Exim Bank to honor loan commitments

Exim Bank to honor loan commitments

JP/bay

JAKARTA (JP): The chairman of the U.S. Export-Import Bank said
yesterday that the bank would support all $4.4 billion worth of
loans in Indonesia now under consideration.

"Our current exposure is about $3.8 billion and we have in the
pipeline $4.4 billion. We intend to honor and support all our
current activities here and to look for opportunities to be
supported in the future," James Harmon (photo above) told a news
conference.

Harmon said 1998 would be a difficult year but he expected
growth to return.

"We have not yet suffered any losses in Indonesia and our
losses in all of Asia have been no different than in previous
periods of time," he was quoted by Reuters as saying.

He added it was too early to count any losses from the current
turmoil.

Indonesia is going through its worst financial crisis in
decades.

Harmon, who met Indonesian President Soeharto on Thursday,
said now was a good time for the bank to invest as there would be
less competition for financing and this would mean the quality of
the projects available would be better.

"I would hope we would increase our share of the market as a
result of the conditions in Asia," he said.
Exim bank is an independent government agency that finances U.S.
exports for agricultural, industrial and infrastructural
development.