NEI: Ex-Im Bank renewal provides 'critical' tool for U.S. nuclear industry

The Nuclear Energy Institute (NEI) on Monday praised the recent reauthorization of the Export-Import Bank of the U.S. (Ex-Im Bank).

“The Nuclear Energy Institute and U.S. manufacturers and suppliers of commercial nuclear technologies hail Congress’ bipartisan vote to reauthorize the Export-Import Bank,” NEI President and Chief Executive Officer Marvin Fertel said. “I would particularly like to thank the many members of Congress who provided steadfast support to make this reauthorization vote possible. They have done the nation a great service.”

The bank is now authorized to operate through the 2019 fiscal year. The bank’s charter was allowed to expire over the summer due to opposition in Congress. Because of this, the bank was unable to provide loans and export support since that time.

The authorization bill was added to the Highway and Transportation Funding Act, which was signed by President Obama late last week.

The NEI said the nuclear energy industry played a role in the reauthorization, as many exporting companies voiced strong support for the bank. The nuclear industry is expected to grow internationally and is currently estimated to be worth a combined $740 billion.

“The continued operation of Ex-Im Bank is critical for U.S. nuclear suppliers to compete in the large and growing international nuclear energy market,” Fertel said. “The bank is one of the country’s most important tools for U.S. companies to compete in global nuclear energy markets. It helps U.S. manufacturers and suppliers of nuclear energy equipment and services successfully compete against other nations that benefit from state financing to support their business tenders.”

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