Agreement Focuses on U.S. and Polish Exports in Diverse Sectors, Supports Critical Efforts Including Three Seas Initiative and EXIM’s Program on China and Transformational Exports
FOR IMMEDIATE RELEASE December 14, 2020
Office of Communications (202-565-3203)
WARSAW, Poland — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed Friday signed a memorandum of understanding (MOU) with Bank Gospodarstwa Krajowego (BGK), the Republic of Poland’s official export credit provider and official state development bank established in order to support, among other things, Polish exports. The MOU aims to promote economic cooperation between the two agencies.
The MOU was signed by Chairman Reed; Beata Daszyńska-Muzyczka, President of the BGK Management Board; and Pawel Nierada, First Vice President of the BGK Management Board at a ceremony BGK’s headquarters in Warsaw.
L-R: EXIM Chairman Kimberly Reed, BGK President Beata Daszyńska-Muzyczka, BKG First Vice President Pawel Nierada.
Under the MOU, EXIM and BGK agree to explore and identify potential opportunities for EXIM financing and work together to promote business development opportunities. The agreement includes, but is not limited to, support for projects in safety and security, including ports and other infrastructure; telecommunications and broadband services; power; transportation, including rail, air, and road; health care; agricultural equipment; navigational equipment; and environmental.
In addition, the MOU also supports EXIM’s Program on China and Transformational Exports, established by the U.S. Congress as part of EXIM’s historic 2019 reauthorization to support the extension of loans, guarantees, and insurance to advance the comparative leadership of the United States with respect to the People’s Republic of China. The agency is charged with supporting U.S. innovation, employment, and technological standards, through direct exports in key transformational export categories, including 5G, artificial intelligence, biotechnology, biomedical sciences, quantum computing, renewable energy, semiconductors, and emerging financial technologies.
“I want to thank BGK President Beata Daszyńska-Muzyczka and the BGK and EXIM teams for their hard work that resulted in the signing of this strategic memorandum of understanding. EXIM and BGK are committed to enhancing economic cooperation between our two agencies, and this agreement focuses on significant and diverse sector exports important to both of our nations’ economic and national security and stability,” said Chairman Reed. “This MOU also will help further Poland’s Three Seas Initiative and EXIM’s Program on China and Transformational Exports. To the extent permissible under law, EXIM will use the important new authority to support the competitiveness of U.S. transformational exports to Poland.”
“BGK is happy to announce we signed MoU with the Export-Import Bank of the United States,” said President Daszyńska-Muzyczka. “We will exchange good practices and expertise, and our co-operation will increase support for Polish and American exporters.”
“We applaud these two agencies in signing this mutually beneficial memorandum of understanding,” said Pawel Jablonski, Poland’s Deputy Minister of Foreign Affairs for Economic and Development Cooperation. “This MOU will further collaboration and economic development between the United States and Poland, and it will support the success of critical efforts in Poland, including the Three Seas Initiative.”
“Congratulations to EXIM and BGK on this historic memorandum of understanding! Cooperation between the United States and Poland can boost both our economies, and the industries targeted in this agreement – including renewable energy, wireless communication, and transportation – can have a transformative effect for both our economies,” said U.S. Ambassador to Poland Georgette Mosbacher.
The MOU also supports the Three Seas Initiative(link is external), which is a regional cross-border effort that aims to boost economic prosperity through connectivity of 12 European Union member states, including Poland, between the Baltic, Adriatic, and Black seas. The United States, through the U.S. International Development Finance Corporation (DFC), has committed to investing up to $1 billion toward Three Seas Initiative projects in sectors such as energy, transportation, and digital infrastructure. EXIM’s financing will supplement the DFC effort.
The MOU is an outcome of Chairman Reed’s trip to Poland focused on strengthening the U.S.-Polish relationship through the export of U.S. goods and services, during which she met with numerous government and business officials.
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.
For more information about EXIM, please visit www.exim.gov.