X94-21012. Determination Under Section 2(b)(2)(D) of the Export-Import Bank Act of 1945, as Amended: People's Republic of China

[Federal Register Volume 59, Number 196 (Wednesday, October 12, 1994)]
[Presidential Documents]
[Page 51483]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: X94-21012]


[[Page Unknown]]

[Federal Register: October 12, 1994]


  
  
  
  
  
  
  
  
  
  
  


                        Presidential Documents 


Federal Register
Vol. 59, No. 196
Wednesday, October 12, 1994

____________________________________________________________________

Title 3--
The President
                Presidential Determination No. 94-53 of September 30, 
                1994

 

Determination Under Section 2(b)(2)(D) of the 
                Export-Import Bank Act of 1945, as Amended: People's 
                Republic of China

                Memorandum for the Secretary of State

                Pursuant to section 2(b)(2)(D) of the Export-Import 
                Bank Act of 1945, as amended, I determine that it is in 
                the national interest for the Export-Import Bank of the 
                United States to extend a loan in the amount of 
                approximately $134,009,496 to the People's Republic of 
                China in connection with the purchase of U.S. equipment 
                and services for the expansion of the Ligang power 
                station within Jiangsu Province.

                You are authorized and directed to report this 
                determination to the Congress and publish it in the 
                Federal Register.

                    (Presidential Sig.)>


                THE WHITE HOUSE,

                    Washington, September 30, 1994.


                Justification for a National Interest Determination for 
                the People's
                Republic of China

                Pursuant to Section 2(b)(2)(D) of the Export-Import 
                Bank Act of 1945, as amended, I have determined that it 
                is in the national interest for the Export-Import Bank 
                of the United States (Eximbank) to extend a loan in the 
                amount of approximately $134,009,496 to the People's 
                Republic of China in connection with the purchase of 
                U.S. equipment and services for the expansion of the 
                Ligang power station within Jiangsu Province.

                This Eximbank loan will support U.S. exports to China 
                valued at approximately $153 million. Westinghouse 
                Electric Corporation has been awarded the contract to 
                supply equipment and services for this project.

                The exports financed by Eximbank will have a favorable 
                and significant impact on income and employment in the 
                areas where the U.S. supplier is located. With Eximbank 
                financing support, the U.S. supplier won the contract 
                for this project against international competition from 
                suppliers in the United Kingdom, France, Germany, and 
                Italy.

                In recent years, China has been the fastest growing 
                Asian market for U.S. exports. Beijing's plans to 
                increase imports necessary to modernize its industry 
                and upgrade infrastructure hold out considerable sales 
                potential. Eximbank financing is an important component 
                of our efforts to support U.S. exports to China.

[FR 94-25404
Filed 10-7-94; 3:37 pm]
Billing code 4710-10-M