Attachment F is not EXIM's feasibility-study form. It is Foreign and Domestic Project Finance — the attachment that governs limited-recourse project finance filings. This page states what it actually is, what it asks for, and where the feasibility study genuinely belongs.
If you have searched for how to submit an EXIM feasibility study, you have probably read that it goes in as “Attachment F.” That is wrong, and repeating it can misdirect an entire application. Attachment F to the Export-Import Bank of the United States (EXIM) Application for Long-Term Loan or Guarantee (Form EIB 95-10) is Foreign and Domestic Project Finance, Form EIB 95-10f. It is the mechanism for filing a limited-recourse project finance transaction — not a form on which a feasibility study is delivered. This page corrects that error at the source, walks through what Attachment F actually contains, distinguishes structured finance from project finance inside the same attachment, gives the full A–K attachment table, and then explains where the feasibility study genuinely fits: as an expectation of EXIM's project finance underwriting approach, not a numbered form.
The confusion is understandable but consequential. A sponsor who files a feasibility study “as Attachment F” and stops there has not made a project finance submission; a sponsor who assumes Attachment F is a fill-in questionnaire has misread the entire structure. Attachment F is the front door to EXIM's Structured and Project Finance Division, which has operated since 1993 and has supported more than 83 projects across 36 countries, representing over $37 billion in loans. Behind that door the project is subjected to the extensive underwriting typical of a large project financing: technical, environmental, market, financial, legal and insurance due diligence. The feasibility study is one of the documents that underwriting consumes — not the submission itself. For the broader map of the application, start at the EXIM feasibility study hub.
Attachment F is where a limited-recourse transaction enters EXIM. It is not answered in isolation; it sits on top of the standard long-term application and points EXIM to a body of project materials. The mechanics have a defined shape.
A project finance submission is the standard EXIM long-term application plus an electronic copy of, or access to an approved data room containing, the project materials described by Attachment F. The submission is marked either “Foreign Buyer Project Finance Application” or “Domestic Project Finance Application” depending on whether the transaction supports a foreign buyer of U.S. goods and services or a domestic project in the United States. That marking is not cosmetic; it routes the file. The materials referenced typically include the feasibility studies, the FEED package, the approved ESIA, the preliminary finance plan and a preliminary information memorandum (PIM) outlining the key elements of the project.
Once received, EXIM conducts a preliminary review within five to ten business days to decide whether the application contains enough information to proceed to evaluation. This is a completeness gate, not a merits decision. It exists to keep half-built files out of the evaluation pipeline.
An application judged incomplete is returned with an explanation of its deficiencies. This is the single most avoidable delay in the process. The remedy is not speed at submission but completeness at submission — which is precisely why the feasibility study, FEED and ESIA are expected to exist before the file is lodged rather than after.
Where the project has merit, EXIM may issue a Preliminary Project Letter (PPL) indicating that it is prepared to proceed with further due diligence, with an indicative financing offer and general terms attached. The evaluation and issuance of the PPL are completed within 45 days of the commencement of the evaluation. Note the anchor: the 45 days run from when evaluation begins, not from when the file first lands. A file that fails the preliminary review has not started the 45-day clock.
After the PPL, EXIM negotiates toward a final commitment. Throughout this stage EXIM engages its own independent outside legal counsel, independent engineers, insurance advisers and a market consultant, and those costs are borne by the project sponsors. EXIM may continue using those financial and other consultants until Board authorization and final documentation. The sponsor must also commit substantial equity, with equity arrangements completed prior to submission of the application.
Attachment F carries a set of project criteria that a limited-recourse transaction is expected to satisfy. These are the substance of the underwriting and the reason the feasibility study has to be built to survive scrutiny:
These criteria map directly onto feasibility-study workstreams — offtake and supply analysis, EPC and capital-cost benchmarking, a risk register, downside sensitivity against a coverage floor, and market-based pricing evidence. That mapping is developed on our EXIM project finance feasibility study page.
Attachment F is titled “Project Finance,” but the same underwriting group handles structured transactions, and it is worth understanding the difference because it determines what you file.
The practical test for which bucket a sponsor sits in is whether an established corporate credit stands behind the debt. If a creditworthy operating company is the borrower and its balance sheet materially supports repayment, the transaction is structured and leans on Attachment G credit information supplemented by the structure and security package. If repayment depends on a standalone project's cash flow — a greenfield plant in its own entity — it is project finance, and the full Attachment F criteria and consultant-driven due diligence apply. Many real transactions live near the boundary, and the sponsor's own advisers usually resolve it in consultation with EXIM before the file is built. Getting this settled early changes how much engineering must exist before you apply and how deep the feasibility analysis must run.
