Ex-Im Bank Approves Record $1.7 Billion in Financing of U.S. Exports to Sub-Saharan Africa
August 5, 2014
(Ex-Im Bank)
$3 Billion in Financing Support Pledged for U.S. Exports Over the Next 2 Years
Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank)
announced today that it has authorized a record $1.7 billion in financing to
support U.S. exports to sub-Saharan Africa over the past 10 months.This
record-setting surge has not only empowered U.S. small businesses to sell their
products in global markets, but has also supported more than 10,000 American
jobs which contribute to strengthening the U.S. economy.
The announcement was made as Ex-Im Bank Chairman and President Fred P. Hochberg
participated in the U.S.-Africa Leaders Summit convened by President Barack
Obama this week in Washington D.C.The summit has drawn about 50 heads of state,
ministers, and business leaders from across the African continent.
"Ex-Im Bank is firmly committed to equipping U.S. exporters to realize the vast
economic opportunities emerging throughout sub-Saharan Africa, which is home to
seven out of 10 of the world's fastest-growing markets," said Ex-Im Bank
Chairman and President Fred P. Hochberg."Each transaction the Bank supports
creates jobs for local U.S. businesses and strengthens our relationship with a
region that has a strong prospect for long-term economic growth."
Ex-Im also announced that it will pledge $3 billion in financing to support U.S
exports to sub-Saharan Africa over the next two fiscal years.The Bank also
recently signed a memorandum of understanding (MOU) with Angola to strengthen
collaboration on the financing of American-made exports to Angola.
Recent Ex-Im Bank success stories in sub-Saharan Africa:
Ex-Im approved a loan guarantee for $17 million to support long-term financing
by the West African Development Bank (BOAD) for the Azito Power project in Cote
D'Ivoire. Two-thirds of the population of Sub-Saharan Africa lacks electricity;
by strengthening their power capacity, however, their economies will be
well-positioned for growth.Financing for steam turbines used in the Azito Power
project will support 40 manufacturing and engineering jobs in Schenectady, New
York, and Bangor, Maine.
Three Louisana small businesses benefit from Ex-Im's $43 million financing of a
liftboat destined for Nigeria. The "Bellator" liftboat is a self-propelled
vessel, 150-foot long by 118-foot wide, that lifts and suspends equipment and
personnel up to the level of an offshore drilling platform.About 300 employees
of C.S. Liftboats, Inc., of Abbeville, Louisiana, together with Gulf Island
Fabrications of Houma, Louisiana, will construct the high-tech vessel.The
Nigerian buyer also contracted for prefabricated liftboat-mounted modules for
housing workers; these are built by Fiberglass Unlimited Inc. of Raceland,
Louisiana.This is Nigeria's first purchase of a new, American-made liftboat
system.
Pennsylvania employees of GE Transportation will benefit from the Bank-supported
export of GE's locomotives with Pennsylvania-made engines and components to
Transnet in South Africa.In its recent transaction, Ex-Im Bank authorized a
$563.5 million loan guarantee to support financing for the sale of 293
locomotives being manufactured by GE Transportation, which will support an
estimated 2,500 U.S. jobs.
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