P.M. BRIEFING : Bank OKs Filipino Quake Loan
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WASHINGTON — Responding to a request from Philippine President Corazon Aquino to President Bush, the U.S. Export-Import Bank today offered a $170-million guarantee to support $200 million in American exports slated to help the Asian country rebuild in the wake of the devastating July 15 earthquake.
Commercial bank loans extended under the guarantee will carry a 10-year repayment term, and will finance 85% of the costs of U.S. goods and services needed to restore buildings, schools, bridges, water systems, roads and other infrastructure, the bank said.
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