Export-Import Bank of the United States Board of Directors Approves Final Commitment for Guatemala, Strengthens U.S. Semiconductor Sector

Transaction Represents Extension of Biden-Harris Administration Commitment to Partnership for Central America Efforts

FOR IMMEDIATE RELEASEJuly 29, 2024

Washington, DC - Last Thursday, the Board of Directors of the Export-Import Bank of the United States (EXIM) approved a final commitment for more than $11.3 million to support the financing of two self-refrigerated nitrogen generator plants to Productos del Aire de Guatemala, S.A. (PAGSA). With its support of the export of semiconductors, which are a transformational export area, this transaction falls under EXIM's China and Transformational Exports Program (CTEP), a congressionally mandated program to support U.S. exporters facing competition from China.

"The approval of this transaction allows us to continue our work advancing EXIM's CTEP objective while fulfilling our congressional mandate," said EXIM President and Chair Reta Jo Lewis. "Extending the competitiveness of U.S. exporters as we face increasing pressure from international entities in the global export landscape is of immense importance, and I am proud that we are able to continue those efforts with Thursday's actions."

The financing of this transaction will support the export of two nitrogen plants, the majority of which will be manufactured and pre-assembled by Cosmodyne, LLC of Seal Beach, CA. The plants will be operated by PAGSA adjacent to an Intel facility in Costa Rica. PAGSA is the largest Central American producer of industrial gas, producing more than one hundred tons of gas daily, while employing 352 workers. This past March, Vice Chair Judith Pryor was part of a U.S. delegation to Costa Rica led by U.S. Secretary of Commerce Gina Raimondo which further underscored EXIM's efforts to support U.S. exports to Costa Rica, particularly in the semiconductors sector.

This approval is a reaffirmation of EXIM's commitment to the Biden-Harris Administration's Partnership for Central America, a public-private partnership supported by Vice President Kamala Harris that is dedicated to promoting economic opportunity throughout northern Central America.

This transaction is expected to support dozens of American jobs in California.

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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