And the U.S. administration and the Ex-Im Bank, in particular, were critical in facilitating this deal.
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If Ex-Im Bank is sidelined, negative consequences would quickly start accumulating for the U.S. economy.
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Part of the U.S. government, Ex-Im Bank will assist with the financial elements of your export sale.
The main supply of cargoes for this comes from Ex-Im Bank-financed lending to buyers of US goods.
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Ex-Im Bank exists to provide credit assistance in circumstances where private financing is not available on reasonable terms.
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So my message to Congress is thank you and congratulations on authorizing Ex-Im Bank to continue on its extraordinary mission.
And this is a great story where Ex-Im Bank and Gamesa worked together to supply over 50 turbines to Honduras, for example.
When restrictive foreign exchange laws held up the completion of New Delhi's first modern hotel that was fully air-conditioned in 1965, he secured a loan from the U.S. Ex-Im Bank.
Second, if Ex-Im Bank fails to provide assistance to those in need, the export credit agencies of other countries will step in to help sell rival products, destroying many thousands of U.S. jobs.
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Much of that support went to big producers of capital goods like Boeing and General Electric, but the vast majority of Ex-Im Bank transactions are aimed at small and medium-size exporters.
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In fact, Ex-Im Bank has actually returned an average of nearly a billion dollars each year since fiscal 2008 to the Treasury, representing income in excess of operating expenses, so it really is self-sustaining.
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Just to give you a couple of examples, Boeing relied on support from the Ex-Im Bank to strike a deal selling more than 200 planes to one of the fastest-growing airlines in the world.
Ex-Im Bank financing has been used in recent years largely to level a global playing field made uneven by the market-distorting practices of other nations, and yet it has been subjected to much more intense criticism by free-enterprise proponents in Washington than the quasi-socialist practices of European governments subsidizing Airbus.
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Ordinarily, a question of whether to reauthorize the U.S. Export-Import Bank (Ex-Im) and to increase its loan limit would be about asuncontroversial a proposition as one could find on Capitol Hill.
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