By David Brunnstrom
Source: Yahoo News
WASHINGTON (Reuters) - The
Export-Import Bank of the United States said it launched operations in
Myanmar on Thursday, a move to support U.S. exporters against
competitors and help reintegrate the country into the world economy.
Fred Hochberg, chairman of the U.S. government lending agency, said the
announcement would send "a strong signal that we are committed to
strengthening economic ties with Burma as the nation continues its
transition."
"This decision
... will improve trade flows between our two countries and help
reintegrate Burma into the global economy," he said in a statement,
adding that it would also open an important new market for U.S. exports
and support American jobs.
The U.S. move follows the launching of political and economic reforms in
Myanmar since 2011 when a military government stepped aside and the
country started to move away from nearly half a century of army rule and
international isolation.
A
senior bank official, briefing reporters in a conference call, said its
decision was made possible by a lifting of U.S. sanctions and the end of
a year-long moratorium on relending that followed a big debt write-off
by the Paris Club of creditor countries.
Another bank official said there were "exciting opportunities" in
Myanmar for U.S. exporters of agricultural commodities, in the
transportation sector, and in infrastructure, including power, mining
and agricultural equipment.
The bank said it would be able to provide export-credit insurance, loan guarantees and direct loans for export sales.
It would also be able to offer short-term insurance for sovereign
transactions with repayment terms of 180 days or less, and up to 360
days for capital goods.
Medium-term insurance, loan guarantees and loans were also available for
sovereign transactions with terms up to five years, along with capital
guarantees to help U.S. exporters or their suppliers obtain funds to
produce or buy goods or services for export.
The bank would be able to provide long-term support for trade, provided
there were financing arrangements to eliminate or externalize country
risks, it said.
The first
bank official said the aim was to create a level playing field for U.S.
exporters trying to compete with foreign firms that were backed by
export credit agencies.
"There has been a lot of interest expressed on the part of a lot of
different U.S. companies who would like to be able to compete in the
marketplace," he said.
Asked
about continuing concerns over human rights in Myanmar, the first bank
official said the bank had taken into account the political and social
environment, but "in the narrow context ... of repayment risk."
A senior U.S. official said the United States continued to engage the
Myanmar government on events in the western Rakhine state, where the
United Nations and rights groups have said that at least 40 minority
Muslims were killed by security forces and majority Buddhist civilians
in mid-January.
The United
States said last month it was deeply disturbed by the reports, and the
U.S. official said Washington had reiterated a call for a "credible and
independent investigation".
(Reporting by David Brunnstrom; Editing by Stephen Powell)
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