Original report from Washington
28 October 2009
The Export Import Bank of the United States is now open to provide financing for purchases of US exports by private-sector buyers in Cambodia.
The opening follows Cambodia’s removal from a US trade blacklist in June by President Barack Obama, “which has allowed the bank to do a study in order to determine, along with other US agencies, that we should be open to financing import into Cambodia from the United States on repayment terms up to seven years,” Phil Cogan, spokesman for the Ex-Im Bank, told VOA Khmer.
“So what that means is buyers in Cambodia who wish to purchase US high-quality goods and services can do so with potential financing from the United States Export Import Bank that will make their purchases available for financing,” he said.
US export to Cambodia remains small, about $154 million in 2008, compared to $2.4 billion in import from Cambodia. The US products available in Cambodia are vehicles, heavy machinery, electronics equipment, and health and sanitation.
Many local businessmen said they were glad to hear the news.
Cogan said interest rates for Cambodia are at favorable levels, and that even small deals could be made.
The so-called Ex-Im Bank is the official export credit agency of the United States. The federal agency, now in its 75th year, helps to create and maintain US jobs by financing the sales of exports, primarily to emerging markets throughout the world.
The opening follows Cambodia’s removal from a US trade blacklist in June by President Barack Obama, “which has allowed the bank to do a study in order to determine, along with other US agencies, that we should be open to financing import into Cambodia from the United States on repayment terms up to seven years,” Phil Cogan, spokesman for the Ex-Im Bank, told VOA Khmer.
“So what that means is buyers in Cambodia who wish to purchase US high-quality goods and services can do so with potential financing from the United States Export Import Bank that will make their purchases available for financing,” he said.
US export to Cambodia remains small, about $154 million in 2008, compared to $2.4 billion in import from Cambodia. The US products available in Cambodia are vehicles, heavy machinery, electronics equipment, and health and sanitation.
Many local businessmen said they were glad to hear the news.
Cogan said interest rates for Cambodia are at favorable levels, and that even small deals could be made.
The so-called Ex-Im Bank is the official export credit agency of the United States. The federal agency, now in its 75th year, helps to create and maintain US jobs by financing the sales of exports, primarily to emerging markets throughout the world.
3 comments:
From now on Cambodian business people don't need to go through Thailand, Singapore, Taiwan...just to buy US good and services!
With Uncle Sam blessing and Cambodia will catch up with the rest of the South East Asian country such as Thailand!
I wonder if Uncle Sam allows Cambodian leaders to buy jet fighters too? ahahahhahahah
i think cambodia slowly but surely embracing the US now, for that, the USA should want to protect cambodia from invasion by other country, especially, the enemies of cambodia, of course. i think it is the right and smart and clever thing for cambodian gov't to embrace the USA, really. i live and study in the USA and know what it's like to live and have a system and protection by america, the world's great nation on earth, really! hint: everybody from all over the world want and wish they could live and work in america, the land of great opportunity and safety and economic powerhouse of the world, literally speaking, really! god bless america and cambodia.
Ps: can never go wrong when camboida embraces america and its value system, really!
8:34Am ! you need to do more reading and thinking?
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