|Founded in 1934, the Export-Import Bank was organized by Franklin D.
Roosevelt under the name Export-Import Bank of Washington. The
stated goal was "to aid in financing and to facilitate exports and
imports and the exchange of commodities between the United States
and other Nations or the agencies or nationals thereof." [i] The
Bank's first transaction was a $3.8 million loan to Cuba in 1935 for
the purchase of U.S. silver ingots.[ii]
The Export-Import Bank became an independent agency in 1945. The
Bank’s name was changed to "Export-Import Bank of the United States"
in 1968. [iii]
Over the years, the Export-Import Bank helped finance several
historic projects including the Pan-American Highway, the Burma
Road, and post-WWII reconstruction. This timeline highlights the
Bank’s history and several projects it has supported over the years:
For more information about the Bank’s history, visit the
Export-Import Bank Digital Archives:
[i] Executive Order 6581,
(link is external)
[ii] For further information on the First and Second Export-Import
Banks see William Becker and William McClenahan, The Market, the
State, and the Export-Import Bank of the United States (New York:
Cambridge University Press, 2003): 10-40.
[iii] Export-Import Bank Extension, P.L. 90-267, 82 Stat. 47,
Foreign Relations of the United States, 1964–1968, Volume VIII,
International Monetary and Trade Policy, Document 197, pp. 553-554,
(link is external).
HomeAbout UsHistory of EXIMHistorical TimelineFull Historical
1934 - Export-Import Bank of Washington Established
The Export-Import Bank of Washington is established to help U.S.
companies during the Great Depression. Although the goal was to lend
to the Soviet Union, such loans never materialized.
1934 - Second Export-Import Bank Established
The Second Export-Import Bank of Washington is established to lend
to Cuba. In July, the lending authority was expanded to include “any
part of the world except Russia.”
1934 - First President
George N. Peek is appointed by President Franklin D. Roosevelt to
head the first and the second Export-Import Banks.
1934 - First Transaction
EXIM's first transaction -- $3.8 million to Cuba for purchase of
U.S. silver ingots -- is approved, the first of five loans extended
for Cuban coinage over a five-year period.
1936 - Banks Consolidated
The Second Export-Import Bank is liquidated. Its loans and
commitments are transferred to the Export-Import Bank of Washington.
1938 - First Development Loan
The first development loan of $5.5 million is loaned to Haiti to
improve economic conditions.
1938 - Burma Road Financing
The Bank approves a $22 million loan to China to assist in
construction of the Burma Road.
1940 - Steel Mill in Brazil
EXIM Bank authorizes a $25 million credit toward the construction of
a large steel mill at Volta Redonda in Brazil - EXIM's first
industrial development project.
1940 - Authority Increased
Congress increases EXIM's lending authority to $700 million to
support exports to Latin America.
1941 - Pan Am Highway
EXIM's first financing for the Pan American Highway is approved for
road construction in Mexico, El Salvador, Honduras, Nicaragua, Costa
Rica and Ecuador.
1945 - EXIM Act of 1945
The Export-Import Bank Act of 1945 establishes EXIM Bank as an
independent agency. The Bank's lending authority is increased to
1945 - Post-WWII Financing
EXIM Bank authorizes over $2 billion for post-WWII reconstruction in
Europe, Asia and Africa.In 1947, EXIM Bank is designated to
administer funds for the Economic Cooperation Administration under
the Marshall Plan.
1946 - First Aircraft Transaction
Financing in the amount of $3 million to Panair do Brasil for seven
1948 - Israel Financing
The Bank authorizes $100 million of credits to the newly recognized
state of Israel.
1954 - Peru Mine
EXIM approves financing for U.S. exports to the Toquepala Mine in
the Peruvian Andes.
1957 - Initial Boeing Support
EXIM joined three commercial lenders to finance $105 million for 17
Boeing 707s for Air France.
1960 - Short-Term Insurance
The Bank first provides short-term export credit insurance through
the Foreign Credit Insurance Agency (FCIA), which continues until
EXIM Bank assumes the administration of its insurance products in
1962 - First Ghana Financing
EXIM Bank authorizes $120 million to the Volta Aluminum Co. to build
an aluminum smelter in Ghana.
1962 - Financing in Portugal
EXIM Bank approves $55 million credit to Portugal supporting U.S.
exports to build Lisbon's Tagus River Bridge, the longest suspension
bridge in Europe.
