Export-Import Bank of the United States Board of Directors Increases Support for Critical Minerals Transactions

Washington, DC - The Board of Directors at the Export-Import Bank of the United States (EXIM) last week voted to approve a Non-Binding Resolution in Support of Critical Minerals and Rare Earths Financings to reaffirm its support for critical minerals transactions.

The resolution was developed in response to engagement from stakeholders and members of Congress, including the Chairman and Vice Chairman of the Senate Select Committee on Intelligence, Senators Mark Warner and Marco Rubio.

The resolution amplifies EXIM's current efforts to utilize its lending and underwriting tools to support critical minerals and rare earths projects. In doing so, it will boost the Bank's China and Transformational Exports Program (CTEP), a congressionally mandated program that was established as part of EXIM's 2019 reauthorization, supporting U.S. exporters facing competition from the People's Republic of China (PRC) and ensuring the U.S. continues to lead in transformational export areas. The resolution signals EXIM support for critical minerals and rare earths transactions that allow the Bank to further fulfill its mission to support American exporters.

"This decision comes on the heels of a bipartisan request for EXIM to do all we can in the critical minerals and rare earths sector to bolster the global competitiveness of U.S. exporters," said EXIM President and Chair Reta Jo Lewis. "The People's Republic of China (PRC) currently holds a significant position in this transformational area, creating challenges for establishing a reliable and trustworthy global supply chain. By approving this non-binding resolution, EXIM is reaffirming its commitment to utilizing its financing tools to enhance competitiveness for U.S. companies and industries."

CTEP's objective is to support the extension of EXIM's loans, guarantees and insurance at rates that are competitive with the PRC to help EXIM advance U.S. export competitiveness in the 10 transformational export areas directed by Congress, which in addition to energy storage and renewable energy, include artificial intelligence, biotechnology and semiconductors, among others. Critical minerals and rare earths form the critical inputs into many of the 10 transformational export areas. For more information see the CTEP webpage.

About EXIM:

The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov. 

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