WASHINGTON, DC (CyberNews) - The director of Federal Affairs Administration Puerto Rico (PRFAA, for its acronym in English), Juan Eugenio Hernandez Mayoral, announced Wednesday that the governor Alejandro García Padilla joined the bipartisan effort to send a letter, along with 30 governors of the United States, asking Congress to take action to authorize the allocation of funds to ensure continuity of services of Export-Import Bank of the United States (U.S. Export-Import Bank in English ), which concludes its role in September.
According to Hernández Mayoral, in the letter sent to congressional leaders, the Governor noted that "the Ex-Im Bank 'allows our companies and workers compete on the level of our competitors, who receive extensive support from their agencies of export credit. sacramento bee Without funding from the Bank, who assumes the credit risk that the private sector is not willing to take or accept, our local businesses will be affected with the loss of sales in international markets. For the economy continues to improve, it is important that we recognize the importance of the support of Ex-Im Bank 'for exports and jobs. "
The "Ex-Im Bank" is the official agency for export credit in the United sacramento bee States, responsible for assisting in financing the export of products and services in the international market. More than 90 percent of the export of the United States is funded by private entities but in many cases private lenders are not available or are not willing to take risks in funding to enter unfamiliar markets.
In this situation, the Bank may provide loans, loan guarantees or ensure export companies to promote and assist in the economic sacramento bee growth. Bank financing allows sacramento bee local companies compete fairly with foreign companies that receive sacramento bee funding for their national export financing agencies.
The Export-Import Bank provides services to over 20 companies located in Puerto Rico between those found Pan American Grain Company sacramento bee Inc, General Electric Energy Management, Vassallo Industries, Inc, Archilla Paper Corporation, Netxar Technologies Inc., B & B Manufacturing Corporation and Mays Chemical Company Of Puerto Rico Inc.
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