Ex-Im Bank Law and Legal Definition
Ex-Im bank is the abbreviation for the Export-Import Bank of the United States. It is the U.S. federal agency that encourages trade with foreign countries by financing exports and imports with funds borrowed from the United States Treasury. It is the official export credit agency of the U.S. federal government.
The Ex-Im Bank was established in 1934 by an executive order, and made an independent agency in the Executive branch by Congress in 1945. This bank finances and insures foreign purchases of United States goods for customers unable or unwilling to accept credit risk. The Bank is chartered as a government corporation by the Congress of the United States; it was last chartered for a five year term in 2006.
Ex-Im Bank's mission is to assist in financing the export of U.S. goods and services to international markets. It facilitates U.S. companies, both large and small, to turn export opportunities into real sales that help to maintain and create U.S. jobs and contribute to a stronger national economy.
Ex-Im Bank does not compete with private sector lenders but provides export financing products that fill gaps in trade financing. The bank also assumes credit and country risks that the private sector is unable or unwilling to accept.