GE Aviation will create a turboprop engine development, test and production operation in Europe, representing an investment of more than $400 million and one of $11 billion projects that require export financing.

Among the factors driving GE Aviation to pursue the new operation in Europe is the need to support international customers with financing through government-sponsored export credit agencies, which cannot be done in the U.S. due to the expiration in July of the Export Import Bank. The U.S. is the only major economy in the world without an Ex-Im Bank.

“Right now, across the entire company, GE has $11 billion in sales opportunities in the pipeline requiring ECA financing,” says David Joyce, president and CEO of GE Aviation. “The uncertainty around the Ex-Im Bank in the U.S. requires that companies like GE create alternatives in order to compete internationally.”