The U.S. Export-Import Bank has taken the first step forward to provide loan guarantees for sale of Wisconsin built mining equipment. The bank, the official export credit agency of the federal government, has approved proceeding to a full review for financing of U.S. exports for a coal-fired power plant project in India. The proposed $600 million Ex-Im loan guarantee will support the sale and export of mining equipment produced by South Milwaukee based Bucyrus International for use in the project.
In a statement, Bucyrus President and CEO Tim Sullivan said the action by the banks three member board of directors is the first step in the process to provide financing, which will create nearly 1,000 jobs across 13 states. Last month, the Ex-Im board voted not to proceed with further review of the application for the Indian project, based on environmental concerns. That created a political backlash for the Obama administration and Democratic politicians in Wisconsin including Governor Jim Doyle and Senator Russ Feingold, who urged the bank to reconsider the decision.