The U.S. Export-Import Bank said on Tuesday it has made a preliminary US$1 billion commitment to help finance exports of U.S. goods and services to Colombia’s national oil company, Ecopetrol SA.
“This preliminary commitment will help Ecopetrol expand its production base, contribute to Colombia’s economic growth, and offer enormous opportunities to U.S. exporters to provide goods and services to this important market,” Exim Bank Chairman Fred Hochberg said in a statement.
The bank’s chairman announced the deal following a meeting with Colombian President Alvaro Uribe.
The Export-Import Bank of the United States is the official export credit agency of the U.S. federal government.