Stronger voices for small businesses, workers, and underrepresented communities
  • Resilience: Disaster readiness, strengthening supply chains, and preparing APEC economies for future challenges
  • Innovation: Technology, global healthcare, new ideas, and digital transformation across the region

Further details on the event and program agenda, including additional speakers, will be announced in the coming months.

Alongside APEC Leaders’ Week meetings and the Sustainable Future Forum taking place on the week of November 12-18, the APEC CEO Summit will reaffirm the importance of public-private dialogue in promoting global economic development.

APEC is the premier forum for public and private sector engagement on trade and economic opportunity in the fastest growing region in the world. The forum brings together 21 members, and offers a pathway to participation for large and small economies. This structure enables the APEC CEO Summit to meet the moment and create equitable opportunity for the wide range of workers, businesses, communities, and families throughout the region.

U.S. Remains Top Destination for Foreign Business Investment for 10th Consecutive Year

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WASHINGTON—The United States has been ranked as the top destination for foreign direct investment for the tenth consecutive year according to Kearney’s Global Business Policy Council’s 2022 Foreign Direct Investment (FDI) Confidence Index.

The annual survey of global senior executives and investors found that the Unites States retained its position for a decade due to the innovation of the U.S. economy as the key indicator to driving growth through FDI long term.

Foreign investors look for established innovative markets that are financially strong and safe while also having strong governance and infrastructure. The ranking is testament to the attractiveness of the United States to foreign companies despite the challenges posed by the COVID-19 pandemic. 

“This ranking is cause for celebration and it reflects what so many in the global business community already know: the United States is unmatched not only in its economic power, but also in its appeal for businesses development through a strong culture of innovation and employment of a world-class productive workforce,” said Secretary Gina M. Raimondo. “The Department of Commerce is committed to creating the conditions for economic growth and opportunity for all Americans, including through foreign direct investment which creates jobs and contributes to economic development across the United States.”

“The United States retains the top position on Kearney’s 2022 FDI Confidence Index for the tenth consecutive year,” said Paul Laudicina, founder of the FDI Confidence Index. “Our findings suggest we are likely to see a continued shift in FDI to developed markets, with the U.S. being chief among them. Investors seek to capitalize on destinations marked by regulatory transparency and stability on the one hand and technological innovation on the other. Robust U.S. economic performance and bi-partisan action on the U.S. infrastructure initiative also obviously have helped restore confidence in the country’s longer term investment attractiveness, even as global geopolitical challenges persist.”

The United States rank in the FDI Confidence Index is supported by the work of the Department’s SelectUSA program that focuses on facilitating job-creating business investment into the United States and raises awareness of the critical role that economic development plays in the U.S. economy. Since its inception, SelectUSA has facilitated more than $105 billion in investment, creating and/or retaining over 138,000 U.S. jobs.  

As part of the national effort to attract foreign direct investment, Secretary Raimondo will host the 2022 SelectUSA Investment Summit June 26-29 at the Gaylord National Resort & Convention Center in National Harbor, Maryland. The annual investment summit is the highest-profile event in the United States dedicated to promoting foreign direct investment and provides prospects for investors from global markets and economic development organizations across the nation to interact and create investment opportunities.

USTDA Announces New Commitments at 2021 Indo-Pacific Business Forum

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Arlington, VA – Today, the U.S. Trade and Development Agency announced a series of new commitments and initiatives at the Indo-Pacific Business Forum (IPBF) that will deepen economic ties between the United States and the Indo-Pacific region.

“For nearly 30 years, USTDA has been the partner of choice for the Indo-Pacific region’s infrastructure development, especially in the areas that are the focus of this year’s Indo-Pacific Business Forum, including climate resilience, energy, digital economy and healthcare infrastructure,” said Ambassador Vinai Thummalapally (ret.), USTDA’s Acting Director. “Hosting the Forum highlights our commitment to building lasting partnerships with this vital part of the world.”

During the IPBF, USTDA announced new funding commitments, including a feasibility study to develop four utility-scale solar generation plants with the Philippines’ Rural Electrification Finance Corporation and technical assistance to help Vietnam’s Ecotek Corporation transform its Ecopark Township into a cutting-edge smart and sustainable city.

In addition to these commitments, USTDA announced a call for aviation proposals to support new aviation infrastructure in Southeast Asia and the Pacific Islands. Interested U.S. firms as well as Southeast Asian and Pacific Island aviation stakeholders are encouraged to submit initial proposals for feasibility studies, technical assistance and pilot projects to develop airport, airspace, airline and other aviation infrastructure to USTDA by January 10, 2022.

