By Kemi Osukoya
Updated 1:45 p.m.
SCOOP: The U.S. Department of Agriculture is teaming up with the U.S. Export-Import Bank to launch a new program, the FARM initiative—a coordinated effort to expand export financing, open new markets, and boost U.S. agricultural production and exports while reducing trade deficits.
“We’re opening up [our agencies] where banks can now finance deals all across the globe and [also] guarantee certain high-risk markets. We are increasing our coverage guarantee to 100% coverage guarantee in those certain high-risk markets,” said Luke Lindberg, USDA Under Secretary for Trade and Foreign Agricultural Affairs, at the signing ceremony on Wednesday in Washington.
This article has been updated with a quote from Under Secretary Lindberg
