The U.S. Export-Import Bank's board on Thursday voted to approve a new tool aimed at boosting U.S. manufacturing, strengthening closing critical supply chain gaps, and supporting American jobs, the U.S. official export credit agency said.
The Make More in America initiative will allow companies to tap existing medium- and long-term loans and loan guarantees for export-oriented domestic manufacturing projects as part of President Joe Biden’s push to bolster U.S. supply chains.
“The Make More in America Initiative will create new financing opportunities that spur manufacturing in the United States, support American jobs and boost America’s ability to compete with countries like China,” EXIM President and Chair Reta Jo Lewis said in a statement.
Biden has focused heavily on bringing manufacturing jobs back to the United States and ending decades of underinvestment, outsourcing to China and other countries.
The initiative, developed by EXIM in response to the supply chain executive order Biden signed in February 2021, will give manufacturers access to fresh capital to fill critical supply chain gaps, particularly in areas such semiconductors, biotech and biomedical products, renewable energy, and energy storage.