US Eximbank OKs record-breaking $5 bln loan for Saudi petchem complex
In its largest job-supporting authorization to date, the board of the Export-Import Bank of the United States (Ex-Im Bank) has approved a $4.975 billion direct loan to Sadara Chemical Company for the export of American goods and services required in the construction of a petrochemical complex in Jubail Industrial City II in the Kingdom of Saudi Arabia.
According to estimates calculated from U.S. Census Bureau statistics, the financing will support approximately 18,400 American jobs, 12.5 percent of which come directly or indirectly from small businesses, in 13 states. Among the approximately 70 American exporters involved in the transaction are KBR, ABB Inc., and The Dow Chemical Company. More than 20 of the exporters are small businesses.
“Today the board approved a record-breaking transaction that will support more than 18,000 American jobs across 13 states,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “No other transaction in Ex-Im Bank’s storied history has supported as many American jobs as this transaction, and no other single transaction has provided so much support to small businesses. Furthermore, the manufacturing jobs supported by this transaction will in turn support other jobs, allowing the benefits of the transaction to reverberate throughout key corners of the U.S. economy.”
"The U.S. Export-Import Bank has approved a record-breaking $4.975 billion direct loan to help build a petrochemical complex in Saudi Arabia, the bank said on Thursday. The loan to the Sadara Chemical Company, a joint venture between Dow Chemical Co and Saudi Arabian Oil Co, is the biggest in the bank's history and "will support more than 18,000 American jobs across 13 states," Ex-Im Bank President Fred Hochberg said in statement. Approximately 70 companies including Dow, KBR , ABB Inc and more than 20 small businesses are expected to export U.S. goods and services to the facility in Jubail Industrial City II in eastern Saudi Arabia under the loan, the bank said."
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