PNG Has Great Potential for Investment says U.S. Export-Import Bank Chairman (July 15, 2016)

Port Moresby, Papua New Guinea: Today, Fred P. Hochberg, Chairman and President of the Export-Import Bank of the U.S. (EXIM), arrived in the country.  Chairman Hochberg and his delegation met with American businesses and government officials to discuss further opportunities to increase economic growth via American investment.

Speaking at a media interview Chairman Hochberg said Papua New Guinea was home to the PNG LNG Project which was the largest single project that EXIM Bank had done in its 82-year history.

Chairman Hochberg said he was here to see the progress of the PNG LNG project and to learn about other potential opportunities that EXIM Bank could “help unleash” here in the country.

“This whole region is full of opportunity. EXIM exists to make sure U.S. exporters can compete for business in PNG and around the world.”  He said that he wanted to find opportunities in power, water, and healthcare.

“There is broad agreement that there is great potential for investment in PNG. Investment that continues to increase the country’s global importance and that benefits Papua New Guineans as well.”

“The work we are best at doing at EXIM is in emerging economies and we’re anxious to do more here in PNG.”

“President Obama and the entire U.S. Government have been working to have the Trans-Pacific Partnership approved in order to increase U.S. trade in this critical region. Perhaps someday we could see PNG join such an agreement.”

EXIM is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost ninety percent of its transactions directly serve American small businesses.

 In fiscal year 2015, EXIM approved $12.4 billion in total authorizations. These authorizations supported an estimated $17 billion in U.S. export sales, as well as approximately 109,000 American jobs in communities across the country