US EXIM Bank looks to expand financing in Bahrain

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Report by Ashen Tharaka 

The US EXIM Bank is looking to expand its reach in Bahrain, according to its top executive.

At a round-table discussion with local journalists at the US Embassy in Manama yesterday, US EXIM President and Chair Reta Jo Lewis said that the bank is looking to provide more financing in the region, and is now speaking directly with regional leaders to ascertain what type of financing it can provide. “I am excited to see the growth and the prosperity that has been brought in this region,” Lewis said.

“One of my biggest priorities is to help expand US exports, and we are particularly interested in engaging in renewable energies, 5G telecommunication and transportation sectors, and many more.

We are very capable of financing technology specially for the phone buyers, and looking forward to more collaboration with the parties in Bahrain.”

According to recent conversations Lewis had with government officials and businessmen from the private sector, both groups are interested in the same sectors, and the EXIM is eager to collaborate with other partners in Bahrain.

The minimum financing capacity for Bahrain is merely $2 million, and the EXIM bank chose renewable energy as their top priority during discussions with government leaders.

In the meantime, they realised that American companies truly needed 5G development to better understand this market and the opportunities it presents, and they are prepared to work on this aspect in partnership with the US Embassy.

“They are the advocates for American Business. I being true to our mandate, we cannot pick winners and losers.

We cannot discriminate against any side or any sectors as it relates to,” said Lewis.

In response to a question regarding the budget allocation, Lewis noted that Congress can give EXIM permission to make funding available up to a specific percentage, but “we are still looking for opportunities for American businesses.”

She claimed that out of a total budget of $135 billion, 20% was allocated to small and medium-scale businesses (SMEa), but EXIM is requesting a 30% allocation.

They reportedly completed $5 billion worth of transactions in the previous year. Lewis said: “We’re attempting to prioritise our participation.

We think that continuing to orient as many people is in both our country’s and our own interest.

Our private sector organisations on both sides are aware of the opportunities present as well as the value that we think American businesses can add in a variety of these different fields.”