Ex-Im Bank Grants $1.8 Billion Loan to British Company

Thursday, January 3rd, 2013 and is filed under Foreign Policy, Issues, News

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Remember the big fight we had with the GOP establishment last year over the Export-Import Bank?  Not only does this represent corporate welfare, it is corporate welfare for foreign companies.  Take a look at this article from the U.K. Guardian:

Britain’s BG Group said on Monday it had secured a $1.8 billion (1.1 billion pounds) loan from the Export-Import Bank of the United States, as part of a wider push to diversify its funding options to support major projects.

BG, which announced Chris Finlayson as its new chief executive earlier this month, recently agreed a new syndicated facility, reached an agreement with the Japan Bank for International Cooperation and raised money via capital markets.
It said it now had undrawn committed bank borrowing facilities of $5.2 billion.

It has also reached an initial agreement with Brazilian Development Bank for up to $1.8 billion of new funding and signed a $500 million credit agreement with Export Development Canada.