The United States Export-Import Bank, or Ex-Im's, is hoping to finance U.S. exports to facilitate Turkey's economic and technological growth, according to the chairman and president of the bank.

Ex-Im signed a memorandum of understanding with the Turkish government last week in Ankara, announcing that Turkey is one of their key markets for a credit financing drive to promote US exports.

"We're here in Turkey to show that we're open for business," Fred P. Hochberg told the Hürriyet Daily News & Economic Review following a meeting after the contract in Istanbul with Turkish lenders, business people and journalists.

Ex-Im is a U.S. government agency promoting the U.S. export market, giving sovereign guarantees on behalf of importers of U.S. goods to local banks absorbing the credit risks of the importer in case those importers are incapable or unwilling.

"Turkey is one of the countries we are focused toward, along with Nigeria, Indonesia, Mexico and several others," said HochBerg.

The chairman said the criteria for membership on this list of key markets required countries to have evidence of strong growth rates as a way to build their economy through infrastructure projects.

He also said, meanwhile, that there was "absolutely no [political motivation] whatsoever."

"Trade [between the U.S. and Turkey] has not developed to the extent we had hoped for - that's why we're here," said Hochberg.

"Recently we have supported U.S. exports for a Turkish scrap metal plant that produces electricity and for a hydroelectric dam project.  We want to participate in more such environmentally beneficial projects in Turkey," said Hochberg. "Investment in infrastructure projects and projects that promote renewable energy and energy security will help Turkey remain competitive and continue to grow."

The memorandum of understanding signed on Thursday between Ex-Im and the Turkish Ministry of Energy and Natural Resources agreed to cooperate in financing U.S. exports to Turkey.

The two organizations agreed to share information on trade and business opportunities to facilitate sales of U.S. goods and services which offer environmental benefits to Turkey's energy sector, including renewable energy and energy efficiency exports.

U.S. President Barack Obama's State of the Union address in January set a target for the U.S. to double exports over a five-year period in an effort to create 2 million American jobs.

In fiscal 2009, overall Ex-Im financing totaled $21 billion, while authorizations supporting small-business exports reached a historic high of $4.4 billion, nearly 21 percent of total authorizations.

In the first nine months of fiscal 2010 (through until June 2010), Ex-Im authorized $17.4 billion in loans, guarantees and insurance - more than the total authorizations for all of fiscal 2009.

President Visited TUSKON

US EximBank President Fred P. Hochberg visited TUSKON on July 23, 2010. TUSKON President Rizanur Meral and Vice President Ahmet Ciger together with board members welcomed Mr. Hochberg. During dinner, the delegation and TUSKON board discussed the opportunities in both markets and ways to cooperate and increase the trade and investment volume between our countries