The Export-Import Bank of the United States (EXIM) commemorated its 90th anniversary with substantial growth, announcing $8.4 billion in authorized deals for Fiscal Year 2024, supporting "around 38,000 U.S. jobs," according to a statement.
President and Chair Reta Jo Lewis highlighted EXIM's impact on the American economy, emphasizing its focus on small businesses, which comprised over 85% of the 1,400 transactions completed this year.
EXIM’s China and Transformational Exports Program (CTEP) was a key driver, facilitating $3 billion in deals to strengthen U.S. competitiveness, particularly in sectors like semiconductors and renewable energy. The agency also doubled its investments in clean energy and environmentally beneficial projects, allocating $2.3 billion to these areas, aligning with national sustainability goals.
"From electric aircraft produced in Vermont to cutting-edge semiconductor technologies developed in Colorado, EXIM is empowering small businesses to thrive in a competitive global landscape," said Chair Lewis. "As we celebrate 90 years of promoting economic opportunity, EXIM continues to grow through initiatives like the Make More in America and the China and Transformational Exports Programs. These efforts bolster innovation, sustainability, and good-paying American jobs."
$80 Million Returned to U.S. Taxpayers: EXIM, as a self-financing institution, returned $80 million to the U.S. Treasury, marking the second consecutive year of contributions. The bank aims to increase these returns in FY25.
China and Transformational Exports Program: EXIM facilitated $3 billion in transactions supporting critical sectors, including AI, semiconductors, and biotechnology, raising total CTEP authorizations to $5.9 billion since the program’s inception.
Record Clean Energy Investments: The agency more than doubled its commitment to clean energy, increasing investments from $1.1 billion in FY23 to $2.3 billion in FY24. These efforts accounted for over a quarter of this year’s total transactions, backing $1.7 billion in environmentally beneficial exports.
Expansion of Make More in America Initiative: EXIM’s flagship domestic financing program approved $244.6 million for three new transactions, benefiting BETA Technologies (VT), ESS Tech (OR), and Packwell (TX). This initiative supports 750 jobs and strengthens domestic manufacturing capabilities.
30% Increase in Sub-Saharan Africa Deals: In alignment with the Biden-Harris Administration’s Partnership for Global Infrastructure and Investment, EXIM expanded its engagements in sub-Saharan Africa, authorizing $2 billion in deals. Notably, the agency approved a $1.6 billion guarantee for solar energy mini-grids in Angola
Support for Underserved Businesses: Celebrating 25 years of service to minority- and women-owned businesses, EXIM launched the new Equity Express Select tool to streamline export credit insurance processes for underserved companies. The tool offers tailored support through an in-house customer service team.
Critical Minerals and Rare Earth Elements: Responding to congressional stakeholders, EXIM’s Board passed a Non-Binding Resolution to enhance support for projects involving critical minerals. As part of the Minerals Security Partnership, EXIM is committed to diversifying and securing sustainable energy supply chains.
The terms of Ms. Lewis, Vice Chair Judith Pryor and Board Member Owen Herrnstadt expire January 20, 2025. These three seats, plus one vacancy must be filled by the president, with the consent of the Senate, The term of former Alabama Congressman Spencer Bachus ends in 2027.
Of the five members of the Board, no more than three can be members of any one political party. In addition, at least one of the members must be selected from among the small business community.
As the globe trotting of Chair Lewis showed during her term, the EXIM Board can be quite the plum job for political operatives.
On November 14th, the EXIM Board of Directors unanimously approved its fifth Make More in America (MMIA) deal, bringing the initiative’s total authorized amount to nearly $325 million.
The latest deal involves nearly $51 million in financing for Electrovaya USA, Inc., a Mississaugua, Ontario firm with a plant in Jamestown, New York. The funds will support interior construction and equipment for lithium-ion battery cell pack production, boosting manufacturing capacity and "reshoring production from overseas competitors." accordong to the Bank.
The battery manufacturing facility in Jamestown is expected to lead to over 250 jobs and support Electrovaya’s exports to Japan, Canada and Australia, according to the firm.
The Jamestown expansion will also benefit from the IRA 45X production tax credits as well as grants and tax incentives from the state of New York, which the Company will be able to access as the facility scales in output.
The MMIA initiative, launched in 2022 following President Biden’s Executive Order on America’s Supply Chains, aims to enhance domestic manufacturing and fortify supply chains, with a focus on environmentally beneficial projects and small businesses.
This deal also falls under EXIM’s China and Transformational Exports Program (CTEP), which supports U.S. exporters competing with China in sectors like semiconductors, renewable energy, and AI. Expanding Electrovaya’s facility will shift critical battery production from China to the U.S., reinforcing supply chain resilience and creating American jobs.
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