What is the full form of EXIM?
The full form of EXIM is the Export-Import Bank of the United States. EXIM is the federal government of the United States’ official ECA (export credit agency). The Bank enhances in funding and promoting U.S. trade in goods and services, functioning as a fully owned federal government entity. When private industry lenders are unwilling to or unable to provide capital, EXIM gets involved, activating American companies with the financing resources required to compete for worldwide sales.
Exim Bank was established by the Government of India, under the Export-Import Bank of India Act. Exim Bank serves as a growth engine for industries and SMEs through a wide range of products and services. This includes import of technology and export product development, export production, export marketing, pre-shipment and post-shipment and overseas investment.
Objectives of EXIM
- The goal of EXIM is to encourage U.S. products and services at no expense to U.S. taxpayers, secure ‘made in America products’ in foreign markets from international competition, and facilitate the development of American jobs.
- President Donald J. Trump appointed his new chairman & president, Kimberly A. Reed, on January 16, 2019, & sworn in on May 9, 2019.
- The EXIM, created in 1934, was founded by an executive order organized under the form Export-Import Bank of Washington by President Franklin D. Roosevelt.
- A $3.8 million loan to Cuba in 1935 for the purchasing of U.S. silver ingots was the bank’s initial transaction.
- In 1945, Congress made it a separate entity in the Executive Branch.
- It was last commissioned in 2012 for three years and in September 2014 was expanded via June 30, 2015.
- As of July 1, 2015, Congressional authorization for the bank expired.
- As a result, the bank was unable to think about a new activity, but its current loan portfolio began to be handled.
- Five months later, in the House of Representatives, following the productive use of the little-used release petition process, the U.S.
- Through the use of the Fixing America’s Surface Transportation Act act was signed by President Barack Obama on December 4, 2015, Congress reauthorized the bank till September 2019.