The Export-Import Bank of the United States (EXIM) Board of Directors have voted unanimously in favour of renewing a 90% guarantee of a $500 million facility for Citi under EXIM’s Supply Chain Finance Guarantee Program.
The facility allows Boeing suppliers to receive accelerated payments on accounts receivable due from Boeing, and helps Boeing provide their numerous suppliers with competitive financing options. The transaction is estimated to directly support over 2,100 jobs at the company and throughout their network in all 50 states.
“Boeing remains one of the United States’ top exporters and through their commitments to innovation and sustainability, it is squarely within EXIM’s mandate to support their workers and suppliers, especially the numerous small businesses within their vast supply chain,” said EXIM President and Board Chair Reta Jo Lewis.
EXIM estimates the supply chain facility will support approximately $982 million in export sales of various models of commercial aircraft to airlines around the world.