Guam will be included in a proposed Office of Territorial Exporting which will be created within the Export-Import Bank of the United States, Congressman Michael San Nicolas announced.
The Office of Territorial Exporting will be a dedicated office in the Ex-Im Bank to facilitate territory access to a pool of up to $175 million annually to finance and guarantee export-oriented businesses.
During a hearing of the House financial services committee on the Office of Territorial Exporting, San Nicolas said he amended the language to ensure that Guam, the Commonwealth of the Northern Mariana Islands (CNMI), American Samoa, and the U.S. Virgin Islands (USVA) had a dedicated liaison in this office, focusing entirely on securing resources from the $175 million pool to grow the Guam, the CNMI, American Samoa, and USVA export-import industries.
“To reduce poverty we must create opportunities and lower the cost of living. More job growth raises wages for everyone, and developing our export capacity will accomplish this. Exports will also lower our shipping costs and cost of living with the addition of outbound cargoes and higher shipping volumes,” San Nicolas said in a news release.
“With this new language, private industry will have dedicated federal support – an actual individual – whose job will solely be to help local businesses access $175 million in federal export-import financing,” he added.