WASHINGTON (AP) — The U.S. government export credit agency says it's ready to provide financing for American companies exporting to former pariah nation Myanmar.
The Export-Import Bank made the announcement Thursday, saying it would help improve trade flows between the U.S. and the country also known as Burma and help reintegrate it into the global economy.
Since Myanmar began democratic reforms in 2012, Washington has eased economic sanctions and U.S. companies are now looking to capitalize on Myanmar's untapped market. But trade remains comparatively small, with U.S. exports to Myanmar totaling $145 million in 2013, against imports of $30 million.
Bank officials say they see most potential for U.S. exports in agricultural equipment, commodities, and power and mining equipment.
The bank can now provide export-credit insurance, loan guarantees and direct loans for exporters.