1968 - New Official Name
"The Export-Import Bank of the United States" becomes EXIM's
official name under P.L. 90-267.
1970 - PEFCO Created
The Private Export Funding Corporation (PEFCO) -- a consortium of
private lenders for long-term export finance -- is chartered and
opens for business. PEFCO has been a major source of funding of EXIM
transactions, including financings of large commercial aircraft.
1973 - Soviet Union Financing
EXIM authorizes its first two credits totaling $199 million
supporting U.S. exports to the Soviet Union.
1978 - OECD Arrangement
The Arrangement on Officially Supported Export Credits of the
Organisation for Economic Cooperation and Development (OECD) becomes
the framework for all of EXIM's medium- and long-term financing
1978 - Tied Aid
For the first time, EXIM Bank offers tied aid financing to help U.S.
companies facing foreign competition backed by tied-aid financing
from their governments.
1978 - China Financing
EXIM approves its first transaction to China since 1946.
1982 - Mexico Financing
The Bank joins other U.S. government agencies and the International
Monetary Fund in providing a $10 billion financial package for
1983 - Trade and Development Enhancement Act
The Trade and Development Enhancement Act directs EXIM Bank to
establish a Tied Aid Credit Program with the Agency for
International Development. The Act also directs the Bank to support
exports of U.S. services on the same terms as those for U.S.
1984 - Working Capital Guarantee and ST Umbrella Policy Launched
EXIM's working capital lender loan guarantee and short-term umbrella
policy are launched to provide more support for small business
1985 - Small Business Mandate
Congress enacts a 10 percent mandate on small business
authorizations, which ss increased in 2002 to 20 percent and in 2015
to 25 percent. In 1987, EXIM programs are redesigned to make them
more accessible to small-and medium-sized exporters.
1989 - "Bundling" Credit
The Bank introduces the concept of "bundling" to combine several
EXIM-guaranteed transactions for a single country into one credit
1989 - City/State Partners
The Bank launches the City/State Partners Program to enhance the
ability of state and local agencies to provide assistance on EXIM
products to small-business exporters.
1989 - Financing for Former Soviet Countries/ Opening in Poland and
EXIM Bank makes available financing options to support U.S. exports
to the newly independent countries of the former Soviet Union. The
Bank opens for the first time since WWII in Poland and
1992 - Environment Enhancement Act
The Export Enhancement Act of 1992 directs the Bank to consider the
potential environmental impacts of projects for which the Bank is
considering providing financing and provide environmental and social
impact assessments where required.
1992 - EXIM Assumes Insurance Program/ Opens Regional Offices
EXIM Bank assumes administration of its insurance programs. The Bank
establishes regional offices in New York, Miami, Chicago, Houston,
and Long Beach, Calif.
1993 - Oil and Gas Framework Agreement with Russia
The Bank signs the Oil and Gas Framework Agreement with Russia to
provide financing for U.S. exports to Russia's energy sector.
1994 - Project Finance Division Formed
EXIM's Project Finance Division is formed. The Bank commits $3.5
billion in large-scale project financing in the first 14 months of
the division's operation.
1994 - Aircraft Division Formed
EXIM's Aircraft Finance Division is formed. The division was renamed
in 1998 as the Transportation Division and given responsibility for
financing all types of aircraft, helicopters, locomotives and other
rolling stock, and ships.
1994 - Financing of Temelin Nuclear Project
EXIM Bank approves $317 million in guarantees of commercial loans to
help upgrade two Soviet-designed nuclear reactors near Temelin in
the Czech Republic, supporting exports by Westinghouse Electric
Corp. of Pittsburgh, Pa.
1994 - Financing of Amazon Rainforest Surveillance Project
The Bank approves its largest transaction to date, a $1.3 billion
loan, supporting the sale of U.S. environmental surveillance and air
traffic equipment and services for the Sistema de Vigilancia da
Amazon (SIVAM) project of the government of Brazil. The principal
U.S. exporter is Raytheon Corp.
1995 - Financing of Paiton Power Plant in Indonesia
EXIM Bank authorizes financing to support U.S. exports for the
construction of the first independent power project in Indonesia --
the coal-fired Paiton Complex on Java. The transaction is the first
to be done under the Project Finance Division.
