By David Lawder

WASHINGTON (Reuters – On Thursday, the board of directors at U.S. Export-Import Bank approved financing and guarantee agreements totalling $381 million to support Iraqi, Sri Lankan and Albanian businesses.

According to the U.S. export credit agency, its board also approved notifying Congress about a proposal to renew a $450m credit guarantee to Citibank. This facility is designed to enable 365 Boeing suppliers (NYSE:), to receive expedited receivables related to Boeing’s export sales.

Notification is required for transactions exceeding $100,000,000. A final vote can be held by the board after 35 days.

EXIM reported that the board approved $48 million in loan guarantees to finance the sale of twelve Wabtec Corp locomotives made in the USA to Sri Lanka Railways. Wabtec acquired General Electric EXIM announced that the locomotive business of (NYSE:) won $56 Million over Chinese rivals in 2019.

Also, the lender approved a preliminary agreement for nearly $33million energy efficiency authorization to Albania’s national electricity utility to repair its metersing capabilities.

The board adopted a resolution for Iraq that allows EXIM bank officials to accept, deny, and modify requests for insurance coverage for letters of credit issued by the Trade Bank of Iraq. This letter can be used to purchase up to $300,000,000 of U.S. products and services.

EXIM and Canadian export credit agencies announced that Russia would cease support for Russia after Russia invaded Ukraine last week. EXIM had previously placed an administrative block on Russian business following the annexation by Moscow of Crimea in 2014.

EXIM has still $410 million of Russian credit exposure, mostly for loan guarantees in the aviation sector that were issued before Crimea was annexed.

The bank stated that EXIM was working quickly to settle those transactions repayments.