The USTDA-sponsored IPBF is co-hosted by the U.S. and Indian governments, in collaboration with the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry, U.S. Chamber of Commerce, U.S. India Business Council, U.S. India Strategic Partnership Forum, AMCHAM India, and the U.S.-ASEAN Business Council.

Readout of Secretary Raimondo’s Call With Indian Ambassador Taranjit Sandhu

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August 23, Secretary Raimondo spoke with the Indian Ambassador to the United States Taranjit Singh Sandhu to discuss the U.S.-India commercial relationship. During their meeting, Secretary Raimondo and Ambassador Sandhu underscored the importance of this commercial relationship and their commitment to growing business ties in support of the broader strategic relationship. They discussed scheduling the U.S.-India CEO Forum and U.S.-India Commercial Dialogue and the rescheduling of the U.S.-India High Technology Cooperation Group meeting. They also discussed U.S.-India technology collaboration and improving digital economy policies to strengthen that collaboration.

U.S. DEPARTMENT OF COMMERCE INVESTS $915,120 IN CARES ACT RECOVERY ASSISTANCE TO SUPPORT TRAVEL AND TOURISM SECTORS IN LAS VEGAS, NEVADA

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WASHINGTON – August 19, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $915,120 CARES Act Recovery Assistance grant to the Nevada System of Higher Education, Las Vegas, Nevada, to support the post-pandemic revitalization of Nevada’s travel and tourism sectors. This EDA grant, to be matched with $228,780 in local investment, is expected to create 13 jobs and retain 120 jobs.

“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Maiea Sellers, Acting Director of EDA’s Seattle Regional Office. “This EDA investment will support the University of Nevada at Las Vegas’s Hospitality and Entertainment COVID-19 Labs in providing business resilience consultation to small and medium-sized enterprises in the region.”

“I’m so glad to see the University of Nevada, Las Vegas get these EDA funds to support programs to revitalize our hard-hit tourism and travel industry,” said Senator Catherine Cortez Masto. “This is exactly why I worked so hard to advocate for these resources to aid Nevada, so that states like ours that depend on these industries would have the support they need to recover from the pandemic.”

“Travel and tourism play a critical role in the success of Nevada’s economy,” said Senator Jacky Rosen. “During the COVID-19 pandemic, these key industries were hit hard, resulting in business closures, job losses, and economic hardship for Nevada’s communities. In the Senate, in my role as Chair of the Senate Subcommittee on Tourism, Trade, and Export Promotion, I have been committed to reviving travel and tourism in Nevada. I am glad to see that this Economic Development Administration grant – funded through the CARES Act, which I proudly supported – will help restore our state’s travel, tourism, and hospitality sectors to their pre-pandemic vitality. I will continue working to ensure that Nevada and its industries have the resources they need to fully recover from the challenges of this pandemic.”

“As the Chair of the Subcommittee on Economic Development, I am proud of my work to secure these dollars in support of Southern Nevada’s economic recovery,” said Congresswoman Dina Titus (NV-01). “UNLV has one of the nation’s premiere hospitality programs, and these grant dollars will further support our travel and hospitality small businesses as they navigate the challenges posed by the coronavirus pandemic.”

This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance(EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.

U.S. and Singapore Sign MOU on Trade Financing and Investment Cooperation

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The United States of America (U.S.) and Singapore have signed a Memorandum of Understanding (MOU) to deepen economic cooperation and extend trade financing and investment support to companies in Singapore and the U.S. The MOU was signed by U.S. Secretary of Commerce Wilbur Ross and Singapore Minister for Trade and Industry Chan Chun Sing.

“The U.S. and Singapore have enjoyed more than fifty years of official partnership since we established diplomatic ties in 1966,” said Secretary Ross. “This MOU will help Singapore importers finance the purchase of U.S. exports and support Singapore investors looking at opportunities in the U.S.”

Singapore’s Minister for Trade and Industry Chan Chun Sing said, “As like-minded partners, Singapore and the U.S. are committed to supporting our businesses as they respond to the global economic disruptions caused by COVID-19. Through this MOU, we will facilitate company investments into Singapore and the U.S., and help businesses access more trade financing facilities. We also look forward to catalysing greater trade and investment flows between the U.S., Singapore, and Southeast Asia, and enabling our companies to continue trading and accessing opportunities in these challenging times.”

The U.S. and Singapore are like-minded and longstanding partners with a strong record of economic cooperation. Recognising the significant global tightening of credit following the economic slowdown caused by the COVID-19 pandemic, the MOU aims to enhance the availability of and access to trade financing options for U.S. and Singapore companies. The MOU will also facilitate bilateral trade in goods and services to enhance our respective regions’ growth opportunities. In addition, the MOU seeks to strengthen cooperation on investment promotion and provide opportunities for both countries to explore the use of technology (e.g. FinTech) to address new trade financing and investment challenges.

