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LatinNews Daily - 20 January 2025

In brief: Uruguay signs MoU with Exim to boost US exports

*The US Export and Import Bank (Exim), a state-owned bank, has signed a memorandum of understanding (MoU) with Uruguay’s state-controlled Banco de la República Oriental del Uruguay (Brou), the country’s largest banking institution. According to a statement from the US embassy in Uruguay, the MoU secures a total of up to US$200m in potential financing to support US exports to Uruguay in key sectors including agriculture, renewable energy, critical minerals, and infrastructure. “This MoU underscores the United States’ commitment to strengthening our economic partnership with Uruguay while enhancing supply chain resilience and increasing opportunities for US businesses in strategically important sectors,” said Reta Jo Lewis, the president and chair of Exim. Marisa Lago, Uruguay’s under secretary of commerce for international trade, stated that the MoU complemented a wide range of ongoing cooperation between the US and Uruguay, including cooperation in the areas of artificial intelligence (AI), cybersecurity, data flows, and clean energy. The MoU establishes a framework for Exim and Brou to explore opportunities for utilising Exim’s medium- and long-term guarantees and direct loans. Projects eligible for Exim financing must meet the agency’s requirements and comply with Uruguay’s procurement laws and regulations. While the MoU initially targets US$200m in US exports, there is no country-specific limit. The US embassy in Uruguay notes that this is the first time Exim has engaged in South America through an MoU of this nature, “marking a significant breakthrough in its relationship to the region”.

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