What is the full form of EXIM?
The EXIM full form is the Export-Import Bank of the United States. EXIM is the official ECA of the federal government of the United States (export credit agency). The Bank, which is wholly owned by the federal government, bolsters finance for and promotes U.S. products and services trade. When private industry lenders are unwilling or unable to supply finance, EXIM steps in to provide American companies with the necessary financing resources to compete for global sales.
Read Other Full Forms
Exim Bank works as an engine of growth for industries and small and medium-sized businesses by providing a vast array of products and services. This covers the import of technology and the development of export products, export production, export marketing, pre-, and post-shipment as well as foreign investment.
Objectives of EXIM
- EXIM’s objective is to promote U.S. goods and services at no cost to U.S. taxpayers, protect “made in America” items on foreign markets from international competition, and foster the growth of American jobs.
- In 1934, President Franklin D. Roosevelt issued an executive order that established the Export-Import Bank of Washington under the name EXIM.
- In 1935, the bank’s first transaction was a $3.8 million loan to Cuba for the purchase of American silver ingots.
- In 1945, the government established it as an independent executive branch agency.
- In accordance with federal legislation, the legislative body of a country must renew the EXIM every four to five years. After a temporary hiatus on July 1, 2015, which prevented the bank from commencing new operations, the Fixing America’s Surface Transportation Act of December 2015 extended the bank’s authorization by Congress until September 2019.
