Exim Bank Leads $6 Billion Effort to Bring U.S. Renewable Technology to ASEAN Countries

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--During the next five years, the U.S. Export-Import (Exim) Bank will play a major role in implementing the "U.S.-Asia Comprehensive Partnership for a Sustainable Energy Future." Fred Hochberg, chairman of the Exim Bank, said that $6 billion will go toward the partnership.

The Exim Bank will provide about $5 billion to facilitate U.S. exports at preferential rates. The Overseas Private Investment Corporation (OPIC) will provide $1 billion. The U.S. Department of State will provide $1 billion in technical assistance through the U.S. Trade and Development Agency and the Capacity Building Fund.

OPIC representatives said that the U.S. has made strong progress in generating renewable energy sources--especially solar, wind and thermal power--at competitive prices. They said that they were keen to transfer renewable energy technology to the Association of Southeast Asian Nations (ASEAN) countries.

17 ambassadors of ASEAN member countries and leaders of Exim Bank met at a working session in Washington D.C. last week. Vietnamese Ambassador Nguyen Quoc Cuong said that his country wanted to promote the partnership, which would mean funding for eight renewable projects at a time when Vietnam's government is prioritizing windfarms.

Ambassador Cuong said that U.S. companies should find solutions for issues involving preferential interest rates, equipment prices and state-of-the-art technologies.

Exim Bank confirmed that it considers Vietnam a priority ASEAN nation. The bank said that it will approve more cooperation projects with Vietnam in 2013.

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