Ex-Im Bank Approves Financing to Export American Power-Generation Equipment
June 18, 2014
(Ex-Im Bank)
Deal Supports U.S Manufacturing Competitiveness and Supports 100 American Jobs
Washington, D.C. – The Board of the Export-Import Bank of the United States
(Ex-Im Bank) has voted to guarantee a $15 million loan extended by Rabobank
International of Utrecht, Netherlands, to Energyst B.V. to facilitate the export
of Caterpillar power-generation equipment.
According to Bank estimates derived from Departments of Commerce and Labor data
and methodology, the credit will support approximately 100 U.S. jobs.
"Ex-Im Bank's financing will support the export of important power-generation
equipment made here in America and for potential use in Africa or Latin America"
said Export-Import Bank Chairman and President Fred P. Hochberg. "In the
process, the transaction will support approximately 100 U.S. jobs. This deal is
a great example of how Ex-Im Bank's financing helps American exporters close
sales overseas and support jobs at home."
Energyst, a Caterpillar-trademarked equipment rental operator based in Breda,
Netherlands, plans to expand its power fleet to enable the company to be
competitive in the International Power Projects market in South America and
Sub-Saharan Africa, among other regions. The financed equipment is designed for
rapid deployment globally and can provide temporary turnkey power.
The transaction could potentially contribute to President Obama's Power Africa
initiative, which aims to increase access to power in sub-Saharan Africa – where
more than two-thirds of the population is without electricity. It will help
countries develop newly-discovered resources responsibly, build out power
generation and transmission, and expand the reach of mini-grid and off-grid
solutions.
"Caterpillar applauds Ex-Im Bank for approving the financing request for power
generation equipment for Energyst," said Jim Umpleby, Caterpillar Inc. group
president with responsibility for Energy & Transportation. "By backing this
project, Ex-Im Bank is bolstering U.S. manufacturing competitiveness, supporting
American jobs, promoting exports and helping Caterpillar and our dealers meet
increasing global energy demand."
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