The renewable, two-year MOU will be overseen by the U.S. Department of Commerce and Singapore’s Ministry of Trade and Industry. The MOU will also be supported by implementing agencies, including the Export-Import Bank of the U.S., the U.S. Commercial Service in Singapore, and Enterprise Singapore.

The MOU is the latest tangible result of the robust economic and investment partnership between the U.S. and Singapore. The U.S. is Singapore’s largest foreign investor, while Singapore was the fourth-largest Asian investor in the U.S. in 2019. Both countries are committed to working together towards a stronger post-COVID-19 economic recovery. Our continued partnership will help to facilitate bilateral trade and investments and ensure that our companies are well positioned to tap into growth opportunities in our respective markets and regions.

United States Announces Nominee for Presidency of the Inter-American Development Bank Group

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WASHINGTON – Today the U.S. Department of the Treasury announced that the United States intends to nominate Mauricio J. Claver-Carone for the presidency of the Inter-American Development Bank Group (IDB).

“The IDB is at a critical juncture as the region faces growing challenges to economic growth and sustainable development, particularly in light of the global pandemic,” said Secretary Mnuchin.  “The nomination of Mr. Claver-Carone demonstrates President Trump’s strong commitment to U.S. leadership in important regional institutions, and to advancing prosperity and security in the Western Hemisphere.  We are confident that his leadership of the IDB will strengthen its ability to deliver development impact to the region.” 

Mr. Claver-Carone currently serves as the Deputy Assistant to the President and Senior Director for Western Hemisphere Affairs at the National Security Council.  During his time at the White House, he spearheaded the whole-of-government Growth in the Americas (‘America Crece’) initiative to support economic development by catalyzing private sector investment in energy and infrastructure projects across Latin America and the Caribbean.  

Mr. Claver-Carone also played an important role in developing the bipartisan Better Utilization of Investments Leading to Development Act of 2018, which created the U.S. International Development Finance Corporation, and has facilitated its robust engagement in Latin America. 

In addition to roles in the private sector, Mr. Claver-Carone has previously served as U.S. Representative to the International Monetary Fund, as Senior Advisor to the Under Secretary for International Affairs at the U.S. Department of the Treasury, and as an attorney-advisor with the Treasury Department’s Office of the Comptroller of the Currency. 

He earned his Bachelor of Arts degree from Rollins College, Juris Doctor from the Catholic University of America, and Master of Laws in International and Comparative Law from Georgetown University Law Center.

EXIM Board Approves $91.5 Million in U.S. Export Financing for Project in Senegal

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WASHINGTON – The Board of Directors of the Export-Import Bank of the United States (EXIM) yesterday unanimously approved approximately $91.5 million in loan guarantee financing that supports U.S. exports of design engineering and construction services to the Republic of Senegal. The transaction will increase access to reliable electricity for rural communities throughout Senegal while supporting an estimated 500 U.S. jobs in 14 states: California, Colorado, Florida, Georgia, Illinois, Kentucky, Mississippi, Missouri, New Hampshire, Nevada, Ohio, South Carolina, Tennessee, and Wisconsin.

The transaction – which is expected to bring electricity to approximately 330,000 Senegalese in more than 400 villages – will advance four of EXIM’s priorities as set by Congress. Specifically, this transaction supports a small-business exporter, Weldy-Lamont LLC of Mt. Prospect, Illinois; the export of U.S. manufactured goods and services to sub-Saharan Africa; renewable energy technology through the export of solar panels; and the “Program on China and Transformational Exports” as outlined in EXIM’s recent reauthorization. United States-based Weldy-Lamont was selected for the project over foreign competition being supported by at least four other governments, including China.

This transaction also advances the goals of the Trump Administration’s Prosper Africa and the President’s Advisory Council on Doing Business in Africa (PAC-DBIA) initiatives, which aim to substantially increase two-way trade and investment between the United States and Africa.

“The selection of Weldy-Lamont for this project is a significant win for not only for this Illinois-headquartered small business and its workers across fourteen states, but also for the United States and Senegal,” said EXIM President and Chairman Kimberly A. Reed. “Building on my discussion with Senegal’s Minister for Economy, Planning, and Cooperation Amadou Hott during our October 18, 2019, Memorandum of Understanding (MOU) signing ceremony, this transaction demonstrates Senegal’s willingness to consider alternative financing and export including those from the United States, for critical infrastructure needs beyond Chinese sources. We are pleased to support this U.S. small business as it exports its ‘Made in the U.S.A.’ renewable energy products to sub-Saharan Africa.”

