Politics & Government

Trump once trashed this obscure bank. Now he may need it badly in Venezuela

The long-maligned Export-Import Bank could serve a key role in Trump's push to drum up private-sector financing for Venezuela's oil sector

ByJoseph Zeballos-Roig

Share to XShare to FacebookShare to RedditShare to EmailShare to Link

Published 16 hours ago|Updated 4 hours ago

Add Quartz on Google

Share to XShare to FacebookShare to RedditShare to EmailShare to Link

The logo of the Export-Import Bank of the United States is seen during the annual meeting in Washington, D.C., U.S., in 2011. (Andrew Harrer/Bloomberg via Getty Images)

In 2015, then-candidate Donald Trump vowed to shut down the Export-Import Bank and described it as a "one-way street" that only served privileged politicians and well-connected companies. Over a decade later, President Donald Trump may lean on it to clear the path for an investment bonanza in Venezuela.

Trump administration officials have suggested in the past week that the Export-Import Bank (Ex-Im) could provide credit for oil and gas firms that decide to establish operations in Venezuela. Ex-Im is a government-owned bank that underwrites cheap loans to U.S. companies selling products abroad when private capital is unavailable. Their charter must be reauthorized by December 2026.

Both Treasury Secretary Scott Bessent and Energy Secretary Chris Wright mentioned Ex-Im as a........

© Quartz