What does EXIM Stand for?
The full form of EXIM is Export-Import Bank, based in the United States of America. Being a bank operating directly under the Federal Government of the United States, it acts as the official ECA (Export Credit Agency) for the country. Unlike the public sector banks in India, EXIM is fully owned by the Government of the United States, making it a “wholly-owned federal government corporation.”
Apart from merely learning the full form of EXIM, it might be prudent to learn several key facts about this bank which is the fulcrum of the United States of America’s export industry. EXIM’s main role is to support the growth of American jobs by assisting in the export of goods and services from the United States.
While there are multiple private-sector lenders and banks providing financial assistance to American exporters, the demand for additional financial assistance continues to exist. This is where the EXIM bank steps in, providing American entrepreneurs, businesses, and exporters an opportunity to compete globally. Since the EXIM bank is backed by the Federal Government of the United States, it is able to assume a higher degree of risk than its private-sector counterparts, making it the final layer of export protection in the country. Their commitment to this is reflected in their motto: “Helping the World Buy American”.
EXIM Quick Facts
- EXIM full form: Export-Import Bank of the United States
- EXIM was established in 1934 under the direct presidential order of the famous American President Franklin D Roosevelt, and was originally called “The Export-Import Bank of Washington”
- From 1934 to 1945, EXIM did not have the status of an independent bank but acted as a subordinate to various government agencies
- It gained the status of an “independent agency” in 1945, and the Government Corporation Control Act of 1945 requires a bank to be reauthorized every four/five years. The latest EXIM reauthorization happened in 2019, under the administration of President Donald J. Trump
- Interestingly, the bank’s first-ever transaction was with the South American country Cuba: a $3.8 million dollar loan to assist in the purchase of US silver ingots
- EXIM is specifically chartered to ensure that it doesn’t compete with private-sector lenders but merely acts as the last resort for export businesses. EXIM takes on projects that commercial lenders are unable to/unwilling to take on due to a wide variety of reasons
- The bank exists only in the United States of America and has offices in Chicago, Detroit, San Francisco, Miami, and Dallas, to name a few.
We hope this information was useful to you. Like the full form of EXIM, you can learn from others our articles. This would be extremely beneficial for a banking exam.
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