A Cranford, N.J., seller of gasification equipment and technology is tapping a federally guaranteed export finance loan to complete a deal with a metals recycler in Ankara, Turkey.
The U.S. Export-Import Bank said it is backing a $10 million loan for exporter Chinook Sciences, issued through Houston’s Northstar Trade Finance.
It said the exports to Turkish buyer DT Metal will allow that firm to “build an innovative plant that recycles metal and in the process recovers gas and produces electricity.”
"This transaction is a perfect example of how high-quality U.S. exports can benefit buyers in the dynamic Turkish economy, as well as Turkey's environment, and at the same time support U.S. jobs," Ex-Im Bank Chairman and President Fred P. Hochberg said during a business development trip to Turkey.
The deal follows a visit to Turkey in April 2009 by President Obama, which Hochberg said “encouraged closer cooperation in our bilateral commercial relationship.”
Chinook President Rifat Chalabi said the sale will help his company keep expanding its U.S. workforce, while enabling Turkey to produce aluminum domestically. It is now a net importer of the metal.
Ex-Im Bank is boosting its trade finance efforts, as part of the president’s drive to sharply expand U.S. exports and create more markets for U.S. manufacturers. Hochberg in Turkey is promoting Ex-Im’s financing for potential Turkish buyers of U.S. goods, especially in the energy, transportation, communication and medical sectors.
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