The U.S. Export-Import Bank has renewed a 12-month export credit insurance policy for Wells Fargo to enable the export of American cotton to Menderes Tekstil Sanayi ve Ticaret A.S., a large Turkish textile maker.
The bank said the renewal of this policy will sustain jobs at Cordova, Tenn.-based Cargill Cotton and the Carolinas Cotton Growers Cooperative located in Garner, N.C.
“Farm workers in at least 15 U.S. farms will produce the cotton for export throughout the next year,” Ex-Im Bank said. “Depending upon agricultural factors, and the precise qualities of cotton needed for various textiles, the cotton will be exported from a combination of farms in North Carolina, South Carolina, Tennessee, Virginia, and other states.”
The bank's support is expected to facilitate $15 million in sales of what these farms produce.
The instrument renewed in this transaction was a Financial Institution Buyer Credit (FIBC), allowing Wells Fargo to extend revolving credit to the Turkish textile manufacturer so it can import American cotton. Menderes Tekstil is the largest home textiles producer in Turkey, and one of the largest in the world.