“This deal fulfills several of EXIM’s goals, including supporting small businesses and competing with China on a global scale,” said EXIM Board Member Spencer Bachus III. “There’s no more important time for EXIM than today. With the spread of coronavirus, our job will be more challenging, but it will be more important than ever.”

“I can think of no better first project for us with the Republic of Senegal than this Weldy-Lamont deal to provide rural electrification to about 415 villages,” said EXIM Board Member Judith Pryor. “This deal is part of a whole-of-government approach that encompasses the goals of both Prosper Africa and Power Africa, and we are honored to work with our sister agencies toward these goals.”

The financing was approved under EXIM’s MOU with Senegal’s Ministry of Economy, Planning and Cooperation. The Senegal National Electricity Agency (Senelac) will be the borrower in the transaction and the buyer of the exports. Senegal’s Ministry of Economy, Planning and Cooperation will provide a sovereign guarantee of the financing. JP Morgan Chase is the lead arranger and mandated lender. The total cost of the project is estimated to be $100 million, with EXIM supplying 81.5 percent of the funding.

For the project, Weldy-Lamont – a Chicago-area small business with fewer than 20 employees – plans to source from a large U.S. supply chain to procure American-manufactured electrical and solar-energy equipment, as well as a variety of services. EXIM’s financing is expected to support an estimated 500 American jobs in 14 states.

The proposed project will consist of low-voltage power lines along existing roads to rural villages, with more remote villages to be served by the establishment of a mini-grid of stand-alone solar units and limited low-voltage lines. The completed project will reduce the need for community-based diesel generation of electricity and will connect hundreds of villages to the grid.

The EXIM Board initially approved a preliminary commitment on Oct. 30, 2019. In addition to EXIM, other federal agencies involved in promoting the selection of Weldy-Lamont for the project include the U.S. Departments of State and Commerce, the U.S. Agency for International Development, and the U.S. Trade and Development Agency.

EXIM Small Business Outreach and Relief Efforts

During the open portion of the meeting, the Board received an update from EXIM’s Small Business Division. Senior Vice President of Small Business Jim Burrows noted that since EXIM’s board quorum was restored in May 2019, EXIM has authorized approximately 1,635 small business transactions, totaling $1.7 billion, and supporting thousands of U.S. jobs.  

Earlier this month, EXIM instituted temporary relief measures that provide assistance to U.S. businesses, their buyers, financial institutions, and American workers negatively impacted by COVID-19 (coronavirus). Complete information is available on the coronavirus response page. “EXIM recognizes that in the months following the COVID-19 outbreak, exporting may be a challenge for many of our nation’s businesses, especially small businesses,” said Burrows. “EXIM staffers are working tirelessly to ensure our nation has the proper programs in place to provide U.S. exporters with the financing and other products necessary to export ‘Made in the U.S.A.’ goods and services.”

Office of Small Business Director of Outreach and Education Elizabeth Thomas focused on EXIM’s new digital outreach strategy, which was launched in November 2019, alignment with associations whose members would benefit from EXIM’s services, and direct customer outreach. Since the digital strategy kickoff, EXIM has engaged over 2800 “new to EXIM” contacts and attributes 73% of FY 2020 authorizations to digital outreach. Particularly given this time of COVID-19, “digital outreach allows us to stay connected with small businesses and provide much needed support in a safe and healthy way,” said Thomas.

EXIM Open for Business in 191 Countries

In additional to the voting on the Senegal project during the closed portion of the meeting, the Board of Directors also heard from EXIM’s Enterprise Risk Committee and approved changes to EXIM’s Country Limitation Schedule (CLS) that are effective April 6, 2020. The changes will be reflected at that time on EXIM’s website.

“As elevated demand for EXIM support, as well as support from competitor export credit agencies around the world can be counter-cyclical in nature, EXIM will be needed even more over the next several months to accomplish its mission to support U.S. jobs through exports,” said EXIM Chief Risk Officer Ken Tinsley, “I am confident in EXIM’s ability to execute this mission successfully while at the same time protecting the U.S. taxpayer.”

The CLS is a document that expresses whether EXIM is open or closed for business in a given market. Country conditions in markets in which EXIM is open must meet EXIM’s Charter-mandated requirement of a reasonable assurance of repayment. EXIM’s Board has established a linkage between the reasonable assurance of repayment mandate and the country risk ratings from the Interagency Country Risk Assessment System implemented by the Office of Management and Budget. These ratings, which are subject to routine evaluation, reflect the repayment risk of doing business in a market and are required to be used by all U.S. government agencies engaged in cross-border credit activities to estimate expected loss. With this update, EXIM is open for business in 191 countries.

ABOUT EXIM:

EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.