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 serves as a growth engine for industries and small and medium-sized enterprises 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.
- The EXIM, created in 1934, was founded by an executive order organized under the name Export-Import Bank of Washington by President Franklin D. Roosevelt.
- The bank’s initial transaction was a $3.8 million loan to Cuba in 1935 for purchasing U.S. silver ingots.
- In 1945, the Government made it a separate entity in the Executive Branch.
- Every four to five years, the legislative body of a country must renew the EXIM in accordance with federal law. The Fixing America’s Surface Transportation Act of December 2015 extended Congressional authorisation for the bank until September 2019 after a brief lapse on July 1, 2015, which barred the bank from starting new operations.