FOR IMMEDIATE RELEASE
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Firm client, Société Générale, is the guaranteed lender in the fifth transaction to be done under the Export-Import Bank of the United States' ("Ex-Im Bank") framework agreement with China's Ministry of Finance, signed in January 2005.
Ex-Im Bank approved a $10.2 million loan guarantee to support the export of cotton harvesting equipment and services by several U.S. suppliers to China's Xinjiang Agricultural Cultivation Group. The borrower in this transaction is the Export-Import Bank of China.
The sale represents the first phase of a $110 million multi-purchase plan by China's Ministry of Finance for 450 cotton harvesting machines between 2008 and 2010.
The Ex-Im Bank transaction will be co-financed by the Israeli Export Credit Agency, ASHR'A, which will support Beit Hashita Metal Industries Ltd's supply of drums to be installed on the harvesters in China. Gerry Stoltz
handled this matter for Société Générale.