Founded in 1934 under the aegis of Franklin D. Roosevelt, EXIM Bank (Export-Import Bank) has witnessed the rough and tumble of global politics and the shifting contours of the financial markets for over 90 years. As the official credit agency of the United States, it facilitates exports across 177 countries.
From 1930s mechanization to today’s age of AI and quantum systems, the bank tries to understand the nitty-gritty of business models that invariably spin-off with disruptive innovation, scalability, and mass-market outreach. It does it by ‘keeping a hand on the pulse of the American export community’, as Judith Pryor, First Vice President and Vice Chair, EXIM Bank puts it.
“We provide trade finance. As exporters from different sectors approach us, we learn and grow. In recent years, there has been a big push in the various facets of renewable energy, including efficient storage”.
In Angola, the bank has financed a 500-megawatt solar energy project worth a billion dollars that helps the government in energy diversification.
New Space Shift
Geospatial information and satellite data are integral to multiple sectors today, as well as a part and parcel of everyday digital services and solutions. This has led to a mindset shift among leading financial institutions that were hitherto not very inclined, if not averse.
“We traditionally didn’t lean towards new businesses and technologies, but with New Space, there has been a paradigm shift”.
Merging a resolute entrepreneurial spirit with a social purpose leads to tangible benefits across social levels. But there’s a need for a seamless market connection and assessing the risk factors. This can get a little tricky in the case of new technology solutions.
“We have to sit down with the exporters to learn about their potential customers and figure out things such as reasonable assurance of repayment”.
Transition and Collaboration
With the direct causal link between carbon emissions caused by fossil fuels and anthropogenic Climate Change, which is reaching alarming levels as demonstrated by record-breaking hot years, there’s an imperative to transition towards less-emission, cleaner energy sources.
“I think nothing is more important for the planet than energy transition, and we have got to do as best we can to get there soon”.
“At the end of the day, to achieve this, collaboration is very important, especially with like-minded democracies. I look forward to working with colleagues across the Indian subcontinent”.
