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EXIMBANK TO GUARANTEE EXPORT FINANCING BY PENSION FUND; NEW YORK CITY FUND OFFERING $30 MILLION IN LENDING

 WASHINGTON, Oct. 5 /PRNewswire/ -- The Export-Import Bank of the United States (Eximbank) will provide guarantees and export credit insurance on up to $30 million in export financing that the New York City Police Pension Fund is making available to New York exporters. It is the first time a public pension fund has invested in export financing.
 The New York State Job Development Authority (JDA), which has been approved as a lender by the Eximbank, will use the funds to make working capital loans of $25,000 to $2.5 million to small and medium-sized exporters.
 "This cooperative federal/city effort should serve as a model for other communities," Eximbank Chairman Kenneth Brody said. "It increases the amount of financing available for exporters, helps the local economy, and allows pension funds to obtain a good rate of return on their investments at minimal risk."
 New York City Comptroller Elizabeth Holtzman, an investment adviser to the city's $47 billion pension funds, added: "In the last 20 years, New York City has lost hundreds of thousands of manufacturing jobs. This historic step for the pension funds will help to revitalize the city's manufacturing sector, create jobs and develop a stronger economic future for New York."
 The JDA will process all applications for loans and credit insurance and forward them to Eximbank for approval. The police pension fund will then purchase the guaranteed loans and insurance policies.
 Richard J. Feeney, Eximbank's senior vice president for small business, estimates that the $30 million in financing may support as much as $100 million in overseas sales due to the revolving nature of the credit lines. The pension fund will make more financing available as needed.
 Besides Holtzman, others active in putting together the export financing program included: Audrey P. Bynoe, president of JDA; Vincent Tese, commissioner of the New York State Department of Economic Development; Thomas M. Bettridge, director and chief of targeted investments; Alfred F. Daiboch, director of the New York State Export Finance Program; and Raymond Kelly, commissioner and chair of the police pension fund's board of trustees.
 -0- 10/5/93
 /CONTACT: Robert Buchanan of the Export-Import Bank, 202-566-8990/


CO: Export-Import Bank of the United States ST: District of Columbia, New York IN: FIN SU:

IH-DC -- DC026 -- 8979 10/05/93 15:20 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
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