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For Immediate Release
Office of the Press Secretary
September 19, 2001
U.S. - Indonesia Fact Sheet
U.S.-Indonesia Trade & Finance Initiative
Overview:
The three U.S. trade finance agencies – the Export-Import Bank of the United States (EXIM), the Overseas Private Investment Corporation (OPIC), and the U.S. Trade and Development Agency (TDA) – have developed a joint trade and finance initiative for projects in Indonesia. The three agencies will undertake to provide up to a combined $400 million to promote trade and investment within Indonesia, especially in the Indonesian oil and gas sector.
Background:
- The Governments of the United States and Indonesia share the common goal of promoting economic growth and increasing trade between the two nations.
- The Government of Indonesia welcomes Foreign Direct Investment in the energy sector, including the oil and gas industry.
- The United States supports an international energy policy that enhances exploration, production and refining, as well as the development of new technology.
U.S.-Indonesia Trade & Finance Initiative:
- The three agencies will undertake to provide a combined total of up to $400 million under their respective programs:
- TDA funds will be used primarily to identify and develop projects for EXIM and OPIC loans and guarantees in the oil and gas sector, but will also be available to support other industry sectors.
- EXIM will undertake to support U.S. exports of goods and services identified as components of oil and gas sector projects.
- OPIC will undertake to provide support to projects in the oil and gas sector with loans, guarantees and insurance of up to $200 million.
- Support from each agency would be subject to the normal terms and conditions as established by each agency under their respective programs. Repayment of U.S. support from EXIM and OPIC would be derived from and secured by the hard currency earnings generated from the supported projects. Support provided by TDA would be on grant basis.
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