1996 - EXIM Website Launched
EXIM Bank launches its website on the Internet.
1996 - Financing Aircraft to China
The Bank approves nearly $900 million to support exports of Boeing
and McDonnell-Douglas commercial aircraft to China.
1998 - Easing the Asian Financial Crisis
EXIM Bank provides $1 billion short-term insurance facility for U.S.
exports to South Korea during the Asian financial crisis.
1999 - Minority- and Woman-Owned Division Formed
EXIM's Minority- and Woman-Owned (MWOB) Division is created to boost
small business exports from these companies traditionally
underserved in by the trade finance market.
1999 - EXIM Accepts Internet Applications
The Bank begins accepting applications for letters of interest on
1999 - Short-Term Insurance Offered for sub-Saharan Africa
EXIM Bank launches a short-term insurance pilot program in 19
sub-Saharan African countries.
2000 - Chad/Cameroon Pipeline
In EXIM's first transaction to sub-Saharan Africa using limited
recourse project financing, the Bank approves a $300 million loan
guarantee to finance U.S. exports to build a pipeline system to
transport crude oil from southwest Chad through Cameroon to the
2001 - Tyumen Oil
EXIM Bank authorizes $500 million in loan guarantees for
rehabilitation of Tyumen Oil facilities in Russia.
2001 - Reinsurance Waiver Post-9/11
EXIM Bank leads the insurance industry in waiving its requirement
for third-party reinsurance for airlines after the terrorist attacks
on September 11, 2001.
2002 - Nigeria LNG Financing
EXIM Bank approves its largest to-date private-sector financing to
support U.S. exports to Nigeria's LNG production.
2003 - Cape Town Treaty
EXIM Bank offers a one-third reduction of its exposure fee on
financing to airlines in countries signing or ratifying the Cape
Town Treaty to reduce the risks of cross-border financing of large
commercial aircraft and aircraft engines. The United States signs
the treaty in 2003 and ratifies it in 2004.
2003 - Trade Bank of Iraq
Joining 15 countries to support Trade Bank of Iraq, the Bank
approves a $500 million short-term insurance facility for the Trade
Bank to support U.S. exports for the reconstruction of Iraq.
2003 - Ethiopian Airlines
EXIM Bank finances large commercial aircraft to Ethiopian Airlines
in the same year that Ethiopia signs the Cape Town Treaty.
2003 - Peru LNG Financing
The Bank provides financing U.S. exports for Peru liquefied
petroleum gas project (Peru LNG).
2003 - Financing of Nanhai Petro Project
EXIM Bank backs a historic, first-post WWII private-sector financing
in China to support U.S. exports for Nanhai petrochemical complex.
2004 - BTC Pipeline Financing
The Bank approves financing supporting U.S. exports for the
construction of the Baku Tblisi Ceyan (BTC) Pipeline, connecting an
oil field in the Caspian Sea with the Mediterranean Sea.
2004 - Qatar LNG Financing
The Bank authorizes financing to support U.S. exports to a LNG plant
2004 - Medium-Term Support in Mexico
EXIM Bank authorizes $600 million in medium-term financing to
support U.S. exports to Mexico in the first three quarters of FY
2004 - OECD "Common Approaches" Environmental Guidelines Adopted
The Bank revises its Environmental and Social Due Diligence
Procedures and Guidelines to make them consistent with the "Common
Approaches" guidelines for evaluating environmental impacts of
projects supported by the export credit agencies of the Organisation
for Economic Cooperation and Development (OECD).
2004 - Kenya Airways
EXIM Bank finances the first Boeing 777 in Africa to Kenya Airways.
2005 - Financing Agriculture Exports to Iraq
EXIM Bank finances exports to Iraq pass milestone as agricultural
commodity shipments from U.S. companies stream toward Iraqi
2005 - 15-Year Repayment Terms Offered
EXIM Bank offers 15-year repayment terms to support U.S. exports to
international renewable energy, hydro and clean water projects.
2006 - EXIM Launches "EXIM Online" Accepting Applications
EXIM Bank launches EXIM Online, a new Internet-based application
providing U.S. exporters with faster, easier access to multi-buyer
export credit insurance.
