US Export Import Bank to loan Colombian oil refinery $2.84 billion
I have this posted at Unified Patriots News, but because I discovered this bank allegedly loaned non-existent companies in Mexico $243 million which financed drug traffic I feel it is noteworthy here as well.
“Committed with Cartagena and with Colombia.”
From Colombia’s Reficar oil refinery website, that’s what it says on the side of this oil storage tank.
And now the US Export-Import Bank is also “committed” with Cartagena and Colombia because they have agreed to loan Reficar $2.84 billion dollars:
“Colombia is one of the nine countries in the world that Ex-Im Bank has identified as having the greatest potential for U.S. exporters and their workers,” said Fred P. Hochberg, chairman and president of the Bank. “Just last February and December the Bank approved nearly $880 million in export financing to help finance the sale of goods and services from various U.S. exporters to Ecopetrol S.A., Colombia’s national oil company. The export sales to Ecopetrol alone support an estimated 6,700 American jobs.”
Hochberg claims this transactions will sustain or create 15,000 American jobs over 4 years.
The US Export-Import Bank was established in 1934 by FDR under an Executive Order. It’s mission it to help and create jobs for companies who are at credit risk and cannot get financing elsewhere. The bank is chartered as a government corporation by Congress.
The bank came under fire back in 2007 when it loaned “non-existent” Mexican companies $243 million for “non-existent” equipment and the loan actually financed drug traffic and cartels. (The article is 4 years old and takes a while to load, but it does eventually come up).
Ex-Im Bank recently loaned Brazilian oil giant Petrobras $2 billion.
ANALYSIS AND COMMENTARY
Based on Dallas’ Channel 8 report on the “bogus loans” Ex-Im made which financed drugs, we are going to have to keep an eye on this one, that is if we can. With Colombia being rampant with drug cartels and traffickers this writer hopes they know what they are doing.
The Ex-Im Bank claims to be self-sustaining, using re-paid interest to finance other loans. They also claim no tax-payer money is used to finance loans.
Note that Channel 8 had to use the FOIA (Freedom of Information Act) in order to acquire documents related to the loan.
Crossposted at Conservative Outlooks
Crossposted at Unified Patriots News