The Export-Import Bank of the United States (EXIM) and Banco de la República Oriental del Uruguay (BROU) have signed a Memorandum of Understanding (MOU) that could provide up to $200 million in financing for U.S. exports to Uruguay. The agreement targets key sectors such as agriculture, renewable energy, critical minerals, and infrastructure.
“This MOU underscores the United States’ commitment to strengthening our economic partnership with Uruguay while enhancing supply chain resilience and increasing opportunities for U.S. businesses in strategically important sectors,” said EXIM President and Chair Reta Jo Lewis.
The virtual signing ceremony included Chair Lewis, Salvador Ferrer, President of BROU, Marisa Lago, Under Secretary of Commerce for International Trade; Heide Fulton, U.S. Ambassador to Uruguay; Pablo Sitjar, CEO-Director General of BROU; and Andrés Durán, Uruguay Ambassador to the U.S.
“The MOU complements a wide range of ongoing cooperation between our two nations, including our cooperation in the areas of AI, cybersecurity, data flows and clean energy,” said Under Secretary Marisa Lago. “The U.S. Department of Commerce — both in Washington, DC and in Montevideo — looks forward to continuing this valuable work with EXIM, BROU and the Government of Uruguay.”
Under this framework agreement, EXIM and BROU will look at ways to use EXIM’s medium- and long-term guarantees as well as direct loans. All projects seeking EXIM financing must meet agency standards along with Uruguayan procurement laws. While $200 million is cited as an initial target for U.S. exports under this MOU, there is no set country-specific limit from EXIM.
This marks the first time EXIM has signed such an agreement in South America. The move supports broader initiatives like EXIM’s Supply Chain Resiliency Initiative (SCRI), which was approved earlier this month to bolster supply chains and employment opportunities both in the United States and Uruguay. It also builds on previous efforts through frameworks such as Americas Partnership for Economic Prosperity and agreements related to critical technologies.
“This memorandum exemplifies our shared commitment to strengthening trade ties and fostering economic growth for the benefit of businesses and communities in both our nations,” said U.S. Ambassador to Uruguay Heide Fulton. “It promises to increase U.S. goods and services in Uruguay – advancing innovation, creating jobs, and building a brighter future for both our nations.”
EXIM serves as the official export credit agency for the United States with programs aimed at supporting American jobs by promoting exports abroad through various financial tools including export credit insurance as well as loan guarantees.