Environmental protection in Panama and India just got a boost from Wells Fargo Trade Bank. The US bank loaned $28 million to two U.S. companies supporting environmentally friendly projects overseas.
Aug 8, 2007 10:13
SAN FRANCISCO -- Environmental protection in Panama and India just got a boost from Wells Fargo Trade Bank. The US bank loaned $28 million to two U.S. companies supporting environmentally friendly projects overseas.
$25 million went to a manufacturer of underground construction machinery that will help build an irrigation tunnel beneath a wildlife refuge in India. The underground tunnel will be built in lieu of a pipeline through the Rajiv Gandhi Wildlife Sanctuary and will provide water to more than 500 villages in a drought-stricken region.
Wells Fargo Trade Bank also secured a $3 million, government-backed loan for Anchorage, Alaska-based aquatic engineering firm Gunderboom, Inc. to recover hardwoods from forests that were flooded to build the Panama Canal. The underwater recovery project will produce approximately 400 million board feet of lumber while protecting the aquatic ecosystem.
Ex-Im Bank's Working Capital Guarantee Program is an asset-based lending program for U.S. exporters that guarantees single working capital loans or revolving lines of credit based on inventory and accounts receivable related to exports. Ex-Im Bank, the official export credit agency of the United States, is in its 73rd year of assisting in the financing of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans.
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For more information, visit http://www.exim.gov/.
