One of the Export-Import Bank’s main goal, as it appears stated on its “About Us” page, is to “provide[s] export financing products that fill gaps in trade financing,” and effectively support U.S. companies that export “primarily to developing markets worldwide.”
The noble mission of filling in the gaps in trade financing, working as if the institution exists to fill in for an all-seeing eye and making sure that the developing world is being coerced into purchasing American products, doesn’t seem all that noble once you explore what the agency has accomplished in the last 80 years.
While the export credit firm offers financial incentives that promote a few amongst the greats of American corporations so that poor countries can afford U.S. products, one of the agency’s least publicized but extremely essential functions is to pick winners and offer them a striving market that is ready for their subsidized – therefore artificially affordable at the final consumer level – goods.
According to a research published by the Mercatus Center, the Export-Import bank’s most pressing problem is its procedural favoring of politically-connected corporations, which ultimately undermines competition, offering a disloyal and unjust environment to other companies that are not even allowed to compete with the government’s protégé abroad.
One of the industries that have been recently picking up steam with the help of the Ex-Im Bank is the green energy and sustainability sector.