Export-Import Bank of the US (Ex-Im Bank) has pre-approved 11 Indonesian banks to receive expedited financing under a $1bn bank facility to support US exports to Indonesia.

According to Ex-Im Bank, the bank facility will support US exports to Indonesia on short, medium and long repayment terms. Both public-sector and private-sector borrowers are eligible.

Tthe 11 Indonesian banks are Indonesia Eximbank, Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, Bank Central Asia, Bank Danamon, Panin Bank, Bank CIMB-Niaga, Bank OCBC Indonesia, Bank International Indonesia and Bank UOB Buana.

Fred Hochberg, chairman and president of Ex-Im Bank, said: “With its diverse and growing economy, Indonesia offers great opportunities for US exporters in many sectors. This bank facility will enable Indonesian companies to access Ex-Im Bank-backed financing from their local banks and help Ex-Im Bank approve these transactions more quickly.”

Ex-Im Bank is an independent federal-government agency, to fill the gaps in export financing, strengthen US export competitiveness, and create and maintain US jobs. The bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized US businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of US goods and services.