New York to create import-export bank to spur global trade; Cuomo to do 5 overseas trade trips

Economic IndicatorsAssociated Press

New York is creating a new import-export bank based on the federal model that will give financing to New York companies looking to sell products overseas.

Gov. Andrew Cuomo announced the program Tuesday at an international trade forum in New York City. The meeting included business leaders, government officials and representatives from 30 nations.

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The state will initially invest $35 million in the effort. The money would be loaned to companies looking to expand their overseas exports.

Cuomo says it is part of a larger push to help companies take advantage of growing international markets.

He says that as part of the initiative he'll go on trade missions to five nations: Canada, Mexico, Israel, China and Italy. Dates for the visits haven't been announced.