2007 - OECD Air Sector Understanding
The 2007 Air Sector Understanding (ASU) of the OECD enters into
force, establishing a new set of guidelines for export credits
supporting commercial aircraft. A revised ASU enters into force in
2008 - EXIM Establislhes Medium-Term Delegated Authority
EXIM Bank establishes its medium-term delegated authority program to
increase credit for exports of U.S. capital goods and services on
repayment terms of two to five years.
2009 - 18-Year Repayment Terms Offered
EXIM Bank offers 18-year repayment terms to support U.S. exports to
international renewable energy, water and nuclear power projects.
2009 - EXIM Adopts Carbon Policy
EXIM Bank adopts a comprehensive carbon policy to guide its support
of U.S. exports in light of climate change concerns.
2009 - Guaranteed Bond Issuances
The capital markets issue the first bond offering under the new and
improved EXIM Bank Guaranteed Bond program, funding the export of
Boeing 777 aircraft to Emirates Airline.
2010 - Global Access Launched
EXIM's Global Access for Small Business initiative is launched,
providing small businesses across the country with one-day training
events to learn how EXIM can help them begin or expand exports.
2010 - Honduras Wind Farm
EXIM Bank provides $159 Million in financing for Pennsylvania
manufacturer to export turbines to Cerro de Hula Wind Farm in
Honduras -- the largest wind farm in Latin America.
2011 - EXIM Approves $14 Billion for India Solar Power Projects
The Bank authorizes $1.4 billion financing U.S. exports to India,
supporting an estimated 10,000 American jobs. EXIM's financings
included seven solar-energy projects in India. The Bank was the
first international institution to finance a project under the
Indian government's National Solar Mission.
2011 - EXIM Approves Over $1 Billion for Exports to Africa
EXIM financing for sub-Saharan Africa exceeds $1 billion for first
time, Including $805 million for Kusile power project in South
2011 - EXIM Adopts the Equator Principles
The Bank revises its Environmental and Social Due Diligence
Procedure and Guidelines to be consistent with the Equator
Principles, facilitating the assessment and management of the
social/environmental impacts of projects.
2011 - Supply Chain
EXIM Bank announces $450 million for Supply Chain Finance Program
with JPMorgan Chase to support U.S. small businesses and other
suppliers to Caterpillar Inc.
2011 - Financing of GE Locomotives to South Africa
EXIM Bank approves $100 million in financing for sale of GE
locomotives to South Africa's Transnet.
2012 - EXIM Approves Record Level of Authorizations
The Bank reaches a historic level of nearly $35.8 billion in
authorizations in FY 2012, supporting a record $50 billion of U.S.
exports and an estimated 255,000 American jobs.
2012 - Financing of Sadara Project --Largest Transaction
EXIM Bank approves its largest transaction -- $4.9 billion --
financing U.S. exports to the Sadara Petrochemical Project in Saudi
Arabia. EXIM's financing is estimated to support for more than
18,000 U.S. jobs.
2012 - Financing of U.A.E. Nuclear Power
EXIM approves $2 billion in financing for nuclear power plant in the
United Arab Emirates.
2012 - MWOB Record Support
The Bank sets a new record of $500 million in financing for
minority-owned and woman-owned businesses.
2012 - Supporting Clean-Tech Exports to Brazil
A California small business benefits from $48.6 million in EXIM
financing for its clean-technology exports to a biogas project in
2012 - Australia Pacific LNG
The Bank approves nearly $3 billion in financing for U.S. exports to
the Australia Pacific LNG project.
2012 - Express Insurance
EXIM's streamlined insurance product -- Express Insurance -- makes
an impressive debut with over 200 policies issued in the first year,
the majority benefitting small businesses.
2013 - EXIM Approves Nearly $1 Billion for U.S. Satellites
The Bank authorizes nearly $1 billion in support of U.S.-produced
satellites and related services. From 2011 through 2013, EXIM Bank
financed approximately 60 percent of U.S. commercial satellites
2015 - Lapse of Authority
The Bank's charter and operating authority lapses for five months -
the longest gap in operations in EXIM's history.
2015 - EXIM is Reauthorized After Historic Lapse of Authority
President Obama signs H.R. 22, Fixing America's Surface
Transportation Act, which authorizes EXIM Bank through September 30,
2015 - Regional Initiative Launched
EXIM launches a new regional initiative -- the Regional Export
Promotion Program (REPP) -- to work with state and local
organizations to expand outreach and availability of EXIM's
financing for small businesses.