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exports by 2014, and looking to assist exporters to Brazil. According to Fred Hochberg, the Chairman of Eximbank, ?Brazil is a powerhouse among South American economies and offers tremendous opportunities for U.S. exporters in many sectors.? Eximbank offers several forms of financing, including loan guarantees, di- rect loans, letter of credit guarantees, and insurance. Generally, Eximbank guarantees are available to support 85% of the contract price of eligible U.S. goods and services with financings of up to 15 years (or 18 years in certain ex- ceptional circumstances). In April 2009, Eximbank offered to consider up to $2 billion in financing to secure the purchase of U.S. goods and services by Petrobras. Eximbank estimates that the financing will help create and main- tain over 16,000 U.S. jobs. To date, Eximbank has approved a request from JP Morgan Chase Bank, N.A, acting as the lender, for an Eximbank guarantee of a $308 million loan facility for Petrobras, under Eximbank's medium-term loan guarantee program. According to Eximbank, this facility was made operative in May, 2011, and is being used to finance Petrobras?s general purchases of U.S. manufactured oil and gas equipment and services. Exports by approximately 150 companies are being supported by this loan guarantee, including those by Dresser Rand,FMC Technologies, and National Oilwell Varco. In March 2011, Eximbank announced that it had authorized $1 billion in ex- port credit financing for the State of Rio de Janeiro. As noted above, this is the staging area for many oil and gas projects as well as the focus of infrastructure development in anticipation of the World Cup and Olympics. This financing could be used to support U.S. exporters providing goods and services related to marine port or oil and gas infrastructure construction in the State of Rio. Eximbank can also support working capital financing for exporters of U.S. goods and services to Brazil through its working capital guarantee program, and can insure export receivables originated by Brazilian customers of U.S. exporters. CONCLUSIONSSmart U.S. companies are looking to rapidly growing overseas markets for their next sales. Eximbank is a major source of financing for these sales. Con- gress should reauthorize this agency and let more deals benefit U.S. companies. For those deficit hawks, it?s important to note that Eximbank does not get any U.S. tax dollars, but rather exists on fees and interest charges on all loan-related transactions. However, it does have to be reauthorized for FY2012, and leg- islation is presently pending in Congress to do just that. Reauthorization ofEximbank is strongly supported by the U.S. Chamber of Commerce and otherbusiness groups. Congress should also stop and think about the potential growth in U.S. ship- building that the Brazilian market presents and encourage the Title XI pro- gram be used for this purpose. Finally, when considering infrastructure projects to finance in the U.S., we should not forget our own critical port in- frastructure needs. Without a thriving port program, exports of U.S. goods and services to promising markets such as Brazil's will be adversely affected, undermining the Obama Administration's stated goal of stimulating the econ- omy through growth in U.S. exports. December 2011www.marinelink.com 15About the AuthorsJoan M. Bondareff, of counsel at Blank Rome, focuses her practice on marine transportation, environmental, and legislative issues. Email:[email protected], Tel: 202.772.5911 Ernest W. Chung, partner at Blank Rome, concentrates his practice in the areas of project finance and develop- ment, and has significant experience representing bor- rowers and lenders on transactions involving U.S. Eximbank products. Email: [email protected]; Tel: 212.885.5447 MR Dec.11 # 2 (10-17):MR Template 12/6/2011 9:21 AM Page 15