Attachment F is one of eleven attachments, A through K, to the Application for Long-Term Loan or Guarantee (Form EIB 95-10). Seeing the full set makes clear that F is a project-finance vehicle and that domestic corporate transactions — the ones many Make More in America (MMIA) applicants encounter — run through Attachment I instead.
| Attachment | Form number | Title / purpose |
|---|---|---|
| A | EIB 95-10a | Large Aircraft Transactions |
| B | EIB 95-10b | Environmental Screening Document |
| C | EIB 95-10c | Tied Aid Capital Project Fund |
| D | EIB 95-10d | Anti-lobbying Declaration / Disclosure |
| E | EIB 22-08 | Used Equipment Questionnaire |
| F | EIB 95-10f | Foreign and Domestic Project Finance — the limited-recourse project finance attachment (this page) |
| G | EIB 95-10g | Credit Information — also the information basis for structured transactions |
| H | EIB 22-09 | Co-financing with a Foreign Export Credit Agency |
| I | EIB 22-05 | Domestic Financing — the Make More in America / domestic-transactions attachment |
| J | EIB 22-02 | Pre-Export Payments Questionnaire |
| K | EIB 22-04 | Form of Fee Letter |
Two rows deserve emphasis. Attachment I (EIB 22-05), Domestic Financing, is the attachment an MMIA applicant financing on the corporate balance sheet will encounter — not Attachment F. A domestic manufacturing project underwritten as limited-recourse project finance still uses Attachment F, marked as a Domestic Project Finance Application; a domestic transaction underwritten on an established company's credit uses Attachment I. And Attachment G (EIB 95-10g), Credit Information, is the information basis EXIM points to for structured transactions. The distinction between these routes is developed further on the MMIA feasibility study page and in the EXIM feasibility study requirements walkthrough.
The single caveat that matters most. Do not treat “Attachment F” as the destination for your feasibility study, and do not assume the label you read in a third-party article is the label EXIM will apply to your transaction. The right attachment depends on whether your deal is foreign-buyer or domestic, and whether it is project finance, structured or ordinary corporate credit. Confirm the correct attachment set and marking with EXIM or your lender before you file. EXIM requirements and form numbers change; a mislabeled or incomplete submission is returned, and the 45-day evaluation clock does not even start.
EXIM's project finance underwriting approach is explicit about readiness. A project is ready when it is “bankable”: it should have completed its feasibility studies, front-end engineering and design (FEED), an approved Environmental and Social Impact Assessment (ESIA) and a preliminary finance plan structure, and the sponsors should have engaged their own legal and financial consultants. Read as instructions, those words tell you the feasibility study is a precondition of a credible application, not a box on a form. It is the document that lets the preliminary review conclude the file is complete, and it is the document EXIM's own consultants stress-test once evaluation begins.
This is why the feasibility study has to be written to be read adversarially. EXIM's independent engineers, market consultant, insurance advisers and outside legal counsel are retained to test the sponsor's work, at the sponsor's cost. A study built to persuade rather than to withstand scrutiny fails that reading. The value of an independent author is precisely that the analysis was not steered toward a conclusion. Wert-Berater's studies are prepared to address EXIM requirements using an EXIM-aligned methodology; whether an application succeeds is EXIM's determination, not ours.
Wert-Berater has prepared more than 4,000 feasibility studies since 1998, covering $40.2 billion in evaluated project value across all 50 states, under the direction of founder Donald Safranek, MSc (Founder & President). The relevant adjacency is large industrial and process work: manufacturing facility studies in Bulgaria, Finland, the Czech Republic, Germany and Saudi Arabia; oil and gas refinery studies in Qatar and Dubai, including a 50,000-barrel-per-day refinery and a used-lube-oil re-refinery; and a 150,000-square-foot indoor food production facility in Qatar. Domestically, an extensive record of SBA 504/7(a) studies to SOP 50 10 8 and USDA Business & Industry studies to RD Instruction 5001 — programs whose reviewers apply the same discipline a project-finance evaluation applies.
Wert-Berater has not to date completed an engagement financed by EXIM, and we make no claim that EXIM has approved, accepted or reviewed our work. What we provide is the feasibility study and linked financial model that populate the Attachment F project materials: the offtake and supply analysis behind the long-term-contract criterion, the CAPEX benchmarking that tests whether total project cost is comparable, the market-based pricing evidence, and the downside sensitivity suite that demonstrates a sufficient debt service coverage ratio across the term of the debt. Delivery is through a secure client portal, and standard delivery is 10–15 business days from complete project data. The FEED package, the ESIA and the equity commitments are not ours to produce — we reconcile to them and flag them when they are missing. For the full deliverable set, see the EXIM feasibility study hub and the manufacturing plant feasibility study page; for regulated dosage-form facilities, the vitamin and nutraceutical manufacturing page.
Sourced from EXIM published guidance: Guidelines for Submitting a Successful Project Finance Application, Our Approach to Project Finance, the EXIM Forms and Applications library (Application for Long-Term Loan or Guarantee, Form EIB 95-10, and Attachments A–K), and the Make More in America Initiative. EXIM requirements and form numbers change; confirm current guidance with EXIM or your lender before relying on any summary, including this one.
Tell us the project, the borrower, the offtake and the financing structure you are contemplating. We will tell you whether the transaction reads as project finance or structured credit, what evidence your feasibility study still needs to survive an Attachment F evaluation, and what the study will cost — before you commit to anything.
Qualify an EXIM project. Scope, timeline and fee confirmed in writing before work begins. Independent findings, never contingent on the outcome.
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