ECONOMY
TENNESSEE COMPANY TO BUILD BUSINESS CENTER IN AZERBAIJAN BACKED BY EXPORT-IMPORT BANK FINANCING
"Helping mid-sized U.S. companies compete globally is exactly the business Ex-Im Bank wants to be more involved in," said Ex-Im BankChairman Philip Merrill. "With the support of Ex-Im Bank, Saba is able to build its first project in Azerbaijan, an important new market for us," said Saba President John Osteen.
Saba, a privately held company in business for 24 years, overcame competition from foreign firms supported by their governments to win the turnkey contract from General Construction LLC in Nahchivan, Azerbaijan.
Saba will build a 23,500-square-meter, seven-story office building with shopping center and apartment residences. It is Ex-Im Bank's seventh sizeable financing of Saba sales to foreign markets including Russia, Turkey and Turkmenistan for a total of $285 million in financing. The guaranteed lender on the transaction is Commerzbank AG, New York, N.Y. Ex-Im Bank this year marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide.