U.S. Ex-Im Bank to finance sustainable energy projects in ASEAN

Has set aside US$5 billion to achieve this.

The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States federal government.

U.S. Ex-Im Bank Chairman Fred Hochberg said US$6 billion has been amassed to implement the U.S.-Asia Pacific Comprehensive Partnership for a Sustainable Energy Future over the next five years.

Of this total, US$5 billion will come from Ex-Im Bank to facilitate exports at preferential rates. The remaining US$1 billion will come from the Overseas Private Investment Corporation (OPIC). The U.S. Trade and Development Agency and the capacity building fund under the charge of the U.S. Department of the State will provide technical assistance worth US$1 million.

Vietnamese Ambassador to the U.S. Nguyen Quoc Cuong and his ASEAN counterparts said the initiative will enhance U.S.-ASEAN cooperation, and meet the growing energy demand in the region.

Cuong suggested the U.S. side put forward specific measures regarding preferential interest rates, equipment cost and technology to effectively implement the initiative.