Export-Import Bank of the United States Marks 90th Anniversary with $8.4 Billion in FY24 Deals, Supporting 38,000 U.S. Jobs

EXIM Finances Record $3 Billion For U.S. Companies Competing with the People's Republic of China; Doubles Clean Energy and Other Environmentally Beneficial Exports

FOR IMMEDIATE RELEASE November 12, 2024

Washington, DC - Today, Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis announced that in Fiscal Year 2024, EXIM authorized $8.4 billion in deals, supporting approximately 38,000 jobs across the country. Throughout FY24, EXIM authorized more than 1,400 transactions, and more than 85 percent of deals supported small businesses. Those transactions include $3 billion in support of the U.S. exporters facing competition from the People's Republic of China (PRC), especially in transformational export areas like semiconductors and renewable energy. EXIM financed an estimated $2.3 billion in clean energy and other environmentally beneficial projects, most of which support EXIM's China and Transformational Exports Program (CTEP) mandate.

"From electric aircraft assembled in Vermont to semiconductor technology built in Colorado, EXIM is supporting small businesses exporting exciting new technologies that allow the U.S. to compete and succeed in the global marketplace," said Chair Lewis. "As we celebrate 90 years of championing economic opportunity, EXIM is going from strength to strength. Thanks to our growing Make More in America initiative and expanding China and Transformational Exports Program, we are proud that the Biden-Harris Administration is providing much-needed support for sustainability, innovation and good-paying American jobs - 38,000 across the country."

Additional highlights from EXIM's FY24 include:

• Returning $80 Million to U.S. Taxpayers - EXIM is self-financing and sent $80 million to the U.S. Treasury. This is EXIM's second consecutive year returning funds, and EXIM is on course to return more American taxpayer money in FY25.
• Unprecedented Support for China and Transformational Exports Program Transactions - EXIM's congressionally-mandated work to support the United States in 10 transformational export areas, including AI, wireless communication, semiconductors, biotechnology, and renewable energy, resulted in an estimated $3 billion in transactions, bringing the total authorizations since CTEP's inception to $5.9 billion.
• Record-Level Clean Energy Investments - In line with EXIM's mandate, EXIM more than doubled its investments in clean energy and other environmentally beneficial exports - growing from $1.1 billion in FY23 to a record $2.3 billion in FY24. These new investments, which represent over one-fourth of EXIM's transactions this year, supported $1.7 billion in clean energy and other environmentally beneficial exports, EXIM's most ever.
• Continued Growth of Make More in America Initiative (MMIA) - EXIM's talented and dedicated employees helped usher three new transactions through the flagship domestic finance initiative to strengthen supply chains and support manufacturing in America. The EXIM Board of Directors authorized more than a combined $244.6 million for BETA Technologies, Inc. (Burlington, VT), ESS Tech, Inc. (Wilsonville, OR), and Packwell (Houston, TX). These transactions support an estimated 750 good-paying U.S. jobs, help build a strong workforce and advance cutting-edge technologies in domestic manufacturing.
• Increase in Sub-Saharan African Deals by 30 Percent - In support of EXIM's congressional mandate and the Biden-Harris Administration's Partnership for Global Infrastructure and Investment (PGI), EXIM increased the number of sub-Saharan Africa deals from an estimated $1.6 billion in FY23 to $2 billion in FY24. Notably, the EXIM Board of Directors approved an historic $1.6 billion guarantee to support the construction of solar photovoltaic energy mini-grids with energy storage facilities that will power water collection, treatment, and purification systems in Angola. The project increases access to electricity and potable drinking water in four provinces in Angola that previously had little access and promotes improved health, education, and social wellbeing.
• New Tools for Underserved Businesses - For 25 years, EXIM's Minority- and Women- Owned Business Division (MWOB) has proudly served diverse business communities. In April, EXIM launched a brand-new tool, Equity Express Select, designed to empower underserved businesses so they can strengthen their financials and - with EXIM's help - build their export capacity and graduate to one of EXIM's other export credit insurance products. Supported by EXIM's first-ever dedicated, in-house customer service team, this tool guides companies through every step of the application process, from explaining policy benefits and reviewing qualifications, to streamlining the application process and addressing any concerns along the way.
• Reaffirming Support for Critical Minerals - In response to engagement from stakeholders and members of Congress, including Chairman of the Senate Select Committee on Intelligence Mark Warner (VA) and Vice Chairman Marco Rubio (FL), the EXIM Board of Directors voted to approve a Non-Binding Resolution in Support of Critical Minerals and Rare Earth Elements Financings that amplifies EXIM's current efforts to leverage its lending and underwriting tools to support critical minerals and rare earth elements projects. EXIM also actively participates in the Minerals Security Partnership, a multilateral effort aiming to accelerate the development of diverse and sustainable critical energy minerals supply chains.

Over the last decade, EXIM has provided $66 billion in support for more than 5,000 U.S. businesses, allowing them to achieve $101 billion in total exports.

Watch our FY 2024 highlight reel:

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.