The Export-Import Bank of the United States approved April 14 a resolution to temporarily exclude from EXIM coverage or financing any exports of critically-needed personal protective equipment and other medical supplies and equipment. EXIM President and Chairman Kimberly Reed said the bank “remains open for business to support the export of other important ‘Made in the U.S.A.’ health care products.”
(Click here for ST&R’s resource page on the trade impacts of the COVID-19 pandemic and actions companies can take in response.)
An agency press release states that the focus of these new restrictions is on items needed to combat the COVID-19 pandemic that have been identified by other federal agencies as being in scarce supply, such as respirators and PPE, including masks, gloves, Tyvek suits, face shields, and similar protective wear. These measures, which will remain in place through Sept. 30, include the following.
- expressly exclude EXIM coverage for exports of all COVID medical supplies necessary in
the fight against the COVID-19 pandemic, to include all EXIM insurance, loan guarantee, and loan transactions going forward, including new and renewed insurance policies
- contact exporters insured under existing single buyer or multi-buyer insurance policies and work to ensure that existing agreements that cover exports of medical equipment and supplies reflect the new restrictions
- monitor and, as appropriate, implement guidance from the White House and relevant federal agencies regarding developments in U.S. policy towards COVID-19-related matters, including guidance issued to minimize the risk of reinfection from other countries
- consult, as appropriate, with the Department of Health and Human Services and other U.S. government agencies regarding the specific medical supplies and equipment deemed to be in scarce supply
- grant special delegated authority to the EXIM chief banking officer to oversee these and further actions deemed appropriate and necessary
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