TradePost Archives > June 25, 2009 > this article

President moves to lift restrictions on export financing to Cambodia, Laos

June 16, 2009
World Trade\Interactive

President Obama issued June 12 separate determinations that Cambodia and Laos have ceased to be Marxist-Leninist countries as defined by the Export-Import Bank Act of 1945. These decisions will enable the Export-Import Bank to back loans and credit guarantees that support exports of U.S. goods to these two countries, which totaled $154 million and $18 million, respectively, in 2008. According to an Obama administration official, the change was made based on the “commitment of Cambodia and Laos to open markets.”