What is the Full Form of EXIM?

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Full Form of EXIM

The full form of EXIM is the Export-Import Bank of the United States. EXIM (export credit agency) is the official export credit agency of the US federal government. The Bank, a wholly owned federal government agency, encourages funding and U.S. trade in goods and services. When private sector lenders are unable or unwilling to provide financing, EXIM steps in to provide American enterprises with the capital they need to compete for international business.

The Indian government established the Export-Import Bank of India Act, also known as Exim Bank. Through a variety of products and services, Exim Bank serves as a growth engine for corporations and SMEs. This includes the development of export products, manufacturing, marketing, pre- and post-shipment, and overseas investment. It also includes the import of technology.

Objectives of EXIM

Below mentioned are the objectives of EXIM:

  • EXIM’s goals are to defend “made in America” products from international competition, promote the creation of American employment overseas, and promote American goods and services at no cost to American taxpayers.
  • Donald J. Trump appointed Kimberly A. Reed as the organization’s new chairperson and president on January 16; she was sworn in on May 9.
  • The Export-Import Bank of Washington was founded by President Franklin D. Roosevelt, and this is how the EXIM was launched in 1934.
  • The bank’s initial transaction was a 1935 loan of $3.8 million to Cuba for the purpose of buying American silver ingots.
  • Congress established a division for it inside the Executive Branch in 1945.
  • It received a three-year commission for the last time in 2012, and in September 2014, that commission was extended through June 30, 2015.
  • The Congressional authority for the bank expired on July 1st, 2015.
  • The bank was unable to contemplate new endeavors as a result, but management of its current loan portfolio began.
  • Five months later, in the House of Representatives, the United States passed the measure after successfully utilizing the infrequently used release petition method.
  • Congress extended the bank’s authorization through September 2019 by means of the Fixing America’s Surface Transportation Act, which was signed by President Barack Obama on December 4, 2015.

This was all about EXIM full form. For more such informative and quick reads follow Leverage Edu’s Study Abroad FAQs page. You can also check out our reads on careers in India to know more!

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